Wednesday, November 12, 2008

Prepaid Cards Instead of Cash or Check


Tens of millions of Americans don't have access to checking accounts or credit cards, which can make it difficult for them to cash their payroll or government-provided benefit checks, pay bills, withdraw cash and shop online or by phone. It also forces many to carry large amounts of cash and to utilize extremely expensive check-cashing services.

An increasingly popular alternative known as prepaid cards has helped fill this void. Prepaid cards look and work much like debit cards, except that instead of drawing money from a checking or savings account balance, they are funded by money deposited into an account by cash, check, funds transfer or direct deposit by an employer or government entity.

Prepaid cards share many of the attributes and advantages of debit cards, including:

  • They're safer to carry than large amounts of cash
  • If branded with a logo like Visa, they can be used anywhere that brand is accepted
  • Spending is limited to the amount in the account, helping keep debt in check
  • Many can be used to withdraw cash from ATMs or to make online or phone purchases
  • Many are covered by Zero ...
Read the entire article.

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