Prepaid Card Issuers Focus On You
| February 18, 2010 |
With the Credit Card Accountability Responsibility and Disclosure Act of 2009 implementation date just days away it looks like credit card issuers are not the only ones that are paying close attention to consumers’ actions. Now many prepaid card issuers are also paying attention because many are seeing the perfect opportunity to gain valuable consumers now more than ever.
For prepaid cards, there are many great opportunities but two seem to have priority. Those two are that of college students and those that are unhappy with their current financial institution. When it comes to students under the age of 21, credit cards will be one thing that will be much harder to come by as they will not be able to get one without an adult co-signer or proof of ability to pay off the debt. With prepaid cards, those that offer card-to-card transfers have the best chances of getting utilized the most by students, as these will give families the same benefits of a joint credit account.
When it comes to those that are unhappy with their current bank or card issuer, prepaid card are hoping to make the case that they are a better, cheaper option. When cards are advertised many times you will see the benefits highlighted as being without this such as overdraft charges, which have become major news as of late. Instead consumers can simply pay a lower monthly fee (some void is certain amount is spent per month) that is said to save more money in the long run.
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Prepaid credit card is plastic money that is very comfortable to use because you don’t need to bring your cash when you are shopping or paying for your gas.
Comment by PCPS — February 21, 2010 @ 9:23 pm
I’m one of said college students and I know exactly what you’re talking about :-/
I use something called paysafecard, though – it’s available at all kinds of stores/kiosks, you don’t need to have a ceratain age to obtain it and it can be used for a hell lot of online games (which is what I mostly pay for online)
It also doesn’t require you to pay any additional fees – you just get the card worth the amount you paid in cash and when you pay with it (using a 16 digit code) and don’t use up all that’s on it, it simply stays on the card and you can use it for a future payment. If there’s too little on it you can simply combine it with a new card.
I can only recommend that.
(It also works for skype btw)
Comment by Rita — March 14, 2010 @ 2:53 pm