Modern people have it easy nowadays, thanks to new breakthroughs in technology. Unlike many years ago, there are many inventions that have made life easy now. For instance, decades prior, most things have to be paid for in cash. Nowadays, cashless transactions have become the norm.
It has also become increasingly common for most consumers to use credit, debit, and reloadable prepaid cards for their purchase transactions and even ATM withdrawals. Without a doubt, financial innovations like the credit, debit, and reloadable prepaid cards are not considered a staple in the daily transactions of modern consumers.
The Phenomenal Reloadable Prepaid Cards
While reloadable prepaid cards are considered the newest addition to the plastic card family, they have become vastly popular in just a short period of time. Suffice it to say, they have earned a soft spot in the hearts and wallets of many of today’s consumers. All these primarily because of the peerless benefits they offer.
The meteoric rise in the popularity of reloadable prepaid cards is not really surprising if we take into consideration the amazing perks they offer as well as the exciting features they come with. If you are like most people, it is likely that you already have a reloadable prepaid card or you are considering getting one.
If you are not aware of all the benefits this amazing financial tool offers, you have come to the right place. Below, we will enumerate the many reasons why people love their reloadable prepaid cards.
No background and credit checks required
Background and credit checks are considered an important part of both credit and debit card applications. However, there is no denying that they can be tedious, time-consuming, and just downright annoying. Those who would want to open a checking or savings account will also go through the same hassles.
Aside from background and credit checks, some issuers of debit and credit cards will also check the applicant’s employment history and other personal information before approving their applications. When issuers discover that you have made grave financial mistakes in the past like issuing bouncing checks, your application will be declined.
The good news? You won’t go through any troubles when you get a reloadable prepaid card. Issuers won’t be looking into your financial and personal background. You also won’t be asked to provide any personal or confidential information just to get approved. Everything is just easy, quick, and convenient.
You can use the card to manage overspending
When you use a credit card for ATM withdrawals or purchase transactions, you will be borrowing money from the issuer with the intention of paying it at an agreed date (with interest). This means, the issuer pays for the purchase on your behalf for the time being. While this is convenient, it can also be very impractical.
This is especially true if you want to manage your money better and curb overspending. Since the amount of the transactions are not deducted directly from your checking or savings balance, you can be enticed to spend more than you can afford. With a reloadable prepaid card, your transactions are limited by the balance on the card.
You can use it for online transactions
Undeniably, online shopping offers convenience that’s hard to ignore. Come to think of it, you won’t have to get dressed, brave the traffic, and deal with other people. Since you can use your card for online transactions, you won’t have to leave the comforts of your home just to purchase what you want.
You just visit the website where you want to purchase something from, choose the item(s) you want to buy, key in your reloadable prepaid card number, and you’re good to go. Everything is done in just a few minutes with just a few clicks of your mouse. Now, that’s convenience and ease you can’t afford to miss.