Many people use prepaid cards to make all of their purchases, while other people have never even touched a prepaid debit card. If you’re in the latter group, the following information can help you find out more about how these cards can be useful.
You Can Use it to Direct Deposit Your Checks
If you don’t do direct deposit through a regular bank or credit union, you can sign up for direct deposit via prepaid debit cards. Instead of waiting for a deposited check to clear, your deposits will come through the same day or even a few days earlier than your regular paycheck day. Simply take the account and routing number that you were provided with when you bought the prepaid card, and use it to fill out your direct deposit paperwork from payroll. Once your information is in the system, it should take one to two paychecks before you’re fully enrolled.
You Can Stick to a Spending Budget
With a prepaid debit card, you’re able to determine exactly how much money you want on the card. That money is the only amount that you have to spend. You won’t be able to spend above and beyond that amount, making it easy for you to stick to a budget. Many people use prepaid debit cards to prevent themselves from going into debt with their credit cards.
You Can Shop More Safely Online
Many people use prepaid debit cards to safely make all of their online purchases. They’ll load the card up with a set amount, spend it, and leave it alone until they’re ready to reload it for future purchases. The reason they do this is because they don’t want their credit and identity information used on multiple sites. If someone tries to steal their debit card information, they won’t be able to get very far because of the limited amount of funds that are on the card.
You Can Pay Your Bills With Them
You can use your prepaid debit card as a bill paying card. Simply connect all of your bill payments to this card, and set up your monthly payments. You simply figure out your total monthly bills, put that amount on the card each month, set the payments to begin and forget about it. As long as you refill your card each month for the right amount, you don’t have to worry about making sure your bills are taken care of.
You Can Pay Your Child’s Allowance
Whether you have a youngster who helps out around the house doing chores, or you have a college student who needs help with monthly expenses, a prepaid debit card allows you to take care of these expenses quickly and easily. At the beginning of every month, you simply fund the card with the amount that you want. Keep yourself listed on the account as an authorized user to help ensure that your kids are making safe and responsible purchases.