Today we'll discuss some tricks to get the most out of your prepaid card.
There are some things you can do with it, that you can't with cash or checks, that will help you get the most out of the card.
Unlike a check, you can use a prepaid card just like a credit card.
This can be great for things such as online purchases.
Most online companies won't accept checks as payment for their services, and if they do the delays can be from days to weeks.
A prepaid card (like a debit card) can be used to make online purchases instantly.
Furthermore, if you use a prepaid card you don't have to worry about balancing a check book, most of these cards have online log in systems and even allow you to export data to your at home personal finance software.
Quick and easy.
Also, if you like to travel a prepaid card has several advantages.
First the amount on the card at any one time is controlled by you, so if the card is lost and you don't realize right away they can only take the amount you've put on it.
This makes is more secure than cash (because you can cancel payment) and more than a high limit credit card.
What makes these cards really great for traveling is currency exchange.
You don't have to go to special exchange centers in airports or banks (with typically bad rates or fees) instead you can use your card the same way you would a credit card or cash.
The exchange rate is the exact rate at the time of purchase, this tends to be a better than average rate and it saves you time on getting new currencies all the time.
Also carrying a large amount of foreign currency has some of the same concerns that carrying a large amount of US currency would.