Secured Prepaid Cards vs Prepaid Cards – Which one is Better?

If you’re looking for a credit card solution to put an end to your miserable credit history, it’s time to switch to a prepaid card. Apparently, one of the best ways to cap your extra expenditures and even start saving. Yet again, there are two types of prepaid cards – secured prepaid cards and prepaid cards. Though both are advisable and have the same features, they do come with some set of differences which makes one better than the other.

Secured Prepaid Cards vs Prepaid Cards

As just stated above, both secured prepaid cards and prepaid cards speak of the same set of features – for instance, you need to load money onto them, both of them can be used in place of credit and debit cards at a multitude of places such as at the grocery shop, a Cineplex, fuel station, a restaurant, etc. However, this is exactly where the similarities end.

In the case of a secured prepaid card, you need to make a security deposit of a nominal amount against the credit limit offered by the service provider, before you’re issued the card. The security deposit is placed in a saving’s amount until the time you’re availing the services of the card or are declared a defaulter due to excess expenditure.

When you’re using a secured prepaid cards, you’re in a way borrowing funds, as in the case of a credit card. Whatever you purchase or make payment through the secured prepaid card goes against your revolving credit limit and you must clear the dues every month to enjoy using it in the future. Once you make the payment, your credit limit, as set in the beginning revives and you can start spending again.

Prepaid cards, on the other hand, are different. In the case of prepaid cards, you need to pre-load money into the card in order to use it for making payments. Once you’ve exhausted the amount loaded onto the card, you cannot avail any credit money because there ain’t any credit limit attached to these cards. You will have to load more cash onto to the prepaid card in order to keep it functional.

Also, with prepaid cards, you don’t have to worry about making monthly payments on time and avoid becoming a defaulter. And, last but not the least, the biggest advantage of using prepaid cards is that they pose on effect on your credit history. No bad credit scored, no nothing!

Which one to buy?

It all depends on your needs and requirements. Precisely, if you’re someone who’s comfortable in paying a deposit fee and availing a credit limit with your card, then secured prepaid cards are for you. On the other hand, if you’re a shopaholic and wish to cap your expenditures, go for prepaid cards.

Secured Prepaid Cards: A Far Better Option than Cash and Credit/Debit Cards

In the middle of all the speculations and judgements, secured prepaid cards are far more advantageous and safer money carrying option than claims and glooms about cash and credit/debit cards. They make for classic and powerful tools for building customer relations and loyalty, for sellers, as prepaid cards offer payment alternatives that best suit the needs and demands of online shoppers.

With all the threats of online bank frauds and identity theft, more and more people today are understandably conscious. And, they should be. After all, it’s their hard earned money and self-security that’s at stake. Besides, there are many that don’t even trust using debit/credit cards online. For such users, secured prepaid cards can prove as Knight in shining armour. They are smart alternatives for such people to freely shop and make the most of their experience, online.

Prepaid cards are more or less similar to debit/credit cards. They come with a 12 to 16 digit card number with a CVV and a pin, in most cases. But, what exactly separates them is the ease, safety, and tons of benefits that their counterparts, till date, fail to put onto the table for us, users. Many prepaid card companies such Idepay, also offer a mammoth range of additional incentives that help users save a great amount of money.

Pay-as-you-Go

Just a too popular term now-a-days! Pay-as-you-go secured prepaid cards allow users to shop online or even withdraw cash from ATMs. Additionally, these do not allow users to cross their spending limit and hence, safeguard against overdrafts. While, they are often claimed as a good option for teenagers and students, they are mostly ideal for shopaholics. Safer than cash, they make for good gifts as well. Just load an amount of your choice and gift it to a dear one on a special occasion or as a token of appreciation.

Negligible or monthly Fee

Unlike many credit cards, most prepaid cards, such as those offered by Indepay, come with negligible or no monthly fee tag. This means that users do not have to pay any money for using the card. However, it’s best to check if any charges are being or will be applied to transactions or cash withdrawals.

Ideal to All

Unlike debit and credit cards, anyone can own a prepaid card - a teenager, a college going student, a 60 year old man and even a working woman. Since it is sheer plastic money with only a limited amount of cash in it and no direct link with any bank account(s), it’s safe for use by any and every one. If users feel skeptical on who can or cannot use these cards, its best to consult the card provider – an Indepay agent if you’re dealing with Idepay, for say.

Safe Spending

As emphasized above, secured prepaid cards are safe spending options. It’s very easy to overspend. But, to stay in limits is the hard part. Prepaid cards help you in keeping with the challenge and restrict users from spending more than their capacity.

Another advantage that we see here is that it’s easy to carry a prepaid card than a pocket full of cash. This is because the changes of cash theft are far more than that of a prepaid card. And, if in the event a user misplaces his/her prepaid card or it gets stolen, the money is safe and intact. All he/she needs to do is get the card blocked. That’s all! The scenario is not the same with cash. Once gone, it’s not coming back.

So, the choice is yours – whether you’re willing to take the risk or smart enough to play safe.

Indepay secured Prepaid Cards – Best Tips to Using Prepaid Cards

Given all the great advantages of using prepaid cards, it appears to be very astounding that prepaid cards have not been all the more broadly embraced and that is likely down to the way that most prepaid cards do have a few expenses appended to them. In any case, there are various approaches to save money on these expenses to make prepaid cards a significantly more alluring recommendation for you. Indepay secured Prepaid Cards seem like a silver lining in the dark cloud.

As the credit crunch compounds and retreat sets in, the fame of prepaid cards keeps on ascending in light of current circumstances. Prepaid cards have many advantages which include:

Effortlessly Available 

There are no credit checks and no financial balance by IMPS Indepay is required to get a prepaid card which implies you can get a card regardless of the possibility that you have a poor record of loan repayment or CCJ's the length of you can affirm your character and address.

Remain in control and no obligation chance

With a prepaid card, there is no danger of obligation or overspending as there is no overdraft office on a prepaid card and thus, they are a perfect approach to spending plan for yourself or help to deal with your youngsters' spending.

Phenomenal for Travel

Many suppliers offer dollar and Euro prepaid cards and a swapping scale which is vastly improved that normally accessible from high road authority de change and FX suppliers. Add to that the accommodation of having the capacity to best up your card on the web or at different other top up areas.

Worldwide Acceptance

Being MasterCard, Visa or Maestro marked, you can shop anyplace on the planet where these plan brands are acknowledged - on the Internet, via telephone and on the high road.

The greater part of Indepay secured Prepaid Cards expenses are probably going to originate from making ATM withdrawals and these have a tendency to be quite steep. Where conceivable abstain from pulling back cash at ATM's with your prepaid card, however, in the event that you figure this is the primary utilize and you are probably going to make various withdrawals, pick a card which has low withdrawal expenses.

For travel cards where utilization abroad is the fundamental criteria by Indepay agent, pick card money which is neighbourhood to your travel goal. Euro and Dollar are two most prominent choices accessible for explorers voyaging abroad outside India which implies that you pay no extra charges when make use of your prepaid card.