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Prepaid Debit Cards
What makes prepaid debit cards different from a debit card that is tied to a checking account, you ask? Why would one want to have a prepaid debit card rather than a traditional one? Well, to answer both of these questions, here's a quick summary of the benefits of owning a prepaid debit card:
For starters, your prepaid debit card doesn't carry any of your personal information on it. So, although you won't have your name on your card, you also won't have to worry about your identity being stolen through your use of your prepaid debit card. Imagine the security you could feel while shopping online. .
Fans of the prepaid debit card tout the decreased risk of identity theft and the ability to get a prepaid debit card without worrying about a credit check as prime examples of the reasons people should consider using these cards. Anyone who has ever tried to book a hotel stay without a credit card can certainly understand why everyone, even those with a less than stellar credit history, will find the ability to use a credit card helpful.
You can also use a prepaid debit card as a budget tool: think of it as the envelope system of budgeting with a debit card instead of cash. You simply load a portion of your budget onto the prepaid debit card and use it until it's out of money. Since there's no credit line attached to the prepaid debit card, you won't have to worry about spending too much.
Common Questions
- Can I apply for a credit card?
If you're 18 years of age or older (the age limit might be lower in some states) and are a U.S. citizen, you...more - Do I have to have a bank account to get a credit card?
In most cases, credit card companies won't consider issuing credit to someone who doesn't have...more - Is it necessary to have a bank account with the bank that issues the credit card?
Not in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn't matter where your...more - Can I apply for more than one credit card at a time?
You can apply for as many credit cards as you want, but you should be aware that multiple credit card applications can...more - What about bad credit?
There are lenders who specialize in providing credit cards for those with bad credit. Commonly known as secured credit cards, you might need to...more
