Prepaid debit cards started two decades ago and have grown to give much convenience to approximately 19 million users. In the past, it was first marketed by banks to some business establishments, and they emphasized the handiness for employers and employee in the monthly payroll scheme. For one, employers will have the capability to directly transmit money to subordinates from wherever they are in the world, while allowing employees to enjoy the hard-earned money in their local home currencies without having to open an external bank account.
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Nowadays, prepaid debit cards are not only being used for payroll purposes; it is being used by many people for various reasons, because they realize the great benefits that prepaid debit cards can provide. Below are some advantages you can get if you possess a prepaid debit card.
Control your own spending limit. Prepaid debit card balances are determined by the amount you deposit in your bank. The tendency is you will learn to stick to your budget and decide how much you will be spending.
Security while travelling and shopping around. Since prepaid debit cards are as good as cash, it is a great way to save space on your wallet and especially protect it from thieves. Just like a regular credit card, a prepaid debit card can be frozen temporarily once it’s been lost or stolen.
No monthly bills, overlimit fee, and finance charges. As the name itself, the card is prepaid, so consumers don’t need to pay for any recurring charges, like interest rates and overlimit fee, and mostly wait for monthly statements.
Flexible use for international transactions. Visa and MasterCard logos on prepaid debit cards permit users to utilize their card both locally and internationally. It can be used through online and offline purchases.
Credit checks not required. People with bad credit history can apply for a prepaid debit card, since banks don’t need to do background checks for you to be approved. Rejection is not a word being used when getting prepaid debit cards.
The advantages that were mentioned above are only a few out of the many worldly goods that prepaid debit cards can provide. As a whole, prepaid debit cards can be a great alternative to credit cards, which help people spend their money wisely.