Prepaid Cash Cards
Why Use Prepaid Cash Cards?
- Safety. When you write a check or use an actual credit card, or if you buy something with your debit card, you run the risk of someone being able to steal that information. These days, people can steal information from your checks, your debit card or credit card and use it for their own personal gain. Generally, with credit cards, you are only liable for the first $50 in charges. But with a debit card, you're responsible for more than that if you don't report it right away. But with a prepaid cash card, you have zero liability if someone steals your information. And if you keep a low limit on it, the joke would be on the user when the funds run out! Not only that, but they don't have access to your higher-limit credit cards or your checking account.
- Convenience. You can use prepaid cash cards anywhere that major credit or debit cards are accepted. And if you're traveling, especially if you're traveling internationally, you can use your prepaid card in place of cash or traveler's checks. You're a lot less likely to lose it.
- As a teaching tool. Many parents give a prepaid cash card to their kids who are away at college. This helps them learn about spending limitations. Unlike a credit card with a high limit, you set the limit and your kids have to learn not to spend more than that.
- As a gift. Prepaid cash cards make a great gift for someone on your list who has everything. Maybe that person is saving money for something special, like an iPod Nano. You can't afford to get it for them, but with a prepaid gift card, you can contribute to that end goal.
As you can see, there are many good reasons to use a prepaid cash card. They aren't just for people with bad credit anymore!
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