Next up in our money advice series, is the benefits of using a prepaid card. As a digital prepaid card company we believe prepaid cards are the future.
Prepaid cards are a great way to improve your finances and shopping experience. With a set monthly limit and no connection to you bank account, you can shop with peace of mind knowing your bank details are safe and you're sticking within your monthly budget.
Read on to find out more about prepaid cards and their many benefits.
What is a prepaid card?
A prepaid card is different to a debit or credit card, because it does not have its own 'account'. Instead you load up your prepaid card with money to spend. Just like a pay-as-you-go mobile, you can only spend how much you put on the card but you can always top it up with extra money when needed.
How are they safer to use online?
Prepaid cards are safer and securer to use for online payments because they are not directly linked to your bank account. Unlike your debit or credit care, a prepaid card protects your bank details from fraud. If you prepaid card details are hacked, your money is safe.
How can they be used for budgeting?
As you load up a prepaid card with you're own money, they are a great tool to build financial independence and budgeting awareness. Whether for yourself, or for your children, a prepaid card helps you stick within your money limits and helps you monitor your spending. By loading a set amount each week or month, you can ensure that you stick within your budget and don't risk falling into debt.
How do they save you money?
As previously mentioned, a prepaid card uses your own money. This means you're not borrowing money or paying any high interest rates. By spending your own money, you're saving yourself from spending more to pay back borrowing rates or overdraft fees. We have separate post on the Reasons why Prepaid Cards Save you Money, which provides further information on this great benefit!
Have we managed to persuade you on the benefits of switching to prepaid? If yes, try our digital prepaid card for yourself! ImageNPay is FREE to download in the UK on iOS.
Read all the posts in our Prepaid Benefits series here.