Prepaid Debit Cards – One stop solution to live debt free

Debit Card

Debt Free Debit Card

Are you one among the thousands breaking your head out to repay your debt? Are you tired of losing your money in the name of credit cards? Do you need a smart advice on how to spend wise? The single answer to all these questions is a prepaid debit card. These cards are safer and secure unlike credit cards and can help you plan your finances in a more clear and controlled way. They also help you save your hard earned money which you may end up losing by paying debts and interests to your credit card company.

Debit vs Credit Cards

Most people are often confused when they are asked the question of which is better, a credit card or a debit card? The answer to this is quite tricky too. Most people who see things just as they happen answer as credit card as they have the leverage and luxury to spend more with it and repay it later. But those are wise and who knows the nuances of financial planning would opt for debit cards as these allows them to plan in future their spending and restrict unnecessary things. Prevention is always better than cure and these debit cards help you prevent a debt and thus saves you a bigger trouble.

Prepaid Debit Cards

These are the next generation debit cards and can be used without even having a bank account. How it works is simpler as its name. All that you need to do it load it with a given amount of money and use it when you need. The amount of money you load in your card is fully controlled by you and you shall be allowed to spend only this amount. There are different ways to load money into these cards. A few among them include payable cheque, a bank transfer from a checking or saving account to your card or a money deposit through a customer care executive. While most of these methods to deposit money into these cards are free, some are chargeable depending upon the bank you opt to go.

Unlike credit cards you can’t overuse these cards once there is no more money and thus helps you cut on your lavish spending. There are always two sides to a coin. So there is some disadvantage of these prepaid cards too. When you don’t plan your expenses or foresee the risks in advance you may end up depositing less money than needed in your card. This may result in an emergency when you have to have enough money and thus may prove fatal. So, if you prefer to go with a prepaid debit card you must first plan your spending. Make sure you don’t have the exact amount you need to spend but a buffer to accommodate the unseen risks. In other words you need to be a smart spender who will know in advance how much he or she is going to spend when he goes on a trip.