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Prepaid Cards with an ATM

Prepaid Luxury With ATM Cards

There is a certain luxury that prepaid card users experience, and that is convenience. There is no guessing on card balances or what is accessible to their accounts through their ATM machines. Since prepaid cards are not like credit cards, and do not behave like revolving accounts, the funds on the card are instantly accessible by the account’s cardholder. Also, the card and any card activity is not information that is reported to any of the credit bureaus because they are not credit card accounts.

Another perk of prepaid cards is that the money is available right away, whether it’s accessed through an ATM machine or by writing out a check for cash. There are no billing statements to deal with and no worries about having balances carry over from one month to the next. The conveniences of having prepaid bankcards extend to personal and business uses, traveling, transferring funds and using them to expedite any transactions where a bankcard is required.

Prepaid Cards Advantages and Disadvantages

There are of course advantages and disadvantages to owning and using a prepaid bankcard. For some, it’s the convenience of having quick access to their money through cash and ATM machines. For others, it may be the flexibility that it offers in paying bills online or performing shopping and purchasing transactions online. However, what one person deems as a plus, someone else may consider a minus. Here are a few reasons and options that people have as their prepaid bankcard cash and spending flexibility:

  1.  The Only Option

In some cases, a prepaid card may the only way that they can get their financial lifestyle back on track as they work to re-build their credit scores and still maintain their financial responsibilities at the same time.

2. Flexibility

3. Instant Load

There are also some prepaid card distributors who offer larger networks of free ATM providers than do some banks. The benefits of each prepaid card will vary from one distributor to another, but if the network is significant enough in terms of customers, they will generally offer free ATM services to its customers. This is a very important consideration, especially since the typical ATM provider can charge anywhere upward of $300 per year in basic administrative and maintenance fees. In addition, other fees like activation, transaction, bill payment and inactivity fees may also be factored in to the distributor’s fees, so it’s important to read the fine print closely and do a thorough search about the prepaid card distributor before deciding to use/not use their services.

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