A prepaid debit card looks and functions like an ordinary credit or debit card, with one crucial difference. You must pre-load the card with money before using it, while a regular credit card runs up debt and a traditional debit card takes money from your bank account. Prepaid debit cards are great for kids, as it is impossible to accrue debt on such cards.
Benefits
Prepaid debit cards are easily accessible, as there is no credit check required. You can use them for online purchases and bill payments. They are also very useful for controlling expenditures. They combine the money management of using cash with the security of using a card.
Features
Most prepaid debit cards have basic features. For example, some cards can be preloaded online, some can be used abroad. Write a list of features that are relevant to your needs, create a summary of each card you're considering and rate the cards with a score of 1 through 10 on how they match your needs.
Comparisons
Prepaid debit cards function almost identically throughout the market, but the associated services and costs vary and are worthy of comparison. Reload fees, service charges and penalties for dormant accounts are common. Add the advertised fee totals together to figure out which is cheapest to use overall. Regular small fees may add up to more than large, annual fees.
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