Prepaid cards are becoming more and more popular, often given as gifts, to manage children’s pocket money or by those with poor credit histories. We take a look at the advantages of using them.
Used by many people, prepaid cards have a number of advantages, not least that they can be used rather like a voucher in stores worldwide, providing a much safer way of carrying money than wads of cash.
With so much online shopping and activity now, most people will need to make online payments at some point. However, for people who cannot get a credit card or debit card through a bank this can be difficult to do. A prepaid card offers a viable option.
Importantly, for people with a poor credit history, these cards are ideal choice as to get one there are no credit checks involved.
The cards can help you with your budget too, afterall you can’t overspend as you can only spend up to the amount you have pre-loaded
There are also prepaid travel money cards, such as those offered by FairFx and CaxtonFx.
The fees charged on these different use cards vary and it is therefore important to consider what you want to use the card for and then get the best one to meet your needs. Of course there is no reason why you can’t have more than one card, as long as you keep them safe.
One thing to be aware of too is that if you’re intending to go to the Olympic Games in London next year, if you don’t already have a visa branded card you may consider getting a Visa prepaid card as Visa will be the only payment method for online ticket applications.