Prepaid Debit Cards a Convenient Option

Posted on July 28, 2009 in Business/Law, Consumer Goods, Technology

Whether you choose to plunk down cash or a credit card, it might be worthwhile to consider a prepaid debit card. Consumers who want to avoid interest rates but like the convenience of carrying plastic are turning towards reloadable debit card options.

On payday, an employer directly deposits an electronic payment on the reloadable card. While prepaid cards don’t allow you to float balances like a credit card does, it can help control spending and does away with check cashing fees. The cards can also be used at a variety of retailers: “Many prepaid debit cards, like ours, are backed by the Visa network. So consumers can use them in the same places as Visa credit cards,” says John Chaney, CEO of PreCash.

PreCash issues the Vision Premier Visa Card with Direct Deposit, a prepaid debit card that guarantees approval for all customers. Like a credit card, transactions can be viewed online or through paper statement. If a prepaid card is lost or stolen, it can be replaced with the original balance, unlike the green stuff. “Once cash is gone, it’s gone,” Chaney said.