Best Prepaid Visa Benefits

Best Prepaid Visa Benefits

Best Prepaid Visa Benefits

Prepaid debit cards are the most popular form of electronic payment for a reason.   They are convenient, safe, and allow you the freedom to travel without worrying about where the nearest ATM is, or if you have enough cash to make it through all of your errands for the day.

A prepaid card allows those of us that don’t have established or “stellar” credit to enjoy the same benefits that everyone else has been enjoying for years.  There’s no difference in how they look, or how they work at your favorite retail store.

Trying to find the best prepaid Visa card for you can be confusing. Here’s the benefits of a prepaid card:
  • Make a Purchases anywhere Visa debit cards are accepted – don’t carry cash for everyday spending.
  • Direct Deposit is available for all or a portion of your paycheck ont your card – forget check-cashing  and other fees.
  • Visa prepaid cards are the simple, convenient, and a secure way to pay.

Benefits of a Prepaid Visa Card:

The upside of prepaid debit cards include:
  • safer than carrying around cash
  • worldwide acceptance via the Visa merchant network
  • no worries about paying a credit card bill or getting into debt
  • anyone over the age of 18 can apply and get accepted
  • you can reload any amount of money online, on the phone, or at any ATM, worldwide.
The disadvantages include the fact that you don’t have the benefit of using a credit card bank’s funds for 25 days for free (you could also look at that as an benefit, as well). Another is if the card is lost or stolen, Visa does have much tighter notification requirements than with a credit card.  Be sure to call them right away if you lose your prepaid card!

CHOOSING THE BEST PREPAID CARD FOR YOU

Choosing the right card is important, as they don’t all have the same features. Optional features that not all cards have include:
  • Free Online Statements - The ability to access your account anytime 24/7 online via the website to manage your funds and more.
  • Free Text or Email Alerts – Getting transaction alerts via email or text message to your cell phone when important events happen.
  • Activation Rebates - Some cards will rebate your activation fee if you use the card a certain amount of times.
  • Free Signature Transactions – Transaction fees, for some cards, will be waived anytime you use your card as a credit card ( with a signature) instead of as a debit card.

WHY ARE PRE PAID DEBIT CARDS SO POPULAR?

In 2010, the Federal Reserve commissioned an in-depth study that covered the most popular forms of electronic payments. The report demonstrates that pre-paid debit cards were the fastest growing type of payment in the United States, more popular than even credit cards.

The total number of payments made with prepaid debit cards rose over 20 percent between the years 2006-2020, and continue to grow today. Debit cards, as a whole, including non-prepaid cards, were used more than any other type of electronic payment.

The overall use of credit and charge cards, however, did not rise, in fact, it fell a few fractions of a percent. Keep in mind that the various prepaid debit plans vary wildly. The costs of optional and premium services, fund loading fees, and per-transaction fees are not all the same, and it pays to investigate the terms the provider is offering before selecting a card.

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