Okay, by now you’ve heard about prepaid debit cards because they’ve been getting a lot of headlines recently. A number of companies have obtained national prominence selling these little financial tools and growing at a fast clip to boot. But why are these cards growing in usage literally every day? Well, maybe it’s because they have something to offer every member of the family.
To begin with, Dad loves his prepaid card because it just helps him save money every month – and he loves saving money! He saves money because he loads up his card with cash and then spends it down without paying a penny in interest. He gets no monthly bill, only a monthly statement. And he knows he’s not going to get hit with any hidden fees because all the debit card fees are disclosed up front and pretty reasonable.
Mom loves her card because it gives her all the freedom she had with her credit card but none of the worry. She doesn’t have to worry about overspending (and making Dad mad) because she can only spend what’s been loaded onto the card. Plus, she can easily keep track of the monthly budget because her transactions are available to her at any time online.
The Kids love their student prepaid debit cards because they can use them everywhere. They can use them to play games online or shop. They can use them to pay for fast food or their favorite flavored latte. They can even use them to grab cash out of the ATM if they need to. And the kids especially love how easily and quickly Dad and Mom can reload their cards with their allowance.
Prepaid debit cards are great financial budgeting tools. They help the whole family spend their money wisely so they have more of it left over for the important stuff. What’s not to love?