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The question as to which pre paid card is suitable may be perfectly natural - but it's also unanswerable in specific terms!
You are a unique individual
Your personal financial situation is unique to you and nobody else will have exactly the same circumstances.
Your spending patterns will be different to another person's, as will your income and the methods you use to balance your income against expenditure.
The ways in which a prepaid card may be able to help you will therefore vary - as will what you expect out of such a card.
There are though, a few points that may be worth thinking about before deciding which pre paid card is for you.
Differences between prepaid cards
If you are evaluating the various forms of prepaid card, it might be worth considering:
- the fees - some providers may charge per transaction, others by monthly fee and yet others by a combination of both;
- the branding - having a brand on the card such as MasterCard will typically mean that it will be widely accepted and that's important because a prepaid card won't be of much benefit if you find people won't accept it;
- access - having a provider that allows good flexible online access to their services via the internet, may be very advantageous;
- some cards may have a limit to how much can be used on the card per 24-hour period - this is a security measure but some providers may offer higher limits than others;
- additional flexibility - some providers may be able to offer a prepaid card bank account that works together with your card so that you can transfer money into the account and from there onto your card.
Using your card
The above point regarding branding is important but remember that in a few rare situations, typically where a card is used for deposit purposes, the vendor may not accept a prepaid card.
A good example might be car hire, where the rental company may demand a credit card imprint, which they will check for having a substantial amount of credit available to cover the potential costs of any claims and excess charges etc.
Final choice
In the end, the only person that can chose which prepaid card is right for them - is you!
About this Author
Gary Miller-Cheevers is the CEO of Speed-e-card.com, a UK based prepaid debit card provider. The Speed-e-card is like a normal credit or debit card, but with no late fee or interest charges. It is unique in that a speed-e-loans payday loan can be loaded onto the card, once it is activated. Customers also get a free e-bank account, so can use the card as they would a bank account, having their salary loaded on to it and managing bills online. So if you are looking for a prepaid debit card, please visit us.
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