This past birthday, my parents got me a prepaid Visa card. They said they didn’t know what to get me; but what they decided on, was truly the best thing they could’ve gotten me. They didn’t have to go to the mall, and shop around for me something I may, or may not have liked. And, I didn’t have to (possibly) pretend to like something, I didn’t. (Not that that’s ever a problem, with the gifts my parents get me. <wink>)
I’m not sure about the one they got me, but some prepaid cards are reloadable. And, they save you from over-spending, because you can only spend, the money you (or someone else) put on them. I think you can even have your paychecks direct deposited on them (and withdraw money, from ATMs, if you need cash).
There are a lot of benefits, to using prepaid debit cards. But, in my opinion, the best thing is that you can use multiple cards, in lieu of the envelope system. When we were doing Dave Ramsey’s system, I often felt uncomfortable carrying around all that cash. The prepaid cards solve that problem.
And, if you’re a mail-in rebate hound, like I am, you know that even stores are using them for rebates. And, some of you may have even received your tax refund, in the form of a prepaid card.
They can also be used, in lieu of credit cards. Even though a huge chunk of the U.S. population is in debt, it’s nearly impossible to not be able to get by without some type of credit card. Sure, you could use your bank card, but let’s face it; trust in banks is at an all-time low. And, if your credit is bad, and you can’t get a credit card… this may be the solution, for you.
And from one mom, to another, a couple of other excellent uses, for these prepaid cards… allowance for your high school-aged kids, or to make sure your college student doesn’t go broke, while away at school.
As far as I know, the only downside is there is a monthly fee, for them. Personally, I don’t think I’d use them, on a regular basis. But, if you’re interested, there are tons of places you can get prepaid cards no fees, either at most drug stores or you can purchase them online.
Disclaimer: This is a sponsored post. I have received compensation to write it and include links. However, the opinions in this, here in, are all mine. And, honest, to boot!
