7 Benefits of Prepaid Credit Cards

Benefits

Many families with teens and college students are choosing prepaid cards for the right balance of independent decision-making and parental controls.

* Spending independence - You can use prepaid credit cards just like regular credit cards. Just find what you need, hand your card to the clerk, sign your name on the receipt, get a copy of the receipt and your card back--and you're done.

* Convenience - Prepaid credit cards can be used everywhere Visa or MasterCard is accepted-at stores, gas stations, restaurants, theaters, in the mall and online.

* Budgeting - You figure out in advance how you'll spend it: spending can be controlled by how much money is loaded. In addition, prepaid credit cards provide a simpler way to keep track of money vs. carrying cash.

* Safer than cash - Unlike losing that twenty-dollar bill, with prepaid credit cards you're protected from unauthorized transactions if the card is lost or stolen. Cards can be replaced if lost or stolen.

* Teaching tool - Prepaid credit cards help you or your teens learn financial responsibility and good money management skills. Prepaid credit cards are a hands-on tool that teaches teens about finances in a controlled environment. You can monitor the balance and where the card is used either by going to your password-protected website and reviewing the transaction history and online statement in detail or by telephone.

* Security: If you are still uncomfortable giving the numbers of the card on the internet, the prepaid card is the answer. Since the card can be charged only up to the value of the pre-loaded fund, the thieves can not make an excessive charge using your card.

* Gift giving - Parent-approved gift givers can also fund the card for generalpurpose spending or with virtual gift certificates for merchant-specific spending.
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