American consumer debt hit an all-time high at $4 trillion in February 2019. There have been many strategies to combat debt. Many people use prepaid debit cards to keep their spending within a sustainable budget. Unlike a credit card, prepaid debit cards won’t let you fall into debt. You load a balance onto your fee-free card, based on your means and budget, and once that money has been spent, the card will be declined should a transaction be attempted with no fees. For those who struggle with overspending, prepaid cards offer a preventative route. They’re like a prepaid credit card, except there’s no risk of accruing debt.
Prepaid Cards as a Credit Card Alternative
Roughly 40 million Americans do not have a bank account. For American struggling to make ends meet, bank account monthly fees can end up costing $180/year without a direct deposit set up or holding a minimum balance. This is a common issue for those with short term work or freelancing. With our world becoming digital, we need to be able to make online purchases and online bill pay. Cash and paper checks are transitioning out, and it’s becoming even more challenging to go without plastic. Signing up for a prepaid card can help to manage transaction fees, overdraft fees, foreign transaction fees, and atm fees like that of a debit card or late fees, annual fees, or interest charges that can occur with a credit card.
Not only are the best-prepaid debit cards simple to use, but they’re also easy to apply for. There is no need to check your credit history so it will not hurt the credit of the card issuer. These prepaid cards are available to those with no credit or bad credit score. Some only require an online application with your basic information, and they rarely need a credit check, making a prepaid debit card an excellent option for someone who doesn’t yet qualify for a credit card. Prepaid debit cards are also a popular option among those who can’t be eligible for or wish to avoid a traditional checking account.
Visa prepaid cards also make a great gift card as a gift since they work everywhere. You can view your see your purchase transaction and balance online at your card provider’s website or sign up for email alerts on their mobile app so you can check and manage your balance on the go.
What is the Visa Rewards Card
It does not have an activation fee. A prepaid credit card works very similar to a bank debit or ATM card. You can add money to the prepaid card and use it anywhere Visa debit cards are accepted. You can reload your account to manage your spending habits without the monthly fees. Some cards allow for atm withdrawals.
There are a handful of downsides such as the inability to build your credit rating. Unlike a credit card, spending on your prepaid card isn’t reported to the credit bureaus. You can reload your card but it should not be treated as a savings account since it does not grow with interest and would be challenging if you were to lose your card.
Differences between Visa Rewards and PayPal gift card
Paypal gift cards are not accepted as widely as Visa Rewards. You may also get an error message if your prepaid card was not issued in the U.S. or if you are trying to buy from an international merchant.
How to add cash to a Reloadable Visa Prepaid Card
Fee-free cards that allow Cash reloads at participating ATMs and stores.
There are many convenient ways to load funds onto your Visa Prepaid card. The best option is to free direct deposit all or some of your paycheck, government checks, or even your tax refund directly to your Visa Prepaid card. You may also be able to load cash at free ATMs, bank branches, and retail locations, or add money from checks by using the mobile check deposit feature on your card issuer’s mobile app. Check with your card issuer to confirm which of these features are offered.
How to get Free Prepaid Visa Cards with no fee.
Follow these simple steps to get a free Prepaid Visa Card.
1. Sign up for a free Swagbucks account
2. Earn points answering surveys, playing games, watching videos, discover deals and shopping online.
3. Redeem your points (called SB) for a free Visa Rewards gift card. You can redeem at any location that accepts Visa like Rite Aid, Dollar General, 7-eleven, and more.
It’s that simple, and members have redeemed over $350 million in free gift cards and cash from Swagbucks.
Swagbucks is a free online rewards program where members can receive free Prepaid Visa Card for answering online surveys, playing games, trying new offers, and watching fun videos. Members also earn cash back when they shop through the Swagbucks store or through their Swagbutton browser extension. In addition to prepaid cards, members can choose from over a hundred gift cards, including Amazon gift cards and Walmart Gift Cards. Members can also redeem their SB for cash via PayPal. 100 SB is worth $1.
If you plan on shopping online, visit the Swagbucks shop page for all the current deals and to get cash back when you shop online.