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A free prepaid debit card is a viable alternative to a credit card. If you are looking for a mode of payment which can save money and also help you manage your finances, then you can go for free prepaid debit cards. Prepaid debit cards are easier to apply compared to credit cards. If you are an employee of a business organization, you are given a free prepaid debit card. You often get these cards free as a promotional move also.
Free prepaid debit cards require no employee verification, bank accounts or past record of credit history. There is no credit line attached, so there is no worry about going past the credit limit and getting involved in a bad credit situation. You can manage your finances well and your overspending habits are curbed. Here are some of the 5 tips which can help you choose a free prepaid debit card wisely:
1. World wide acceptability: Most free prepaid debit cards are accepted at locations and shopping outlets which display the logo of the debit card company. However there may be some places and shops where which your free prepaid debit card may not be accepted. Make sure that you thoroughly know about the acceptability of the card in most of the locations you will be shopping or using the card.
2. Convenience: A prepaid debit card is just as convenient to use as a credit card. You should however know if you can use the card for online shopping and purchasing items over the phone. You can read the fine print of the free prepaid debit card company or find information from its website about the terms and conditions if any, of the usage of card online and for transactions over the phone.
3. Value added services: Your free prepaid debit card company should give you different value added services like sending your statements online or through the mail to your home or office. Some prepaid debit cards also notify you about the salary credited to your account, on your cell phone itself. Choose a debit card which can transfer funds from one debit card to the other without any problems. You can also choose a customized card where you can emboss your name or photo. Check with the debit card company if you have a certain amount for the customization.
4. Insurance: Choose a prepaid debit card which gives you insurance against loss, theft or damage to the card. You should be reimbursed for any funds that are taken out of your bank or debit card account when the card is stolen.
5. Terms and conditions: Though it is stated that a free prepaid debit card does not have any fees, you may be charged for things like card renewal or replacement of the card lost or damaged. You may be also charged a certain fee if you withdraw cash from the ATM for more than a certain number of times in day. Also a free prepaid debit card is offered as a corporate salary account by big corporate companies to their employees. After you leave the organization, the bank notifies you that the corporate account will be converted into a current account with your permission. You will be required to keep a minimum quarterly balance or so in your debit card account, otherwise you will be charged a certain amount of fee for non-maintenance of the minimum balance. You are also charged a transaction fee if you use the free prepaid debit card to remove cash on your account from the ATM location of another debit card company or bank. Find out if the above conditions are attached with your free prepaid debit card and to what extent you are liable.
Many families and individuals are looking for ways to save money and manage their finances. But with everything that seems to be necessary, this can be difficult to do. And this is where a free prepaid debit card can help take the hassle out of money management and keep some change in their pockets.
1. Easy to use
When you first decide to look for a free prepaid debit card, you'll want to be sure that you understand the way that it works. While some consumers will find that a free prepaid debit card is just like a credit card, you may still want to go over the fine print of the agreement that you will be signing.
Many free prepaid debit card companies are more than willing to discuss the way the system works either by phone or via email. Go to the free prepaid debit card company's website and read the various informational articles to see where your needs are met and where they might not be.
2. Tracking tools
In order to be able to manage the balance on your free prepaid debit card, you will want to receive some sort of statement or be able to watch transactions as they occur.
Or you might feel that an online tracking service works better for you. A free prepaid debit card that allows you to manage and observe your balance constantly is the best choice for using the free prepaid debit card wisely.
3. Acceptable anywhere
While most free prepaid debit cards are accepted anywhere the Visa or Mastercard logo is taken, you need to be sure that there aren't other stipulations that you might have to understand.
Try to find a list of retailers that accept the free prepaid debit card that you are looking into before signing up. You wouldn't want to get a card that you can not use.
4. Moderate fee system
While the point of a free prepaid debit card is to have no fees at all, you must understand that in order for the free prepaid debit card company to make money, there are fees for general use. Check to see if these fees are in line with what you can afford and are willing to pay.
5. FDIC insured
And lastly, be sure to look for a free prepaid debit card that is insured. This feature will make sure that your money stays on the card and is able to be used by you at any time.
A free prepaid debit card can be just the tool that you've been looking for to manage your finances, but be sure to follow this advice to ensure that you've chosen the card that fits you.