Prepaid Card- 7 Things to Know Before You Apply: For more credit tips please click here to visit our Credit Preparedness option in the Group/Forum/Discussion tab.
Prepaid cards, also known as prepaid debit cards, have grown in popularity over the last several years. In fact, the global market for prepaid cards is projected to reach $3.1 trillion by 2022, according to an April report by Global Industry Analysts, a business strategy and marketing intelligence source.
This projected growth is driven by the “growing need for financial inclusion of unbanked consumers, provision of innovative card features and services, increasing volumes of online transactions and rising demand for cost-effective electronic payment solutions,” Global Industry Analysts said in the report.
But does all that popularity mean a prepaid card is a good choice for you? Prepaid cards, which let you load money onto a card and use it just as you would a debit card, could potentially be a good choice if:
You want to keep a tight rein on your spending
Little or no…
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