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Prepaid Credit Cards With No Fees
Have you ever thought of the need to use free prepaid credit cards? Did you know that you could enjoy more benefits by using free prepaid credit cards? Prepaid credit cards have become so popular in the last 10 years that almost every store offers them. There are a lot of pros and cons to prepaid credit cards. One of the biggest turn off is the cost of a prepaid card. Of course you have to put money on them to make them have any value. But in addition to putting the money on the card many prepaid credit cards require you to pay and activation fee. For some consumers it seemed easier to just give the person cash. Many of the stores and companies who offer prepaid credit cards began to realize this and so they now offer free prepaid credit cards.
About Free Prepaid Credit Cards
A free prepaid credit card does not mean that you can get the credit card without paying for it. You still have to pay for the amount that the credit card will carry. The difference is that you no longer have to pay the activation or service charge associated with the card. This has made buying a prepaid credit card a preferred gift once again in the eyes of many consumers.
You can find free prepaid credit cards almost anywhere now including at Walmart. In fact, Walmart also offers its own free prepaid credit card with their name on it and the MasterCard logo. Many Walmart employees receive their pay checks through direct deposits made to their free prepaid credit card from Walmart. They find it easier than dealing with a banking institution or paying to cash their checks at check cashing establishments.
Just like the employees of Walmart, more and more people are beginning to use free prepaid credit cards as their personal bank. There are a few reasons to why this trend has grown into a nationwide trend in money management.
No Banking Fees
All banks promise free banking but there is always a catch. You have to either maintain a minimum balance or have direct deposit for most of them. With today’s economy maintaining a minimum balance based on what the bank chooses is not necessarily easy. In fact, most people zero out their bank accounts before they get their next paycheck. If they don’t have direct deposit, they’re paying a fee to keep that account open.
Since free prepaid credit cards don’t have fees or minimum balance requirements, more people have begun to use them to manage their money. It is so easy to put their money onto the prepaid credit cards that banks have started to lose customers.
No Hold Time
Even though most banks are open until 5 o’clock in the evening for customers to make transactions, the actual banking day ends at 2:00pm. Many people are still at work at that time and may not have had the time to get to the bank during their lunch break. If they have a deposit to make and it is done after the end of the banking day, then the funds will not post to their account until the next business day. People who wish to cash a check aren’t able to do so unless there are funds available in their account to cover it. If you deposit checks into your account after 2:00pm and try to draw from those funds, the banking staff will give you a resounding answer of no.
With free prepaid credit cards your money is available to you within minutes of depositing it onto your card. This makes it more appealing to people who are living pay check to pay check and can’t afford to wait another 24 hours to get their money. Once their money is deposited onto their card, they can withdraw cash using their card from any ATM machine. Of course they’ll have to pay the ATM fee to the bank that owns the ATM. But that is better for some than having to wait another full day to get their hard earned cash.
Accepted Almost Everywhere
Free prepaid credit cards are financially managed through a larger financial institution. These larger institutions are partnered with credit card companies such as Visa, MasterCard, or American Express. This partnership allows the prepaid credit cards to display the logo of the credit card company that is in charge of managing the prepaid credit card account for that particular card. Since each card carries a credit card logo like Visa, it can be used wherever matching credit cards are accepted.
Some banking institutions will not give its customers a debit card with a credit card logo. This is usually because of the customer having a low credit rating. With a free prepaid credit card there are no credit checks making them available to anyone.
Free prepaid credit cards provide a hassle free way for people to manage their money. They are also great for teaching teenagers how to manage money safely without the fear of them over drafting or ruining their credit. Look for more free prepaid credit cards to become available in the future.