As prepaid cards grow in popularity we took our top five reasons to get a prepaid card and start living your life prepaid:
- Controlling the spenders:
Are you the kind of person that thinks your credit limit is a target to hit rather than a guideline? For those with credit difficulties, a prepaid card offers a built-in safety net against overspending since the credit limit of the card is based on the actual cash loaded on it. Prepaid cards’ requirements to budget and monitor spending can prevent you from careening down the slippery slope of minimum payments and high-interest-rate accumulation into fiscal disaster.
- Helping the underbanked:
For someone without even a bank account prepaid cards can provide similar services to a checking account or a credit card for those who have neither. This is a great way to pay staff either once off or on a recurring basis.
- Great for travelling:
Carrying large amounts of cash is a great way to get it stolen. It used to be that travelers worried about carrying large amounts of cash on a trip would buy travelers’ checks, a concept that seems charmingly antiquated now. Preloaded credit cards can help keep your vacation budget on track. Also, if a prepaid card gets swiped the damage is automatically limited.
- Introduce your kids to money:
You could add your teen or college student onto an existing credit card account but you have absolutely no control. A prepaid card is the perfect way to allot funds for books, send money for a trip home, or deposit a reward for good grades. A prepaid card will help your kids establish healthy financial patterns.
Going prepaid is, in many situations, a no brainer. Contact us today to get on the road to financial success.