Explore Your Personal Finance Options And Decide The Best Options For You

As the global financial and economic crises take their toll on even the oldest of banks and financial institutions, it has become more imperative for people to take a hands-on role in managing their own personal finances.  Many choose to do so in concert with a bank or credit union, working with financial officers and planners to shape their portfolio and accounts for the future.  For others, working with a bank or credit union is impossible, with debt or other issues preventing them from opening accounts and building credit and worth.  For these people, reloadable prepaid credit cards have freed them from the need to have a bank account to manage their finances and build credit.
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Why prepaid credit cards?

There are a wide variety of prepaid credit cards, but all share common traits, so it is easy to compare cards.  No credit check is required to apply for one, there are no overdraft fees or penalties because you cannot spend more than what has been deposited, they can be used at a wide range of ATM machines at no additional charge, and they allow free direct deposit and bill pay.

Prepaid credit cards, such as Green Dot Credit Card, are a very useful tool for managing and organizing personal finances, giving card owners the ease and convenience of using a credit card with the careful money management of a personal accountant.  They help to control the accumulation of debt by giving the owner of the card the means to buy as if using a credit card, while preventing the individual from charging over a limit.  The card only holds what is loaded on to it.  Card owners may also reload their card from almost anywhere.  Prepaid credit cards will accept online cash transfers, mobile transfers, ATM deposits and direct deposit, as well as in-store money loading courtesy of a MoneyPak reloading card.

Is prepaid the best option for you?

Deciding whether or not a prepaid credit card is the right choice for managing personal finances is a decision that requires careful consideration of several factors.  As with any type of credit card, finding the right one for an individual’s needs is paramount.

One group that particularly benefits from the use of prepaid credit cards is unbanked and under-banked people around the country.  For many such individuals, there is an issue with accessing financial services, and some are unable to qualify for traditional banking due to bad credit or outstanding debts.  By using a prepaid credit card, people with no credit history or a bad credit history can still function as if they owned a credit card.  They will be able to use the card to pay bills and make reservations online as well as shop at thousands of retailers, both online and offline.  A prepaid credit card will also allow them to send and receive money as well as conduct many other types of transactions.

For these groups and others, the convenience of accessing and managing personal finances with a prepaid credit card is the most effective way to keep track of money.

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About Dave Stephenson

Dave Stephenson is a dedicated internet blogger that loves to write about lifestyle and the world, covering topics including family, health, and business, all the way through to technology, media and travel.
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