Millions of Americans nationwide either don’t have have a checking account because of problems with their banking history, credit, or because they just prefer not to. However, the popularity of ATMs, online shopping, and other electronic forms of payment, often leaves those who are unbanked feeling left our and unable to keep up with newer technology. With prepaid cards, unbanked consumers can share the convenience that comes along with having a checking account; they can store their money, withdraw cash, pay via ATM, and more.
An introductory into prepaid cards.
Prepaid cards are commonly referred to as prepaid credit cards but function more like a debit card than a credit card. Where credit cards extend a line of credit to cardholders, prepaid cards users can only spend what they deposit to their card account, which can help if you are trying to control your money. Learn more about prepaid cards, their features and how they can benefit you. MasterCard and Visa debit cards are accepted.
A prepaid card industry study conducted by CFSI (Center for Financial Innovation).
CFSI conducted a detailed case study looking into the features and benefits offered by prepaid card companies. The study looks at how consumers use prepaid cards and whether the cards help financially underserved consumers manage their money.