Originally launched over a decade ago as a budgeting tool for youngsters shopping and gaming online, mygiftcardsite have come a long way since with a host of mature prepaid propositions that help you do more than just budget your spend.
What are Prepaid Cards
Prepaid Atm Cards or Prepaid Bank Cards, since they are best known, are essentially like bank issued debit or charge cards however with one or two major differences; unlike bank issued cards, there is not any credit or overdraft facility and also you can only spend making use of your prepaid card once you have loaded it with all the appropriate funds. Hence, they may be essentially a “pay before” solution.
The Original Prepaid Card: Budgeting and Control
Pre paid Cards were originally exposed to the united kingdom at about the time in the dotcom boom when it begun to become clear that youngsters will be spending an important proportion of their time online – shopping, gaming and chatting.
A few innovative businesses realised they would need something to allow these youngsters to help make purchases online and hence, pre paid cards were introduced with a relatively low amount of regulation and class.
The most obvious advantages of these Mygiftcardsite.Com were that they allowed youngsters the freedom to control their finances and develop money management skills and whilst also allowing them to understand financial responsibility in a controlled environment where they would not be able to overspend or get into financial difficulty. Furthermore, it allowed parents to make use of online account management tools to monitor balance, spend and transaction history thus giving them enhanced comfort that they were still in charge.
Hence, the original pre paid cards proved extremely popular as tools for budgeting and control but there is a lot more to pre paid cards than just budgeting.
Prepaid Cards Today: Benefits beyond Budgeting
Since the prepaid market has matured, so possess the products. We currently have specific cards for travel, money transfer, a bad credit score history, shopping, gifting, youth and using pre paid cards has extended beyond just consumers to companies that are utilizing prepaid cards as payroll and expenses cards as well as payout cards.
Some of the methods growing prepaid industry maturity has helped extend some great benefits of Prepaid Card beyond just budgeting include usage as
A prepaid card for rewards or discounts as there are a few exceptional prepaid cards which offer discounts across shopping, groceries, petrol and other day to day purchases.
A General Spend card for individuals who don’t possess a bank account, or are newcomers to the UK and you should not have a credit score.
As being a Travel Card for people who are getting abroad and would rather carry cash on a card or are looking for a much better rate than that supplied by high-street exchange bureaus.
As being a Money Transfer or Money Share card for those who wish to share their funds with family and friends all over the world
As being an Internet Payment Card for risk averse spenders that do not desire to shop online making use of their My Gift Card Site or for those who do not possess a credit/debit card so that you can avail shopping online offers.
Being an Anonymity Card for people who desire to protect their identity online from fraudsters or are keen to avoid embarrassing bank statements
As being a Payroll and Expenses card for all those employees who want their wages to be wttnpa on the card and save cheque cashing fees or those employers who would like to pay their staff using a card instead of cash/cheque
What is clear is the fact that be it the advantages of pre paid cards for budgeting or beyond, there is surely a adequate reason behind everyone to possess a prepaid card in their pocket.