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Before you get a prepaid cash card, of course you would first like to know whether it's right for you and how it can help you. Here we'll tell you how prepaid cash cards work and what the benefits are, so you can decide if a prepaid cash card is right for your situation.
How Prepaid Cash Cards Work
A prepaid cash card is a lower-cost, smarter alternative to paying sky-high check-cashing fees and having to carry large amounts of cash. With most cards, a credit check and savings/checking account are not necessary to qualify. You load the card with the amount of your choosing, and you can then use the card anywhere credit/debit cards are accepted. That means you can pay your bills online, pay for purchases at retailers, and place telephone orders all with your prepaid cash card. You have several options to reload the card. First, you could simply bring in cash to the retail locations where you purchased the card. Alternatively, you could save yourself a bundle in check-cashing fees by setting up direct deposit of your checks (paychecks, government disbursements, tax refunds, etc.) straight to your account. No more fees, no more paying in cash, no more hassle.
The Benefits of a Prepaid Cash Card
When compared with having to carry cash everywhere, the benefits of a prepaid cash card are overwhelming. Here are the biggest perks of carrying a prepaid cash card:
- Convenience. Have you ever tried to rent a car, reserve a hotel room, or purchase something online and not been able to without a credit card? It can be hard to get by in society without a credit card, and a prepaid cash card gives you the convenience of credit without the dangers. You can use your card anywhere credit cards are accepted, which means you don't have to waste hours of your time paying your bills each month.
- Security. Carrying a lot of cash around is not safe. If you were robbed or lost your wallet, you would be out a considerable amount of money. You can't afford to take that risk. With a prepaid cash card, you have more security. In fact, most cards come with a zero liability policy on unauthorized purchases. So, if your card is lost or stolen, you have nothing to worry about.
- Accessibility. In the event that you ever need cash in a pinch, you can use your prepaid cash card to get funds from millions of ATMs nationwide. That means that you are covered in emergency situations.
- Financial control. Keeping track of how much you spend can be difficult when you use cash. You probably don't realize how much money you spend and where it all goes. With a prepaid cash card, all of your purchases are recorded and itemized for you, which makes it tremendously easier to take control of your finances. Because a prepaid cash card is not a credit card, you will not be faced with the temptation to spend more money than you have because you are limited by the balance you load on the card. The prepaid cash card makes it virtually impossible to fall into debt, and it makes budgeting a whole lot easier as well.
- No credit check or checking/savings account required. If you have bad credit, debt, or no access to a checking or savings account, you can still qualify for a prepaid cash card. It is very easy to qualify for and available to virtually anyone.
- Security on purchases. Some cards even offer a form of purchase protection for the first 90 days after you purchase an item with your prepaid cash card. The card company will either replace/repair the item or reimburse you for the cost if the item is stolen or damaged by covered events.
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