In the world we live in now, it's almost impossible to get by without a credit card. A credit card is helpful for everything from checking into a hotel to making an online purchase to getting gas for your car. So what are you supposed to do if your credit isn't the best and you can't get a secured credit card right now? You might need something like a prepaid debit card. Now, what are the pros and cons of getting a prepaid debit card?
With prepaid debit cards, you don't have to worry about going into debt when you use them. Since the cards are paid for ahead of time, there isn't a big bill at the end of the month. Prepaid debit cards are more like cash than they are like credit cards in this way.
People with bad credit are probably most interested in prepaid debit cards because they don't have to worry about going into debt. You don't have to worry about getting a huge bill at the end of the month because you have to put money on the card before you can use it.
The fact that you don't need good credit to get a prepaid debit card is a big plus. You can start shopping as soon as you pay the activation fee and put some money on the card.
The fact that you can't borrow money with a prepaid debit card could be seen as both a good and a bad thing. This means that you can only spend what is on your card.
One bad thing about a prepaid debit card is that if it gets stolen, you have to report it right away because the rules are much stricter than with a normal credit card. If you don't report things on time, you could lose a lot of money. Also, many prepaid debit cards have monthly maintenance fees that you need to watch out for. You don't want to pay a lot of fees that aren't necessary.
