Prepay Cards Offer you Cashless Alternative

Published on 11 July 2012 by Raffick Marday

Prepay cards could mean no more cash in your wallet?

Prepay means pay before you use anything, in similar way a prepaid card is a card recharged with particular amount and is being used for various reasons like payments, withdrawals etc. Nowadays people want everything to be handy and sleek and same goes for those big, fat wallets. People always avoid carrying wallets in their pocket as the thickness of the wallet gives bad appearance. And this is the reason people turn to prepaid cards. Very handy and sleek, they can easily fit anywhere and now no more fat wallets.

Just recharge and move on, prepaid cards are not so difficult to use. As one recharges their mobile sim cards, similarly prepaid credit cards are also being topped up for further use. This cards looks like a credit card with magnetic tape behind and a pin number to access. One can easily apply for prepaid card as they do not ask for any credit history and there is no risk to issue pre paid card as this doesn’t have bill payment systems. But the user must have enough cash in his card before making any payments for any deduction.

These cards are not like debit card or credit cards but have the characteristics of both so can be used widely like debit card and have security aspects like credit cards.

A prepay card is much secure method to keep money in one place. One can even cancel the card if it gets robbed or misplaced. There are many types of prepaid debit cards and the offers they provide. Cards like splash plastic prepaid card, virgin prepaid card, bread prepaid card etc. and the different offers like discounts on any purchase, free travel insurance etc. There are few cards which also provide joint account for parents and kids or husband and wife so that they can share the cash from same account.

The basic reason of the popularity of the prepay card is that it helps to control the daily expenses. There are prepaid cards of different companies available, so a prepay credit card comparison is a must before making choice of any card. One can easily compare the top most prepaid card through internet and can also apply to issue new card. The important things that one should keep in mind while applying or comparing cards is that: The card must not have annual percentage rate but should charge monthly, the monthly charges should be less, the card must not charge fee for any transaction, must offer facility of recharging regularly and give an interest on the balance cash.

Pre paid cards are useful for those who do not want to spend more, but want the ease provided by credit cards. So, one must use these cards and stay away from debts and stop worrying about carrying cash in the wallet.

Pre Pay Credit Cards

Why would anyone choose to get Pre Pay Credit Cards? Many people choose to use them rather than a bank account because of the fees that may be associated with their bank. This can help to cut their overall fees each month and keep more of their money for themselves. While many banks do not charge fees to their customers to use their debit cards, there are other fees that may be associated with the account to make the prepay option look better.

In addition, some Pre Pay Credit Cards have the ability to allow you to have a direct deposit sent right to the card. For instance, you could have your paycheck deposited to the card and it is just like having cash – no waiting or worrying. Of course, not all of the cards offer this option so be sure to to find out all the features the card has before signing up for one. Obviously, you do not want to get the card only to find out you cannot do what you had intended to with it.

You do need to be aware of the fees that can be associated with Pre Pay Credit Cards because they can vary quite a bit. This means that some may not only charge a monthly fee for using the card but they may charge for transactions you make or to pulse money out. Take into account all of the fees that the card has and compare it to your bank account as this would be the best way to know if you could save with card over your bank account.

Many people find the Pre Pay Credit Cards useful because they cannot open a checking account for any number of reasons and therefore, the prepay card is the next option for them. Others may decide on it because it is not linked to their checking account and they may have difficulties balancing their accounts or overdraw it regularly. With a prepay card there is no way to over draw it and you can only use what is on the card and nothing more.

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