It is really a great thing that prepaid cards are available these days. It has lots of advantages. You can easily apply for one. No need to through a very long process. But still, you have to be very keen in looking and choosing the best debit cards. There are a few key factors you should consider and this article will discuss those factors.
Protection Against Unauthorized Use. Make sure that your prepaid card issuer provides this very important feature. When using your prepaid card for online payment, you will be required to enter a PIN code. Never give out your PIN code to anyone else. As a precaution, see to it that the online merchant you are purchasing from uses a secured website.
Online Account Access. The option to check your account online is an indispensable feature in managing a credit or debit card. This gives you the flexibility to keep track of your spending and the status of your account at your most convenient place and time.
Reward Options. There are actually prepaid debit cards that also offer reward programs for cardholders. For instance, you may be able to enjoy discounts from selected merchants and establishments, free reloads to your prepaid phone, etc. Make the most of your spending by choosing a prepaid debit card that matches your lifestyle.
Reasonable Costs. Since prepaid debit cards are prepaid, you don’t have to worry about interest rates or late penalty fees. But remember, prepaid cards have charges per transaction so it is best if you would do comparisons regarding the costs. In addition, be aware that you will be charged with a transaction fee each time you use your card for payment. To save costs, plan your purchases ahead of time so you won’t have to make different trips to the counter.
Accepted ANYWHERE. Making sure that your chosen prepaid debit card is supported by a major credit card network such as VISA, MasterCard or American Express is very important and should not be overlooked. This is a very important factor especially if you often travel abroad. Thus, you can be sure that your prepaid card can be used for payment in more stores and establishments, anywhere in the world.
Credit Reporting. In the past, prepaid debit cards cannot be used for building personal credit history. Today however, credit card companies who also issue debit cards provide credit reporting to the major credit bureaus (TransUnion, Equifax, Experian) as part of their service. Hence, it is now possible to use a prepaid credit or debit card for establishing or rebuilding bad credit.
A person should be very careful in choosing the prepaid debit card company he/she wants to deal with. Yes, you are guaranteed to get approved regardless of which prepaid card you choose but it is very important that your chosen card can provide you with what you need. Always keep in mind that there are a few prepaid debit cards issuers that doesn’t offer reward programs and provide credit reporting. To come up with the right choice, do research and comparison using reliable resources from the internet.