In these modern times, you have many more options on where to put your money than just the bank. One great option is to use a prepaid Mastercard and there are many new companies that offer these prepaid cards. Some popular ones include Payoneer, TransferWise, PayPal, Skrill etc. So, with that said, we will now look at the advantages of using these cards.
The first advantage is that just about anyone can get a prepaid card and no credit checks need to be done in order to get one. If you’ve had issues in the past with your checks bouncing, had problems paying your loans or bills on time, then these would typically affect your ability to get a credit card. However, none of these checks need to be done when getting a prepaid card and once you’re over the age of 18 with a valid ID, you can get one. A prepaid card is not a credit card which is what makes the entire process so easy.
Another benefit of these cards is that you can get direct deposits to them. When you sign up for one of these prepaid cards, you will get an account number and routing number which means you can receive direct deposits. So, once money is deposited into the card you can immediately use it. You won’t have to wait 2 to 3 working days before it is processed.
Thirdly, having a prepaid card makes shopping online a lot faster and easier. Shopping online is so much better than shopping in person since you don’t even have to get off the bed to do so. When you use a prepaid card to shop online, you can only use the money that you already have loaded on the card. This means that you can’t go into debt while shopping online using a prepaid card unlike a typical credit card. This helps you to control your spending which is definitely a benefit for shopaholics.
All prepaid Mastercards come with FDIC protection from Bancorp bank which provides theft protection. If you see any fraudulent transactions on your prepaid card, all you need to do is call and report them and they will deal with the issue immediately. It is also much better to make purchases with your prepaid card than cash since cash tends to attract the eyes of possible thieves where paying by card is much safer.
Next, having a prepaid card can help you to pay your bills much easier. After all, no one enjoys driving to their utility company and paying in person. If you have a prepaid card, you can use them to set up automatic payments which means you no longer have to physically go and pay your bills.
Lastly, you can receive money in different currencies through your prepaid card. This allows you to receive payments from people all around the world. You can even use it to receive or send money on sites such as Continental Currency.
In closing, we have just looked at some of the advantages of having a prepaid Mastercard. As you can see, the benefits are enormous so you should definitely think about signing up for one as soon as possible.