Have you recently come across the term “prepaid debit card?” If yes, then we are sure you must have a few questions about how this type of debit card works, its benefits and more.
In this article, we will try to answer all those and many other questions to help you understand the no-fee prepaid debit card in-depth.
So, without further ado, let’s get started.
Understanding the prepaid debit card
A prepaid debit is similar to having cash – but sometimes better.
It is the safest and sound way of carrying money around. Besides, some prepaid cards come with consumer protection. You can use it for online purchases and can make a better gift than cash.
If you have trouble managing credits cards or wish to stick to a budget, then having a prepaid debit card can prove beneficial.
You can even obtain government benefits through prepaid debit cards, such as social security.
How is a prepaid debit card different from a regular debit card?
As per a regular debit card, your spending depends upon the amount available in the account to which your debit card is linked. This means you need to have a bank account in order to use a regular debit card.
Similarly, the amount available in your checking account might also fluctuate due to daily in and out the transaction.
But, that isn’t the case with the prepaid debit card. It offers you fixed money to spend, which declines on spending and rises once you reload your card.
How to shop for a prepaid debit card?
The main attention you need to pay while purchasing a prepaid debit card is the fees associated. And don’t forget the convenience. For instance, consider the ATM networks you have access to.
Is there an alternative to a prepaid debit card?
If you are opting for a prepaid debit card due to your bad credit history and your inability to secure a conventional credit card, then it is best to consider a secured card instead. This is because they are secure to qualify, and their monthly payments get reported to major credit bureaus, helping you build the credit history.
Wrapping up
Now that you know a lot more about a no-fee prepaid debit card, it is time to connect with the experts at AFNO to apply for your very own prepaid debit card and reap its benefits.