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Budget, save, even Earn Money With Today's Prepaid Debit Cards

 

 

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Budget, Save, Even Earn Cash With Today's Prepaid Credit Cards

 

by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has written about the personal financial sector since, with a focus on certificates of deposit, as well as other banking issues. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

 

 

 

 

 

 

Updated Sep 19, 2017

 

 

 

Editor: Amy Hubbard Amy is a former banking editor and copy editor for NerdWallet. She was previously editor and writer for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.

 

 

 

 

 

 

 

 

 

 

 

The majority or all of the products featured here come from our partners who compensate us. This affects the products we feature and the location and manner in which the product appears on a page. But, it doesn't influence our evaluations. Our views are our own. Here's a list and .

 

 

 

 

In 1999, businessman Steve Streit created the first retailer-sold prepaid debit card, eventually referred to as Green Dot to provide a way for teens to purchase online items.

 

The way we use prepaid cards has changed in the past, and now they don't just help consumers spend more money to assist them in doing the opposite: budgeting and saving money. With features for budgeting that are customized or creative incentives that help make money more efficient Prepaid debit cards make it possible to manage your money smartly, without the bank.

 

>> If you're ready to evaluate cards, check out the list below of .

 

Here's how prepaid debit cards can aid you:

 

Get your budget under control

 

Prepaid debit cards bear a card network logo such as Visa or Mastercard are accepted at retailers nearly everywhere and can be filled with money frequently. Most don't require a credit check. However, they're not suitable intended for everyone. They mainly benefit those who want a fresh way to budget or need a replacement for the checking account they have.

 

One of the major advantages of card types is the absence of overdraft services and their associated fees traditionally found on checking accounts. The balance of a card is a natural spending limit -- a card is typically declined without a fee, if there's not enough money to make a purchase or payment.

 

Additionally, more prepaid debit cards come with tools to set budgets or goals than ever previously. About 54% of the prepaid market that was tested had these tools 2016 compared to 30% in 2014, according to . The samples comprised the cards of 18 in 2014 as well as 22 in 2016. Each sample was a representation of 90 percent or more of market for prepaid debit cards.

 

As bank accounts, many credit cards that are prepaid give you access online and via mobile to your accounts with options like mobile transfer of money and check deposit. However, the more extensive budgeting tools available on some cards let you:

 

Customize your spending limits. You can make budgets using spending categories, like clothes and entertainment.

 

Visualize the history of your purchases. Some cards display pie charts, or other graphic images that categorize your spending.

 

Set up text and email alerts to be notified if you spend over a certain amount.

 

Use sub-accounts to manage different household costs. The ability to designate one of your cards' sub-accounts to a specific kind of expenditure, such as food, makes it easier to put a cap on that spending.

 

 

Bluebird by American Express and Akimbo are two cards that offer four to five sub-accounts, which are connected to a master account however, they have their own balances and physical cards.

 

These can work like a modern-day envelope system. You can use one card for shopping at the grocery store and another for dining out another for travel and so on.

 

If you have children Sub-accounts may grant them spending privileges with a set amount of money per card you set.

 

Make the most of your savings (and maybe win cash)

 

Budgeting is a good method of managing money however, you may need an incentive to stick with it.

 

"Budgeting for the sake of budgeting doesn't really work," says Thea Garon director at the Center for Financial Services Innovation. With debit cards that are prepaid Garon says it's more effective "when the budgeting process is linked to the saving experience as well as the goals of your dreams."

 

The Walmart MoneyCard that is offered from Green Dot Bank, has options for budgeting, including account alerts, however it is distinguished by its savings program linked to prizes. Last August, Wal-Mart and Green Dot added a monthly sweepstakes for the card's "vault." This vault functions as savings accounts in that you can't spend on that balance, without moving it to the card's spending balance.

 

Saving money in the vault gives you chances to win each month a prize 1 dollar saved is one entry in a sweepstakes and you can win as many as 500 entry. Each month, the winners are 4,99 that get $25 and one winner who receives the prize of $1,000.

 

"Especially in a low-interest environment and the possibility of winning just a bit of cash is exciting," says Mark Matthews, senior director of Walmart Services.

 

But the real winning isn't in the sweepstakes- it's the incentive to save more money, and it's working. The average balance of savings accounts increased by 35% from $413 to $572 from the end of August until December. According to Walmart the number of people who had participated at the time of June. use of the Savings Vault on the MoneyCard has skyrocketed 233% over the previous year.

 

"The objective here is to establish a useful mechanism and incentive for building up an amount of money over time for emergency situations," he adds. Matthews pointed out that all savings were manually added since there's an automatic transfer of savings available on the MoneyCard.

 

Prepaid cards have exploded in popularity, however ...

 

As a banking alternative, and with more recent added features, prepaid cards have grown in popularity since Streit's inspiration in 1999. The number of payments using prepaid debit cards rose by almost 34% from 2009 to 2012 and 5.6 percent from 2012 to 2015, as per the Federal Reserve Payments Study in the year 2016. While growth has slowed in recent months however, these cards have an important place in millions of Americans' wallets.

 

They are also secure to use, and they are becoming safer. NerdWallet recently conducted an analysis of 44 cards from across the market, including major issuers and upstarts, and found all the cards are insured. Prepaid cards will take effect in April of 2018.

 

But that doesn't mean you should always use prepaid debit cards as the best choice. Here are some reasons they might not be right for you:

 

The cards do not build credit. If you're looking to build your credit, check out a .

 

It's not the cheapest way to budget. A lot of cards charge monthly fees -- the average from a NerdWallet analysis was $4.67. Take a look at some of them here.

 

Certain bank accounts offer better incentive to invest in savings. Certain savings accounts online offer interest rates north of one percent per year. There are also new banks like Chime which reward you by saving. The debit card transactions are round to the nearest dollar, and the cents go to a savings account. At the end of each week, you receive a 10% bonus on all the rounded-up cents, up to $500 per year.

 

 

Compare rates of interest.

 

 

 

 

About the author: Spencer Tierney is a writer, and NerdWallet's expert on certificates of deposit. He has had his work highlighted in USA Today and the Los Angeles Times.

 

 

 

 

 

 

 

 

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