Prepaid debit cards are like store-value cards that let you spend the money you have stored in the card in advance, not in an external account maintained by a bank. This means that everyone in your family can use it, no matter how much money they have saved up. Prepaid debit cards are just like regular credit cards, but the amount you can spend is already present on your card when you first get it. ..

Types of prepaid debit cards

Some prepaid debit cards used are as follows. These cards allow people to spend money without having to carry around a lot of cash. They are also convenient because people can use them at places like grocery stores and gas stations. ..

MasterCard debit cards are the cards that allow the user to make an online payment for services purchased without even having a bank account. This makes them perfect for people who want to purchase services without having to worry about their bank account.

MasterCard is a popular debit card used all over the world. This allows you to have the feature of family debit cards. This not only provides you with various benefits but also permits the use of such card by all the family members. The main objective of MasterCard is to make the world beyond cash.

Visa prepaid cards are a great way to make secure and easy payments. They’re perfect for use by all members of the family on visa family prepaid cards. The only difference between MasterCard and Visa cards is the payment network. MasterCard cards work on Visa networks, but Visa cards don’t work with MasterCard networks. ..

The prepaid debit cards are the cards used domestically to repay only deals with debit cards and not with credit cards. This allows users with various facilities one of them is the family prepaid debit card. Visa and MasterCard are used in almost 200 countries, while Rupay is used in only 4 countries.

Netspend provides you with prepaid debit cards, MasterCard debit cards as well as visa debit cards. This allows you to make quick and easy payments without having to worry about your credit score. The payment done is from the card amount which is already present in the card in advance and not on credit.

The family members can use this card for all the other uses like for withdrawing cash from ATM etc.

Greenlight Debit cards are for children who want to learn about saving and investing. Withdraw cash from ATM using this card anytime.

Why only prepaid debit cards?

There are various reasons to such question the credit card’s only feature:

  1. It differs from a credit card in that the amount spent is already stored on the card, rather than being added on as a “credit” purchase. This helps people stay out of debt by having a specific limit on how much they can spend, instead of relying on credit ratings and other factors to determine their limit.
  2. The credit card’s interest rate is higher than the average interest rate for similar products available through other channels. This can add up over time, leading people to rack up large debts.

Prepaid cards are an alternative to traditional bank accounts. People who do not trust the traditional banks can rely on prepaid cards.

Advantage of family prepaid debit cards

Prepaid debit cards are cards that are used by a family or group of people. They have all the features of a regular debit card, but the cardholder’s account is linked to everyone in the group. This makes it easy to manage finances and avoid disagreements about who owes what. ..

The family can use the card to pay for groceries, withdraw cash, and more.

The company network provides users with visa, MasterCard,  netspend etc.

This card can help children become more independent and save money. It will also help promote saving within them.

Criticism to such cards

Critics of prepaid cards argue that they are not as secure as traditional bank cards and can be easily stolen. ..

The biggest criticism of prepaid cards is that they charge hidden fees, which eat away at your balance.

The prepaid cards do not allow us to earn interest on our money. If we store such amounts in the bank account, the interest amount will add up to the total amount stored.

You can use and reload a credit card until the card issuer issues a new card. If the owner has issues with the card, they can’t use it.

If you are the authorized person for your dad’s prepaid debit card, you can use it, but if it is your own card you should be the one who withdraw cash from it only in cases of emergency.