If you are struggling to rebuild your credit, want to control your expenses, want to give your tween or teen limited financial responsibility, prepaid debit cards in Hollidaysburg, PA may be the perfect choice.
Control Your Spending
If you are trying to cut back on over spending or want to limit your ability to impulse buy, prepaid debit cards are a wonderful tool. Since they are limited to the amount that is pre-loaded, once the funds are gone you are unable to make a purchase. If you want to limit your hubby’s ability to buy lunch to a certain dollar amount per week, simply load only that amount onto the card. This can also be a great way to give each member of the family an “allowance” that they can spend on whatever they want without having to ask for funds.
Give Your Child a Sense of Financial Responsibility
Prepaid debit cards are a great choice for a tween or teen who is ready for some financial independence, but you are worried about them carrying cash or having access to your bank account. You simply load a preset amount onto their card and they are then responsible for tracking purchases and using it responsibly. They cannot overspend, but if they run out of funds before the end of the month, they will have learned a valuable lesson. Check out the options for prepaid debit cards from ARC Federal Credit Union.
Rebuild Your Credit
Some prepaid cards work as a prepaid credit card, proper and responsible use can help slowly increase your credit score. You will need to ensure that your cards provider reports to credit reporting agencies in order to receive this benefit.
You need to remember to read the disclosures that pertain to your prepaid debit card choice in full. Some cards will charge a monthly fee that reduces your available credit and others may charge fees for using the card at an ATM or other non-POS sale purchases. If you use your card on a regular basis to pay bills automatically, you will need to remember to reload your card to avoid late payment fees or returned fund fees from your creditors. Check out options for prepaid debit cards in Hollidaysburg, PA.
