Prepaid MasterCards have already been around for quite some time. However, not everyone realizes that it is not just another way to pay for purchases. It is also a great financial management tool.
Prepaid debit cards enable one to deposit a specific amount of money into an account. This way, one could control the amount of money that he will spend. With only a certain amount of money deposited in his debit card, he will not go beyond his budget.
Prepaid MasterCards are also very accessible, as the cash deposited could be withdrawn anytime from any ATM service include on the back of the card. It could also be used to pay bills via phone banking or the internet. Best of all, it is accepted by millions of establishments nationwide, and with cashless shopping also comes better security and convenience for the cardholder.
The balance of prepaid debit cards can be replenished any time through a connecting network, which can include money retail outlets like, convenience stores, pharmacies and even supermarkets across the country. They could also be linked to one's payroll system to eliminate the charges that can be incurred during check encashment.
Anyone can acquire prepaid debit cards, as they do not have the same stringent requirements that other electronic payment systems demand. They also do not charge hefty interest rates.
Financial management on an individual level is now more feasible thanks to prepaid Mastercards. With no overdraft, minimum balance, interest rate, or late fees, it is just as easy as spending cash, minus the hassle of bringing actual money when shopping. Controlling one's purchases has never been easier, more convenient, and more secure.