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Many people are switching to prepaid cards because they offer financial security. They keep you safe from unfair fees, identify theft and a host of other financial problems that can suck you dry. Prepaid debit cards are quickly becoming the card of choice for millions of Americans.
To get a conventional credit card you need to submit a lot of information. Your social security number, address, credit history, and more are all on the credit card company?s database. Think about what happens if this information falls into the wrong hands. Someone could take out other credit cards in your name, rack up huge amounts of debit, make purchases and more. It can be a financial disaster. You may think that this information is safe in the company headquarters but even large organizations like Sony, Pepsi and even the US government have had information stolen by hackers. Once the information is out there, it can be near impossible to contain. You may need to apply for a new social security number and your credit may never recover.
With a prepaid card you don?t need to give tons of information. Even if someone could hack into your account, they would not be able to do much with the information obtained. Since you can only spend the amount you have loaded onto a prepaid credit card, they are not often the target of thieves. Cyber thieves tend to go for traditional credit cards over prepaid credit cards because a credit card allows you to take out thousands of dollars you don?t have.
Prepaid debit cards also offer a more traditional sense of security. Unlike cash which can be pickpocketed or stolen from the home, a direct deposit card is useless to a thief. You set the pin number and without that number no one can take out money. You don?t want to be storing your cash under a mattress if your home is broken into when you are gone (figuratively speaking). A prepaid debit card can protect you from that.
A prepaid debit card protects you from the litany of fees charged by many companies. You cannot overdraft and there is no impossible to understand fee structure. You pay per use or a flat monthly rate. The only other fee you pay is the ATM fee, which any credit or debit card user pays. You never have to deal with fees for loading money, not using the card, not adding money etc.
A prepaid debit card allows those with less than ideal credit to have the security and conveniance of a credit card. These no credit check credit cards allow for cash withdrawls, ordering things online and direct deposit.
Source: http://online-biz-articles.com/prepaid-cards-offer-financial-security/
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