Top Prepaid Debit Cards – 2013 – Page 2
Below are some of the most popular prepaid debit cards offered on the Internet. Each of the cards below have different strengths and weaknesses as well as different fee structures. Please check out the card reviews on the website for more detailed information about the cards and their fees. Like all prepaid debit cards, the following cards can help you stick to your budget while controlling your spending. These reloadable debit cards allow you to only spend up to the amount you have pre-deposited in your account, shielding you from those pesky overdraft fees. If you would like greater control over your spending or have a tendency to overspend, then a debit card or a prepaid card could be just what the doctor ordered.
How Prepaid Debit Cards Work
In the most basic terms, here’s how most cards work. Users fund their card – or “load” them, in the vernacular of the prepaid card world – with money via a direct deposit, wire transfer, PayPal or a variety of other means. And once the card is loaded, it works basically the same as a credit card, debit card or check. Cardholders can complete point-of-sale (POS) transactions, go online to shop, or get cash through ATM withdrawals. What is different from credit cards and debit cards linked to a checking account is that the users of prepaid cards cannot spend more money than what is loaded on the card. For families attempting to run cash only households, prepaid debit cards are helpful for staying on budget and out of debt.
Designed for Budget-Conscious Consumers
Why are so many people choosing prepaid debit cards? One of the main reasons is fear of the unknown. In other words, many consumers feel burned by checking accounts that hit them with unexpected fees. While prepaid debit cards have fees – and shoppers need to be very careful to understand those charges – many consumers find them to be more transparent than many checking fees. When asked, many simply prefer the $2 and $3 fees from prepaid cards over the potential of a $35 overdraft fee on their checking accounts. There are always other financial products available, such as checking accounts and credit cards, but prepaid cards allow budget-conscious consumers to limit their spending and avoid incurring unwanted debt.
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