Who Can Benefit From a Prepaid Cash Card?

Published on 1 January 1970 by Raffick Marday

Many people can benefit from a prepaid cash card due their flexible nature and lack of restrictions making them easy to acquire.

Those who wish to budget, gain better control over their day to day spending, or ensure their money is not at risk of theft or fraud should investigate a prepaid cash card.

Age

While different prepaid card providers differ in the age range they offer cards to, prepay cash cards are available for under-18s.

If you are under 18 years old, or you have a son or daughter who has an income, a good means to learn money management skills is to deposit income into a prepaid cash card account.

It saves youngsters from carrying cash around and enables them, through the online management tool, to focus their spending by reviewing where and how much they have spent. It also means that they can benefit from online discounts by making purchases online, most of which require payment via a card of some sort.

Income

While those who are under 18 years old may also not have a regular income, to acquire a prepay card this is not necessary. This means it is also good for adults who are unemployed or on a low incomes.

The card owner can load the card with their own budgeted amount with limits on the card varying from provider to provider.

Credit History

If a person is having trouble acquiring a credit card due to bad credit rating a prepaid cash card could be a good alternative.

No credit history is required only proof of identity and address.

Travellers

Using a travel prepay money card is a new and popular way of carrying cash abroad. It enables the user to preload with the currency they will require to then use as they would a debit or credit card.

While there may be charges to using ATM’s abroad usually specific banks will not do so and there are no charges on purchases made through the card so it is a safer way of transporting a large amount of money.

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