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Practical Money Matters Radio Series

July 16, 2012
Does a Prepaid Card Make Sense for You?


Find out how prepaid cards can deliver convenience, freedom and organizational help to those without traditional bank accounts.

Transcript

For people without traditional bank accounts, things like cashing a paycheck, paying bills and buying anything online can be difficult and expensive. Many turn to prepaid cards, which look and work much like regular debit cards, except they're not funded through a checking account.

Instead, you load money on the card using cash, funds transfer or direct deposit from your employer or the government. Once you've used up the balance, you can reload the card.

Prepaid cards come with different fees and terms, so it's important to read the card's disclosures carefully and to shop around for the best deals.

Bottom line: The right prepaid card can be a helpful financial tool for those without bank accounts.


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