Prepaid Debit Card Reviews, Complaints, Etc

Tag: prepaid debit cards

  • Should you give a prepaid debit card to your teenage kid?

    Should you give a prepaid debit card to your teenage kid?

    Did we ever dream of getting ourselves a prepaid debit card when we were a teenager? I bet we didn’t since we hardly earned enough money to meet expenses on time and protect our financial records from harm. Nor did our parents get allowances or expect anything. However, times have changed.  Nowadays all kids have their own phone and even get certain allowances from their parents.

    This is the reason teenagers should be allowed to use prepaid debit cards instead of using cash.  They need to learn to manage their money—and you need to be able to help. A prepaid card allows you and your teenager to track spending at a glance. Although there are high fees associated with some prepaid cards, they’re certainly safer than credit cards for those new to plastic.  And, with a little research you can find a card with minimal fees for your intended usage.

    Know the benefits touted by the prepaid debit card issuers

    Prepaid debit cards offer a number of benefits. If you want to gift your teenager with such a card, have a look at some of them.

    • Financial education tool: Many parents love to gift their teenage kid with a      prepaid debit card as this poses to be a great financial tool. Teens can get a firm grip on budgeting by using a prepaid card since they have to manage the prepaid amount on the debit card.       It helps them understand the connection between swiping plastic and actual money.
    • Debit cards are safer than cash: A teenager is certainly going to be less responsible than an experienced adult.  Since a prepaid card is typically safer than cash it’s usually a better option.  Even if he loses the card, it’s unlikely that he’ll  have to pay anything for unauthorized use of the card.
    • Ensures peace of mind:      As a parent, you must be worried about your teen and his debit card while he is traveling. But when he owns a prepaid card, you can be sure he has more protection than when traveling with cash.  Knowing you’re able to add funds almost      instantly in case of an emergency should also help ease your mind.
    • Ensures financial independence: Using a prepaid card will allow your teen to make responsible purchases without borrowing money from a financial institution.  He also doesn’t need to carry a lot of cash if he has a single debit card.
    • Debit cards are flexible: Most students love the flexibility of the debit cards since they can use it almost anywhere; including online.
    • Students love the security: The fact that your teen alone can use the card and no one else can use it as the online account information is protected, entices most students. They love this feeling of security, and it can also grow their sense of responsibility.  However, you have the ability to monitor their spending on most cards if you’re not ready for your teenager to have that much freedom just yet.

    If you’re worried about the exact age at which you should get him a prepaid debit card, the decision entirely depends on you. Each child matures at his own pace, only you know when he is responsible enough to learn to use plastic.  Use prepaid debit cards to avoid the risk of overdraft fees and debt.

     

  • Best Prepaid Debit Cards

    Best Prepaid Debit Cards

    Nowadays, everything has been made easy thanks to the rapidly advancing technology. The development of prepaid debit cards also referred to as reloadable debit card is a great innovation and many people are currently using them in their day to day operations. These cards are very smart, cost effective, and they will serve as a good way of carrying your money and paying any kind of bills you may be having. If you have a good and functioning prepaid debt card, it will be better than the bank accounts you may have been using for many years.

    However, for any individual to experience the advancing technology and to be able to access your money without any complications, one should ensure that they have the best prepaid debit cards. There are many dozens to choose from, but you should always get the best. Many people confuse prepaid debit cards with credit cards but they are very different and each has its advantages.

    One difference is that a prepaid debit card is pre-funded meaning that they only have the amount you have deposited. They are also advantageous than credit cards because they will not allow the user to extend his spending and run into problems with the provider. No over the limit fees anymore. Hence, they are useful in controlling your spending.

    There are few things which will guide you into getting the best type of prepaid debit card. First and foremost, you should check the reputation of the issuer. There are many providers in the market, but you should go for the widely recognized issuer because, the percentage of people using them shows that their prepaid debit card are the best and thus why many people are going for them.

    The best prepaid debit cards should also have all the features that you are looking for; hence, it should be efficient and effective in its performance.

    Some of the common features of the best prepaid debit cards are

    • Free direct deposit. This allows you access your money 1-2 days faster than checks.
    • They are reloadable up to $10,000 as the maximum balance
    • Have free credit score,
    • Have zero monthly fees
    • They offer a 100 percent guaranteed approval with no credit checks
    • No overdraft fees
    • Some have card to card transfer
    • Easy bill pay which you can pay bills with, pay rent or write personal checks.
    • Zero fraud liability protection from Visa and MasterCard prepaid debit cards

    This last benefit makes them a better choice than using cash. There are no fraud protections if you lose your cash or your money is stolen. You do have those protections with a Visa or MasterCard prepaid debit card.

    You also go for prepaid debit cards which have the lowest fees for your use. Hence you will not spend a lot of money activating them or when depositing your money among others. Some of the commonly used types are Upside Visa prepaid card, Netspend MasterCard Prepaid debit card and Account Now Gold Prepaid Visa card among others. Newcomers onto the market include Western Union and American Express prepaid cards which offer lower fees than many of the older popular prepaid debit cards.

    Benefits of prepaid debit cards

    These cards are important because they are easy to use and they don’t waste a lot of your time. This is because people regardless of the age can access their money easily without following many procedures. They are also essential because you can also access your money through the online means or by use of electronic kiosks. They are also beneficial because you don’t need to provide your personal information when making your transactions. Finally, prepaid debit cards are advantageous because, they help you budget you money, as you can only spend what is loaded in the card.

Prepaid Debit Card Reviews, Complaints, Etc