Just like its conventional counterparts (credit and debit cards), reloadable prepaid cards have earned quite a reception when they were first introduced. However, its popularity is not exactly surprising considering all the amazing benefits they offer. Undoubtedly, reloadable prepaid cards offer many exciting benefits that are hard to ignore.
Unlike other types of plastic cards, reloadable prepaid cards are very easy to obtain. You are not required to go through those tedious and time-consuming credit and background checks just to get your hands on one. What’s even better is you also won’t need a good credit score just to obtain one.
To put the clout and popularity of this innovative financial tool into perspective, consider this: payroll and prepaid card usage are expected to rise from 9.7 million in the year 2010 to an impressive 29.2 million in the year 2016. To date, the popularity of prepaid cards has not shown any signs of slowing down.
As expected, prepaid card usage is expected to rise in the coming years. More and more people nowadays are foregoing the use of conventional bank accounts and have opted to use reloadable prepaid cards instead. If you are curious as to why more and more people have resorted to using reloadable prepaid cards, read on!
When it comes to managing your finances, a reloadable prepaid card can be a very powerful tool. It is considered especially beneficial for low wage earners, those who don’t have access to banks, and those who have less than desirable credit scores. Reloadable prepaid cards also provide fast and easy access to the user’s money.
A reloadable prepaid card can also be very helpful for those people who don’t like carrying a huge amount of money with them wherever they go. Reloadable prepaid cards are also ideal since they give cardholders the option to conduct online transactions with utmost ease.
Unlike debit or credit cards, reloadable prepaid cards can also be used without having to worry about accumulating a huge amount of debt or paying for exorbitant fees, interests, and other charges. Another great benefit of using reloadable prepaid card is the great convenience and ease it offers.
Those who are looking for an effective financial tool that can help them curb overspending and manage their money better can never go wrong with a reloadable prepaid card. With a reloadable prepaid card, spending will stop automatically once the balance that is available on the card has been depleted.
You can however continue to use your prepaid card right away as soon as you are able to successfully load money onto the card. As far as the frequency and the amount you will load goes, you get to call the shots. Transactions as well as withdrawals using the card will be suspended until money has been loaded successfully.
Also, since reloadable prepaid cards don’t have credit capabilities, you won’t have to worry about spending borrowed money and paying them at a later date. When the credit balance is really high, people have the tendency to overspend and think their spending is infinite.
However, this can backfire as you can easily accumulate massive debts in such a long time if you are not particular about your spending and your use of credit cards. Thankfully, with reloadable prepaid cards you won’t have the same concerns as you are limited by the balance that’s available on your card.
When you have depleted all the balance, you have the option to not use the card for the time being or to load money at a later date. Without doubt, prepaid cards offer ease and convenience that make the life of users easy.