BANK FREEDOM PREPAID DEBIT CARD ARTICLE TWO

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Prepaid Debit Card Article #2:

Prepaid Debit Cards Are Just the Financial Tool You Need

Prepaid debit cards are great financial tools and may be just the financial tool you need. Here are 10 real life reasons why you need a prepaid debit card today:

1. Prepaid debit cards help you live within a budget because you are not borrowing money. The money you spend is yours – you load the prepaid debit cards with your money. When using a credit card you’re borrowing money (from your card provider) to purchase the things you want. However, with prepaid debit cards, the money you spend is your own.
2. Prepaid debit cards help you control your spending habits, because you cannot spend more than the amount you have on your card.
3. Prepaid debit cards give you access to all your money. When managing a checking account, you are not likely to draw the balance down to zero for fear of overdrawing the account. Prepaid debit cards do not have negative balance fees and therefore, you can draw the balance down to zero and use all your funds.
4. Prepaid debit cards are the perfect way to pay independent contractors for your small business. Issue your contractor a prepaid debit card and load funds onto the card whenever you want to pay them for a completed job.
5. Prepaid debit cards can be used to send money to anyone. Prepaid debit cards allow you to have companion or linked cards attached to one account. In this case, you keep one card for yourself and send the second one to the individual you wish to send money to. Such examples include:

   • Child support payments
   • Children who live some place other than your home (divorced).
   • College students
   • Husband or wife on extended trips or work duty

Once they have received their card, you can add cash to the card account. The other person, using their prepaid debit card, can access the nearest ATM for cash or merchant to make purchases. Their money is instantly available worldwide. And it's less expensive and faster than money transfer companies.

6. Prepaid debit cards have the great advantage of not allowing companion cards to be overdrawn. When the money is gone, it’s gone. If your a college student has a problem managing their checking account, give them a prepaid debit card. It protects them from ruining their credit and bank rating.
7. Prepaid debit cards are a safer way for employees to receive their salaries. Statistics indicate that in the United States over 3 million payroll checks are stolen each year. However, with direct deposit combined with prepaid debit cards, there is no worry of that ever happening. Also, through the use of direct deposit and prepaid debit cards, you will have immediate access to wages, 24 hours a day, 365 days a year - no matter what part of the world you're in. You will also save time by having your salary deposited to your prepaid debit card - no more standing in long lines to cash your check.
8. Prepaid debit cards are easier to get than credit cards. They require no bank account, no employment verification, no credit checks and no security deposit. If you've been turned down for traditional bank issued credit cards because of poor credit, bad credit or no credit at all, try applying for a pre-paid debit card. Some prepaid debit cards have a built in credit reporting feature which make it easier for people with bad credit to rebuild their credit histories by reporting their monthly payments to the major credit reporting bureaus.
9. Prepaid debit cards are a convenient and affordable solution for people who have ruined their credit or bank rating. For the credit challenged group, pre-paid debit cards serve as bank accounts that protects them from further problems. Since they are using their own money, they can access cash or make purchases at merchants such as gas stations, grocery stores or convenience stores.
10. Prepaid debit cards allow cash deposits 24 hours a day, 7 days a week. For example, let’s say you wanted to make a purchase on the Internet, on a Sunday, for $450. You have the money but not all of it in your checking account. Your checking account has $300 and you have the remaining $150 in cash. Typically, you would have to wait for the bank to open Monday before you could deposit the funds to make your purchase. However, with prepaid debit cards, you can go to a reload center (usually a Green Dot or MoneyGram retailer) and have the cash added to your card within a few minutes 24 hours a day.

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Additional Articles

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2. Prepaid Debit Cards Teach Teens Good Money Skills