Originally launched over a decade ago as a budgeting tool for youngsters shopping and gaming online, Mygiftcard have come a long way since with a host of mature prepaid propositions that help you do a lot more than just budget your spend.
What exactly are Prepaid Cards
Prepaid Debit Cards or Prepaid Bank Cards, as they are best known, are essentially like bank issued debit or credit cards though with a couple of major differences; unlike bank issued cards, there is no credit or overdraft facility and you can only spend using your prepaid card after you have loaded it with all the appropriate funds. Hence, they may be essentially a “pay before” solution.
The First Prepaid Card: Budgeting and Control
Pre paid Cards were originally brought to great britain around the time from the dotcom boom if it began to become clear that youngsters could be spending a significant proportion of the time online – shopping, gaming and chatting.
Several innovative businesses realised they would need a tool to enable these youngsters to help make purchases on the internet and hence, pre paid cards were introduced having a relatively low amount of regulation and sophistication.
The most obvious advantages of these Www.Mygiftcardsite.Com Mastercard were they allowed youngsters the liberty to manage their finances and develop money management skills and whilst also permitting them to find out about financial responsibility in a controlled environment where they could be unable to overspend or go into financial difficulty. Furthermore, it allowed parents to utilize online account management tools to monitor balance, spend and transaction history thus giving them enhanced comfort they were still in charge.
Hence, the first 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 now have specific cards for travel, money transfer, poor credit history, shopping, gifting, youth and using pre paid cards has extended beyond just consumers to businesses that are utilizing prepaid cards as payroll and expenses cards as well as payout cards.
A number of the ways in which 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 provide discounts across shopping, groceries, petrol and other day to day purchases.
A General Spend card for people who don’t have a bank account, or are newcomers for the UK and you should not use a credit score.
As a Travel Card for individuals who will be going abroad and prefer to carry money on a card or are looking for an improved rate than that supplied by high street exchange bureaus.
Being a Money Transfer or Money Share card for individuals who desire to share their funds with family and friends around the globe
Being an Internet Payment Card for risk averse spenders that do not desire to shop online making use of their Mygiftcardsite Balance Check or for individuals who do not possess a credit/debit card in order to avail internet shopping offers.
Being an Anonymity Card for people who desire to protect their identity online from fraudsters or are keen in order to avoid embarrassing bank statements
Being a Payroll and Expenses card for all those employees who would like their wages to be wttnpa on the card and save cheque cashing fees or those employers who wish to pay their staff utilizing a card as opposed to cash/cheque
What is clear is the fact that be it some great benefits of pre paid cards for budgeting or beyond, there is surely a good enough reason for everyone to possess a prepaid card inside their pocket.