In response to the increasing number of cardholders who default on their payments, credit card companies have introduced secured credit cards and prepaid debit cards in the market. These cards are alternatives for people with bad credit history and who cannot qualify for regular credit cards.
What Are Prepaid Debit Cards?
Anything you charge to your prepaid debit card will be deducted automatically from the cardholder’s funds. To be able to use a prepaid debit card for payments, the cardholder must have existing balance or credit in his/her account. Once the amount of zero is reached, the cardholder will need to submit a new cash deposit to continue using the debit card. In this article, let us focus on the pros and cons of using a prepaid debit card compared to a traditional credit card.
The Pros of Using A Prepaid Debit Card
Cashless shopping. There is no need to bring along cash when doing your shopping at groceries or malls. Carrying a prepaid debit card is a lot safer than carrying cash since you can simply freeze your account in case the card gets misplaced or stolen.
Continue Reading: The Pros and Cons of Using A Prepaid Debit Card
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