We shop online all the time which of course requires some type of credit card or sometimes Paypal. Yesterday while I was out, I heard two women say “Oh, I don’t have a credit card.” I’m always surprised when I hear people say this. I have had a MAC card ever since they came out in the 80s, and I’ve had a credit or debit card (with a Visa or MC logo) for as long as I can remember. Then again, I’m still surprised when I see people at the grocery store pay with a check…….but I digress.
There are options to get a prepaid debit card. They have a lot of great features–no credit checks, reloadable, and no fees if you keep a certain balance. They are all pre-pay. Make sure you read the fine print about fees and terms of use.
Prepaid debit and credit cards are one of the fastest growing parts of our economy. Consumers are tired of credit cards, with their interest rates and fees. And don’t want to be tempted to spend money they don’t have. NPR recently did a piece on this. Make sure you weigh all the pros and cons, and are aware of all fees and policies before you get one.
And the next time you see an offer for prepaid debit cards at your local store, don’t brush it off! It might be something you find useful. Think about it for college students or even teens living at home, when you’re teaching them how to budget and spend within their means. A small service fee is a much better option than the overdraft fees that will happen if they overdraw an account. Good luck & keep us posted of any great offers you find.
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