What is a prepaid debit card?
Prepaid debit cards are a good solution for anyone who does not want to be tied down to a banking institution, anyone wanting a more secure way to carry their money, or anyone having troubles being approved for a credit card.
Unlike credit cards, you do not incur any debt with prepaid debit cards, you do not need to worry about credit card payments, and you pay no interest charges. Prepaid debit cards do not require credit checks, so almost anyone 18 years or older will be instantly approved.
Funds are loaded into the prepaid debit card by the cardholder and the card can be used virtually anywhere that accepts credit cards, as long as the debit card carries the Visa® or MasterCard® logo. These types of cards are a great alternative to carrying a checkbook and can help cardholders learn how to budget and manage their money.
Many prepaid debit cards today report card history to major credit bureaus, so cardholders can build their credit using a prepaid debit card without the risk of damaging it along the way.
