Prepaid Debit cards

Discussion in Credit Cards started by Mayvin • Aug 14, 2014.

  1. Mayvin

    MayvinActive Member

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    I was thinking of possibly getting a prepaid debit card because using a bank can be drama sometimes but after doing research on what's considered the "good ones" I've been turned off by the fees and hassle to deposit money into your account. If you're on direct deposit then probably wouldn't be as much of a hassle. Has anyone used a prepaid debit card that you've had a positive experience with and the name of it?
     
    #1Aug 14, 2014
  2. forextraspecialstuff

    forextraspecialstuffActive Member

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    I have never used one but have heard your concerns echoes by people I know who did use them at one time. I think the fees are rather alarming and it seems annoying to have to jump through hoops to deposit money. At this point it almost seems like more of a hassle than a bank so I would stick with a bank. I use a bank for all of my finances and have never really had a problem or any hassles with it.
     
    #2Aug 15, 2014
  3. Athenagdlyt

    AthenagdlytActive Member

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    Prepaid debit cards can be a more practical option to avoid overspending. I have a friend who has kids in college and she opened pre-paid debit cards for each of her children. The weekly allowances are deposited into the debit account and the kids can easily check and budget their money this way. It's a very practical solution so that they don't have to bring cash wherever they go.

    I use a debit card where I store money for my regular expenses. It helps me a lot with my budgeting. I prefer using prepaid debit cards than credit cards.
     
    #3Aug 20, 2014
  4. daimashin

    daimashinActive Member

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    There are pros and cons. I guess that prepaid cards are safer as you don't have to deal with banking information, it's also good since you're in control of how much money you want to use. I agree that it's a tad inconvenient having to the extra to top-up. It depends on how you see it mostly, if you think that the pros outweigh the cons then there's nothing wrong with using one. I'm sure that it's got it use, otherwise it would be gone by now.
     
    #4Aug 20, 2014
  5. TuRon Davis

    TuRon DavisActive Member

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    I currently have two prepaid debit card and they have been a very smooth experience to me. The best thing is that you never have to worry about overdraft fees, and at the same time, you get all of the same benefits as having a local bank. You can still get direct deposit & withdrawal from ATM machines and use them anywhere Visa or Master card is accepted. My favorite card is my PayPal prepaid MasterCard. I can withdrawal from any All-point ATM and get no charges deducted.
     
    #5Aug 23, 2014
  6. pennylane

    pennylaneActive Member

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    I have been helping my nephew shop around for a prepaid card. They pretty much all look similar across the board. Is there one with better benefits, does anybody know?

    They all seem to have the 5 dollar monthly fee, so that's not an issue. I just wonder if one kind is better than another.
     
    #6Oct 24, 2014
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