Why you should consider using a prepaid card this Summer
Prepaid credit cards are becoming very popular throughout the UK, and with so many benefits to the unique payment method it is becoming increasingly obvious why this is.
Whether you’re going on holiday or just fancy keeping a watchful eye on your spending habits, there are a number of great reasons to take out a prepaid credit card this summer.
Here are just a few ways that a prepaid credit card could help you:
Sticking to a budget can be incredibly difficult within the current economic climate. The cost of everyday goods is becoming increasingly expensive and many are living hand to mouth as a result.
Prepaid credit cards can help you monitor your spending habits by keeping you on a budget. The way that it works is simple and much like a pay-as-you-go mobile phone top up card. You simply load money onto the card and once it runs out you can no longer spend. This means that there is no arranged or unarranged overdraft to get into, resulting in fewer fees ultimately.
Prepaid cards could be ideal for travelling, as they are not linked to other bank accounts. The independent cards not only allow you to stick to your chosen budget, but they can also help to reduce the risk of identity theft. They are easy to use and are often accepted in a number of high street retailers as well as online.
As previously mentioned, the card is not associated with your other bank accounts. This means that should the card become lost or stolen your other financial products and ID are not at risk of being abused. You would only lose the specific amount of cash that you had loaded onto the card. In most cases you can load up to £1,200 onto a prepaid card.