Prepaid Cards are becoming a popular payment option in 2017 with their ability to work in the same way as a credit or debit card without the worry of overspending and unexpected bank fees. They are seen as a much better payment option for a number of situations, whether you or a loved one is travelling abroad or simply needing help with budgeting. There are many reasons why you could benefit from a pre-paid card that you may not have previously considered. Keep reading to find out if it might be a payment solution for you.
Reasons you may want a pre-paid card:
- Bad credit means that you are unable to pass credit checks to get any other type of card.
- You are looking to find a way to help you budget each month whether it be with food shopping or clothes shopping online.
- Prepaid cards can help you slowly build back up your good credit by putting you in a contract where you pay a small amount each month for a year.
- You want to teach your child financial responsibility but want to be able to control how much they have at any one time and want to be able to monitor their spending.
- Your teenager is going on their first holiday abroad and you are worried about them taking large sums of cash or a debit/credit card in case they lose it or are targeted.
- You are going abroad and want to avoid paying high fees every time you want to withdraw money.
- Whilst abroad you tend to lose track of how much you are spending because of the exchange rate and need a way of controlling this.
- You are worried that nearer the time of going abroad the exchange rate won‚Äôt be as good as it currently is so want to load money onto a pre-paid card at the current rate.
- You are regularly using your overdraft because it‚Äôs available to you and you want to curb this habit by having a card which means you only spend what you have.
- You are worried about taking your debit/credit cards out of the country because of identity theft and having this type of card puts you at less risk.
- Whilst out of the country you may be unable to get a debit or credit card sent to you if you lose it but will be able to get a pre-paid card much quicker.
- Prepaid cards can be easily accessed and controlled online from your phone.
- If you are on a night out or at a festival you may not want to take your normal credit/debit card with you especially with the contactless options now available. Prepaid cards are much safer in this sense and mean that you don‚Äôt accidentally spend too much.