Prepaid cards nowadays are extremely popular. If you are interested to get one for yourself, then it is very important that you understand what you are signing up for. The first that you have to do is know the factors to consider when choosing a prepaid card provider. If you don’t know where to start, then here are some tips for you.
Sometimes, This is Your Only Option
One of the reasons why a person prefers to purchase prepaid cards is because they cannot open a checking account. This can be due to a bad financial record. In these cases, prepaid cards are your only option. You can opt for this as your short-term solution. But you have to remember that you should only get prepaid if you cannot get credit or debit from any bank or if you don’t want to take cash with you everywhere you go.
Best Option For Bad Credit
If you have a bad credit history, it would be difficult for you to continue using a credit or debit card. If you continue to do so, you might have to deal with very high-interest rates. This is why prepaid cards are a better option for those who continuously get over-drafted. Remember that overdraft fees that are incurred every time you overdraw your checking account can be around $15 to $30.
If you choose to have a prepaid card instead, this can be a cheaper option than having a bank account. There are consumers who have to pay large fees to their banks, it can be because of overdraft fees or other fees incurred. So if I check my vanilla visa balance before I make a purchase, it’s going to be cheaper not on by avoiding expensive fees, but also because your expenses are more controlled.
Prepaid Cards Don’t Build Credit
If you are using a prepaid card, you are sure that you will not build credit and you will be safe from major credit bureaus from unpaid credit. For now, the prepaid credit data is not reported to the credit bureaus since it is not related to any debt obligation compared to a credit card. So if you want to maintain a clean credit history, use your prepaid card instead.
Introducing, Vanilla Gift
Now that you know the reasons why you should get a prepaid card, then it is time to take a look at your options. Vanilla Gift is one of the most trusted names when it comes to prepaid cards. This card can be used anywhere in the United States and District of Columbia as long as the establishment accepts Visa debit, Discover cards, and Debit MasterCard. Another reason why you should consider Vanilla Gift is that your funds here will never expire.
So if you are looking for a company that you can trust and that is reliable when it comes to prepaid cards, choose Vanilla Gift. Check out the website and take a look at your prepaid card options.