Prepaid Cards

What Is a Prepaid Card?

A prepaid debit card is very different from a bank account debit card. A bank account debit card is linked to your checking account; a prepaid debit card is not. Instead, you pay in advance to load funds onto a prepaid card, and then use the money you have loaded onto the card.

Advantages:

It limits you to what you can buy and how much you can spend because there is only a certain amount of money on it. There is no chance of you going over your spending limits. You can also recover your money if it is stolen. The cool thing is that it also looks just like a normal credit card.

Disadvantages:

When purchasing the card, there is a small set up fee when you purchase the card.The Prepaid card gets people used to using plastic- It saves you that trip to the bank. By doing so, this can make you lazy cause you don't have to keep track of the money.