Pre-paid cards are a better alternative for those people, who don’t want their finances to go out of control. The process of using these cards is similar to that of conventional ones, and you can use them in almost all places.
They are offered by most of the recognized banks, and they come with a lot of attractive features for the users. These cards are issued against the deposit that you make. The good thing is that your bad credit will not affect your eligibility to get one. Your application will be immediately approved, and banks do not ask for any kind of credit check. Also, your employment status is not the requisite for procuring your pre paid cash card.
Since you pay money in advance, there is simply no question of any late payment fees. This is one of the reasons why it is believed to be the best option, for those who wish to curtail their unnecessary spending habits. It can be used for buying things online, just like any debit or credit card. The only difference being is that this works on the deposits you make.
Helpful for improving your credit score:
Whenever you are in need of money, then you can use the card to withdraw the funds from your account. The banks provide you with a secured PIN number, which you will need to use whenever you are banking. In most cases, the prepaid card plays a key role in improving your credit report, as it adds points or value to it.
All the required information of your usage can be tracked online, and the process is quite similar to normal net banking. You can easily check your credit standing, money expended, and other details by logging onto your account. Also you can download you card statements whenever you require.
Some of the banks also offer referral bonus to their existing users, which can be in the form of cash, additional points, or additional services. It is always a good idea to have such a facility for getting instant cash, so that you will not have to borrow from others when you are really in need of cash.
The features and benefits offered by the banks can differ from one another, so you need to check the terms and conditions carefully before you choose one for your needs.
With these cards, you don’t have to worry about managing your accounts, but more importantly, it works as a great means to restrict unnecessary spending. Carrying a card is always safer than carrying cash, especially while traveling. Therefore, it is an excellent choice for employers, if their employees travel often.