Make Space In Your Wallet For The Reloadable Card
In Part One of our “Future Trends” series, we gave you six reasons why the reloadable card is the future of finance, and why so many people are moving away from traditional banking methods and choosing prepaid solutions. But we weren’t quite finished. There are too many advantages to fit into one post, so check out below for six MORE reasons why reloadable cards are the next big thing.
1. Reloadable Cards Have No Surprise Fees
In many circumstances, prepaid card fees are actually lower than the cost of a bank account, and prepaid cards do not require you to keep a minimum balance in order to avoid monthly fees. There are also none of those pesky overdraft fees, because with a reloadable prepaid card you can never exceed the amount you have deposited into your account. Unlike credit cards, with a prepaid card you don’t have to worry about interest charges, over-limit fees, or large annual fees either.
2. Reloadable Cards Offer Zero Liability
Just like with Mastercard® or Visa®, reloadable prepaid cards offer zero liability protection against fraud, theft, and other financial crimes. If you lose your card, your card balance stays the same. There’s no need to worry, your money is safe and protected.
3. Reloadable Cards Are a Great Budgeting Tool for People of All Ages
Prepaid cards are a great way to help people with their budgets, including teenagers/young adults who are not overly familiar with finances and don’t want to risk overspending or going into credit card debt. Reloadable cards can’t be overcharged, and since they are preloaded with funds, the user has full control over how much is put on each card. You can set limits, see where the money is spent, and even restrict which stores where the money on the card can be spent. Parents can give reloadable cards to their children to pay for certain expenses such as gas or groceries, making it an ideal solution for students who are away at school.
4. Reloadable Cards Puts Cash in Your Hands
Need some quick cash? With a reloadable card, simply head to an ATM and take out the money!
5. Great Employee Gift and Rewards Cards
Reloadable cards make great gifts or employee rewards. They’re much cheaper and easier to give out than cheques, and they have far more uses than disposable, single-use gift cards. Rather than having to continuously give out new cards, an employer can simply add value to the existing card account. A prepaid card is a reward that an employee will actually want, since they can use it to buy almost anything. A prepaid program can help create a loyal and happy group of employees and lead to improved morale and increased sales.
6. Reloadable Cards Saves Businesses Money
By switching to prepaid cards, employers can save up to $223 per employee. Payroll cards can also save employees over $1,000 in payroll fees. Businesses can quickly and easily reward customers and pay employees in a fast and cost-effective way with prepaid cards. Creating a cheque costs $0.82 vs. $0.13 for electronic payments; PaySavvy determined the total cost of issuing one cheque is $17 when you take into account secondary costs.