The popularity of prepaid cards is set to rise this year because of the difficulty many have faced in getting credit.
Recent figures have shown that almost half of people in the UK who apply for a regular credit card are turned down, most of them because of poor credit ratings. This is because credit card companies are no longer willing to lend to those it deems risky.
But prepaid cards offer the security of card transactions and ensure that the user doesn’t stray over budget. That’s because they have to be preloaded with money before being used.
And more people will be set to benefit as the cards increasingly come without fees. Some companies are also adding credit building facilities to their cards to make them more attractive.
All this makes 2010 look set to be the year of the big prepaid card breakthrough.
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