Importance of Getting the Best Prepaid Debit Cards for Your Business If you are looking to obtain the best prepaid debit cards for business, you are certainly making an intelligent decision. Debit cards are becoming more and more popular and are in many ways outrunning credit cards as the most favored mode of online money transactions. What advantages debit card has over the credit card that is behind this growing popularity? Debit cards are easier to obtain and cost less than the credit card. These are two important reasons behind their success. Let’s learn more about debit cards so that you can make the most informed and beneficial decision about them for your business. Types of debit cards You have a range of options to choose from based on your needs and lifestyle.
PIN-only cards: This debit card can be used on ATMs for cash withdrawals, money transactions and purchase of goods and services from retailers and online bill payments.
Dual-use cards: These are both PIN and signature enabled and have similar use as the PINonly card.
Electronic Benefits Transfer (EBT) cards: are offered by some state and federal governments for eligible people and can be used in the same way as the above two.
Prepaid cards: are special kinds of card that are not linked to a particular account. Let’s explore about this popular type of debit cards further in the following paragraphs.
Prepaid debit cards Out of the many types of debit cards, the prepaid debit card is quite popular and certainly is a smarter and more convenient option for smoother and hassle-free monetary transactions. They look like other debit cards or credit cards and can be used in the same way for various purposes including money transfers, shopping, bills or tax payments, etc. The most important difference between other debit cards and the prepaid debit card is that these are independent of any account and therefore you have access to funds that are deposited on the card directly. Thus whenever you use the card for a purchase, the funds and debited directly from the card. Following are some examples of prepaid debit cards:
Gift cards offered by department stores, bookstores, online retailers, etc.
Family cards or other personal spending cards
Flexible spending cards
Health savings cards
Payroll cards
Travel cards
Advantages of a prepaid debit card A prepaid debit card is a smarter choice as it offers some unique advantages that other types of debit cards or credit cards don’t.
They are easier to obtain as they don’t require credit checks.
They make it easier to manage your transactions as you can check the amount, when and where did you receive or spend funds. This helps keep a watch on your spending and plan your budget.
You can’t spend beyond the amount you have already put into the debit card. Thus, you cannot over-spend and get into debts.
They are extremely convenient for traveling rather than carrying cash or checks.
All these benefits make a prepaid debit card one of the best choices for your fast and secure money transaction needs. Getting the best prepaid debit cards for business will help you manage your money transactions more effectively and will give you more control over your spending. This article is written by Hilmi Raja on behalf of card-dna; this is having topics on best prepaid debit cards and many more. For more details visit: card-dna.biz