A prepaid card is an excellent solution for people who don’t want to check accounts or simply can’t get a credit card. Prepaid cards can also be gifted as a substitute for cash. However, prepaid cards are different from traditional credit and debit cards. They can cost you a lot of money if you don’t know what you’re getting into. Read The Fine Print Prepaid cards come with charges that is never mentioned outright. Before picking up a card read all the terms and conditions that come with it. You can ask the card issuer directly about any questions that you have. Some cards come with monthly fees, some others come with a monthly charge for not using, and some cards even have limitations on the maximum number of ATM withdrawals in a month. Therefore, before getting a card, it’s important that you have read through everything before you make a decision. Monitor The Activities Of Your Card Take care of your prepaid card activities since these cards don’t generate statements like regular debit or credit cards. That’s because prepaid cards are nothing like debit cards. Here, you can keep track of your spending another way. If you register your card on the issuer’s website, then you can get email and SMS notifications for every transaction that’s made on the card.

Data suggests that more than forty million Americans don’t have a bank account. The reasons can vary, but this has opened an innovative avenue in the US financial market. Prepaid debit cards have taken the market by storm, and have ensured that there’s always a convenient method of performing transaction. Upon activation, you can use the card anywhere. Not only does this save time, but it can also help you streamline your finance. There’s a recent upward trend in the number of prepaid card users. Here’s how it all started. The Rise Of No Fee Prepaid Debit Cards As the name suggests, you can reload these debit cards at your convenience. You don’t need a bank account to use this facility. That’s why prepaid debit cards are an easy way to perform transactions. Being a popular non-cash medium for transaction these days, prepaid cards help a lot of people. These include daily wage workers and those who don’t trust the banking system. Prepaid debit cards let the user control their money according to their needs. But, since this concept is new, banks sneak in hidden charges when the card is used. So it’s important to do some proper research when you’re choosing a prepaid card provider.