hero image

While a prepaid debit card is like a credit or debit card, it is entirely different as it lets you spend money in the card account. Another difference is that a prepaid debit card doesn’t require you to have a bank account or good credit. Moreover, you could only spend the money you have on the account.

Making deposits and withdrawals with a prepaid card

There are many ways to deposit money into your prepaid card. You could deposit cash, use cheques, direct deposits, or transfers. All these different methods make them convenient for use.

However, many cards limit the amount you can withdraw or deposit daily. Because of this, you would need to check with a card company before getting one.

Although the card is different from a credit card, you could still make purchases in the same way. You could use the card for online, in-app, and in-store purchases. It also comes with the same numbers on a typical credit or debit card.

How to get a prepaid debit card

You could also use your prepaid debit card to withdraw money from an ATM. Furthermore, most cards don’t have a withdrawal fee. Getting one is also simple, as you can apply for a card online. When applying, you will need to submit some of your information, such as your name, social security number, name, and address.

Many people prefer to use a prepaid debit card over other forms of payment. The reason is that the cards are relatively easy to get as you don’t need a bank account. They are also good for people who would rather not own a bank account.

Many prepaid debit cards are digitally friendly. This means that they let you use your smartphone to make purchases. Some also allow you to manage your funds online, with others having apps to support their customers.

Another benefit of a prepaid debit card is that you won’t have debts. They have all the benefits of a credit card without debt. These cards don’t extend credit; thus don’t charge interest or give you penalties for late payment. Shutting down your card is also relatively simple.