Just like debit and credit cards, reloadable prepaid cards have been warmly accepted since they were first introduced a few decades ago. If we take a look at all the benefits they offer, it’s easy to understand why.
Unlike other plastic cards, reloadable prepaid cards are very easy to obtain. In other words, you don’t have to go through those tedious, stressful, and time-consuming credit checks just to get your hands on one. And that’s just for starters. Even more impressive is that you don’t even need to have an impeccable credit score to be issued one.
A quick trivia that will clearly demonstrate the unprecedented popularity of prepaid cards: while not exactly common knowledge, prepaid cards used as payroll cards are expected to rise from 9.7 million (in 2010) to a staggering 29.2 in 2016.
If anything, the popularity of reloadable prepaid cards shows no signs of slowing down. That being said, figures are expected to rise even more in the coming years—a true testament that this beneficial and ingenious financial tool has truly come a long way.
Fast Facts About the Amazing Reloadable Prepaid Cards
Nowadays, many people have opted to go without the traditional bank accounts and chose to use reloadable prepaid cards instead. If you are also considering getting a reloadable prepaid card and using it for your transactions, here are some quick basics you need to know:
- Having an alternative option when managing personal finances is always a great thing. This is also helpful especially for those people who don’t have access to bank accounts. With prepaid cards, they won’t only have easy access to their money, they are also spared from the hassles and risks of carrying physical cash with them at all times.
- Reloadable prepaid cards can also give users the option to carry out online transactions with ease. In other words, you get to enjoy many of the enticing benefits of using a plastic card without having to pay those costly fees, interests, and other charges.
- Another difficult to beat benefit of using a reloadable prepaid card is unbeatable convenience and ease. For starters, users can use the card at any time they deem convenient. Loading money onto the card is also effortless and fast. Once the money has been loaded, the card can immediately be used for transactions.
- Those who are looking for an effective tool to help manage money accordingly and curb overspending need not look far. Prepaid cards can save the day and have proven to be highly effective in achieving both objectives.
- Since reloadable prepaid cards don’t come with credit capabilities, cardholders are limited to the balance that’s available on the card. Once the balance on the card has been depleted, the spending also stops automatically.
- The good thing is that the card can be used again immediately after money has been loaded onto the card. If anything, reloadable prepaid cards have been designed with the convenience of the users in mind. Equipped with enticing features and amazing benefits, it will make life very easy for those who use it.