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How Virtual Prepaid Debit Cards Work
December 12, 2017
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Advantages of Prepaid Purchase Card

Prepaid Purchase Card 1

It’s estimated that nearly 46 percent of Americans have experienced some degree of credit card theft within the past 5 years, making the US the third highest country in the world when it comes to fraud and theft. Because it’s estimated that identity theft occurs at least once every two seconds, its more important now than ever before to be vigilant when safeguarding your identity and your finances. This is precisely why the use of prepaid services is on the rise. Instead of using a traditional credit or debit card, consider making the switch to a prepaid purchase Visa card. With so many benefits, you can’t afford to utilize any other method of payment besides a prepaid purchase card.

Less Risk

Using a prepaid purchase card decreases your risk of identity theft. From the very beginning, your risk is much lower. Instead of submitting to a credit check or having to attach your personal information to application, very little info is required to set up your prepaid card. While debit cards are attached to a bank account and credit cards are attached to high credit limits, a prepaid purchase card is attached to neither. Instead, you have the option to load your card with as much or as little cash as you want to. Because of these huge differences, there’s no way for thieves to access your personal information or extract money from your checking or savings account. It’s an easier way to purchase the goods and services you want, without putting your identity at risk.

 Ease of Use

Many people avoid making the switch to a prepaid card because they are afraid that it may be difficult to set up and even more difficult to use. This couldn’t be further from the truth. Using a prepaid purchase card is just as easy, if not easier to use, than traditional payment methods. Because they don’t require you to apply or go through an approval process, anyone can obtain one. Simply fill out a few pieces of information, and soon you’ll have your card in your hands. After selecting your prepaid card, simply activate it and deposit the amount of funds you desire to have access. From there, you can swipe your card just as you would your debit or credit card. It can be used at stores, gas stations, online, and anywhere else that accepts major credit cards.

Security Features

Prepaid purchase cards are loaded with security features. Besides being a safer option in general and reducing your risk of identity theft, prepaid cards are designed to provide security while making the purchasing process easier. Each card is equipped with a PIN, making it possible to withdraw cash when needed. In some cases, a virtual card number may be attached to a physical card. A virtual number provides even more protection by providing an untraceable number for online purchases. This makes it even harder for thieves to hack into your account or gain access to your funds. Depending on the card chosen, a chip may also be present. With so many security features, the chance of becoming a victim of fraud decreases dramatically.

No Interest or Limits

When you swipe your credit card, you’re subjecting yourself to your creditors’ interest rates. If you’re not equipped to pay off the balance on your card immediately, you could end up paying thousands of dollars each year in interest. On top of interest, you run the risk of overspending or hitting your credit limit. None of these concerns exist with a prepaid purchase card. There are no credit limits or interest rates to worry about. In fact, there’s no risk of overspending at all. Instead, the money you load onto your purchase card is the money you have access to. If a purchase exceeds the amount available on your prepaid card, the purchase will be denied. This keeps you on budget without having to pay extra in interest or worry about exceeding a credit limit. It’s the perfect way to stay on budget and keep more money in your pocket.

Prepaid Purchase Card 3

Reloadable Options

A prepaid card isn’t a one-use only option. While you can choose to use it once and never again, they are designed to be reloaded. Whether you use your card to pay rent every month or to stay on budget, you can reload it as frequently as needed. Simply use your favorite handheld device to put more money onto your card or to transfer it to another source. Within minutes, your funds will be exactly where you need them to be. It’s also a great alternative to paper checks. Instead of having to pick up a physical check from your employer each pay period, have them deposit your earnings onto your prepaid card.

Easy Tracking Software

No matter where you choose to spend your money, there are plenty of ways to track your spending and keep your budget under control. Each prepaid purchase card is equipped with easy-to-use tracking software. Within this software, you can categorize purchases and make any necessary adjustments to ensure that you’re meeting your financial goals.

Business or Personal Options

Prepaid purchase cards are the perfect solution for both businesses and individuals. In a corporate setting, prepaid cards prevent overspending on projects and allow for easier budgetary reconciliation. With no credit limits and no interest rates, you’ll save money while still giving your employees the autonomy to spend.

On a personal level, a prepaid card offers a safer alternative to credit cards and debit cards. You can choose to have your paycheck directly deposited on to the card or transfer the funds on your own. Because you can use it with most vendors, there’s less of a risk to you.

Purchase prepaid credit cards are an excellent option for everyone. From business owners to individuals, the benefits are endless. Now is the time to increase your security. Don’t become another fraud or theft statistic. Select a prepaid purchase card from WaveCrest Holdings and protect your identity now.

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