The Internet’s Most Trusted Online Resource For Finding The Best Prepaid Debit & Credit Cards
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Prepaid Debit & Credit Cards: The Basics
Prepaid debit cards are alternatives to regular credit cards for folks with limited bank access or under developed credit. They look exactly like regular credit cards because they are MasterCards and Visa cards (sometimes American Express and Discover too).
One of the biggest difference is that, unlike credit cards, prepaid debit cards are easy to acquire because:
- You Don’t Need a Bank Account
- You Don’t Need Any Credit
Who Are Prepaid Debit & Credit Cards For?
This makes prepaid cards perfect for people who have bad credit or even no credit at all. Prepaid cards don’t’ offer you a credit extension so you can’t spend money you don’t have yet. Basically, you load cash onto the card, and you can ONLY spend what you put on it. They are also great products for budgeting and managing money between family members.
Yet a prepaid Visa card or a prepaid debit MasterCard can be used just like any other plastic credit card. They’re accepted all over the world. So you can use them to purchase everyday in-store items, you can buy online with them, or you can even use them at ATMs.
Where Can I Get A Prepaid Debit / Credit Card?
The best prepaid debit cards can be purchased from either a retail store or an online website by paying a flat “activation” fee. Depending on who’s selling you the card, that fee could be anywhere from $3.00 to $10.00. For that fee, you’ll get what’s commonly known as a “temporary” or instant issue card, one that isn’t personally engraved. Note that sometimes an online prepaid debit card website will provide you just with the card number that you can use online until a physical card is sent in the mail. These are known as virtual cards and are great to keep your online shopping safe from fraud.
The prepaid card companies make their money by charging you certain fees, not interest (like a credit card companies charge interest on the balance you carry which can be REALLY HIGH at times).
Another benefit personalized prepaid debit cards have is that they’re great tools for your children to learn finance and planning. Teenagers can benefit greatly by having their own student visa debit card for instance where you can load a certain amount of cash/money every month for them to use. It gives them the ability to be financially free to make their own choices but understand that its not unlimited like a credit card.
Prepaid debit cards are very good and popular. They give card holders all the benefits of credit cards but not the downside of incurring sporadic debt. They are easy to get and easy to use. They are also a great hybrid solution to not carrying wads of cash but also not carrying a credit card that can inspire you to buy things you CANNOT AFFORD as a lot of America has gotten in the habit of doing.
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