Have you ever considered whether to get a prepaid card, but haven’t been able to decide?
Here are six reasons why it would be beneficial to take that leap:
No Need for Credit Checks
Most prepaid cards don’t require credit checks, so they’re much easier to get hold of than a credit card – there’s no need for a credit history, and even if your history isn’t so good, you can still get a prepaid card.
The great thing about prepaid cards is that you can use them like a credit card at any place that accepts Visa or MasterCard. One thing to be aware of, though, is that prepaid cards don’t assist you in building a credit history, but this isn’t necessarily a bad thing.
Set and Stick to Budgets
Image Source – By Fargazs
Even if you currently have a credit or debit card, a prepaid card can still be useful. You can use it as a self-budgeting tool.
Easily set your own weekly or monthly budget and then load that amount onto your prepaid card. This makes it impossible to overspend, ensuring you always stick to your limits.
You can also use the card to send money to people that need financial monitoring, kind of like an allowance.
Say Goodbye to Overdraft
Because there’s no over-spending – you can’t spend more than you’ve loaded on the card – you’ll never have to deal with pesky overdraft charges on your prepaid card.
If you try spend more than you have, the transaction will just be declined. There’s no overdraft annoyance ever – you’re only limited by how much money you’ve added.
Shop and Pay Online
While normal credit or debit cards are often limited in their purchasing power, prepaid cards with the Visa, MasterCard, or American Express logos can be used exactly like a credit card. That means you can pay for things online or over the phone with ease.
Most prepaid cards even have a bill paying function – you can set up one off or recurring payments. Always remember: you need enough funds in the account to be able to pay them every time the payments come off.
Top Up Online
When you get your prepaid card, check that you can reload it online. Many of the card providers let you do this, and it just saves so much time. You don’t need to queue at a purchasing location, just log in and fill up with cash!
No Credit Risk
Because it’s not a credit card, prepaid cards don’t affect your credit rating. Your credit reports are separate from any purchases you make with your prepaid card.
Visit www.t24blackcard.com for more information on prepaid cards.