Innovations have come a long way now ,we don’t need a bank account now to spend money even without the bank accounts we can pay for our bills one of the main reason is lack of trust on such traditional banks . People are finding various alternative ways to eliminate for such traditional banks one the best way Is family prepaid debit cards.
Family Prepaid debit cards are the store value cards that allows you to spend the money that you have stored in the card in advance not in an external account maintained in the banks. It does not only allow one member of the family to use such card but all the members of the family has access over it . Prepaid debit cards is same as the credit cards issued by the bank but the only difference is the amount that you spend through prepaid cards are already present in your card in advance and no credit is made .
Types of prepaid debit cards
Some of the prepaid debit cards used are as follows.
- MasterCard
- Visa
- Rupay
- Netspend
- Greenlight Debit Card
- MasterCard:-
MasterCard debit cards are the cards that allows the user to make an online payment for services purchased without even having a bank account .
It is the popular debit card used all over the world . Allowing you with the feature of family debit cards. Which doesn’t only provide you with various benefits but also permit the use of such card by all the family members. Main objective of MasterCard is to make world beyond cash .
- Visa:-
Visa prepaid cards are the alternative way to make an secure and easy payment allowing this to all the members of the family on visa family prepaid cards. The only difference between MasterCard and visa card is the payment network. Visa card won’t work on the MasterCard network.
- Rupay:-
Rupay prepaid debit cards are the cards used domestically repay only deals with debit cards and not with the credit cards . Allowing users with various facilities one of them is the family prepaid debit card. Visa and MasterCard are used in almost 200 countries whereas, Rupay is used in only 4 countries.
- Netspend:-
Netspend provides you with the prepaid debit cards, MasterCard debit card as well as visa debit cards. Making such cards different from the credit cards . The payment done is from the card amount which is already present in the card in advance and not on credit.
Family members can use such card not only for payment but also for all the other uses like for withdrawing cash from ATM etc.
- Greenlight Debit card:-
Greenlight Debit cards are for the cards for younger kids making it feasible for the kids to learn saving and investing . Your child can withdraw cash from ATM anytime using this greenlight debit cards.
Why only prepaid debit cards?
There are various reasons to such question the only feature that makes it different from the credit card is that the amount we spend is the amount that is already stored in the card and not on credit like in credit card. It help us to stay out of debt as we have a particular limit and such limit is the amount which we have stored in our card. For example , if we have $5000 stored in the card then we can only spend $5000 not more than it.
Such cards are the alternatives to bank account. People who do not trust the traditional banks can rely on such prepaid cards.
Advantage of family prepaid debit cards
- Family prepaid debit cards are the cards that are used but all the members of the family basically it deals with all the features used by the debit card held and used by an individual.
- Members of the family can not only use such card for the payment at stores but also to withdraw cash etc.
- There are various company network that provide the users with such feature like visa , MasterCard, netspend etc
- Even the kids can use such card .it will make them more independent ad well as insure promotion of saving within them .
Criticism to such cards
Some of the main criticism to such prepaid cards are
- Hidden fees is the biggest criticism to such cards . All prepaid cards charge different amount as hidden fee and end up eating all the balance in your card.
- The amount stored in the prepaid cards does not allow us with the interest . Storing such amounts in the bank account will end up with the addition of the interest amount to amount so stored.
FAQs
- Can I use the prepaid debit card of someone else?
Yes, you can once you are 18 and above you can use and reload such card for someone else until and unless the owner has issues for such.
- Can I use my dad’s prepaid debit card?
If such card is a family prepaid debit card you can use it but if it is your dad’s debit card you should be the authorized person to such card only in such case you can withdraw cash .
