Prepaid Visa cards are a breath of fresh air to those suffering from huge drawbacks of credit cards, and credit card debt. Their convenience, ease of access, guaranteed approval and myriad of other benefits make them ideal replacement for credit cards. This article will list some of the key advantages of prepaid cards.
1. Everyone Should Have a Prepaid Card
A prepaid card is provided on the basis of the money you deposit into the prepaid card account. So literally everyone, even those with bad credit or no credit are eligible. There are no credit history checks, no employment verification and approval is almost guaranteed.
2. Ease of Access
Prepaid cards can be applied for online and approved instantly. And in certain cases, if sufficient deposits are made, there may even be a chance to waive your card’s monthly, annual and other fees. Since prepaid cards use the deposited money, there are no repayments to be made and hence no late payment fees, no interest to worry about along with other associated penalties.
3. Wide Acceptance
Currently prepaid cards are as widely accepted as traditional credit cards. In some cases, they have even more acceptability than credit cards. They can be used online, on the phone and all other vendors.
4. Prepaid Cards Helps Build Financial Discipline
One of the most important features of prepaid Visa cards is the fact that you can only spend what you have deposited into the prepaid card. This completely negates the possibility of overspending. This is a huge obstacle to overcome for people with a history of over spending. This is a great tool to assist and increase the financial discipline of the prepaid cardholder and may even help build good financial habits for the children of the future.
5. Enhanced Security
Asides from allowing the user to make a direct deposit to the prepaid card account as a loading method, prepaid cards also allow the user to instantly withdraw cash from all ATM machines worldwide. ATM transactions are conducted very securely as every single prepaid card is protected by a secure PIN number, just like your traditional debit or credit cards.
6. Everything is Trackable
Tracking your activity and usage of the prepaid Visa card has never been easier, the account can be tracked online or through an App on your phone. This makes it super easy to control and monitor all your spending. Another option is that the online platform correspondent to your prepaid card may even be able to generate reports and keep records of all incoming and outgoing funds.
7. Recurring Bill Payments
Prepaid cards can also be used to pay utility and other bills online and by telephone. Once the user has set up the prepaid card as the payment method for recurring bills, they will never have to worry about it. On top of that, vendors can only deduct funds from the available balance that is pre-charged on to the card, meaning, in the situation of an error or miscalculation from the vendor’s end, the potential financial damage is only limited to the available funds you have deposited in the prepaid card account.
The list of benefits mentioned above are simply too overwhelming to ignore. After learning the benefits, this actually comes as a surprise to a lot of traditional credit card holders as to why this financial product has yet to become mainstream. Prepaid cards are suitable for anyone and everyone. Whether their purpose is to consolidate credit card debts, rebuild credit scores or simply looking a tool for better financial management. Prepaid cards and its key benefits can easily cater to the needs of the masses.