Originally launched over ten years 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.
Exactly what are Prepaid Cards
Prepaid Atm Cards or Prepaid Charge Cards, as they are also known, are essentially like bank issued debit or bank cards though with 1 or 2 major differences; unlike bank issued cards, there is not any credit or overdraft facility and also you can only spend using your prepaid card after you have loaded it using the appropriate funds. Hence, they may be essentially a “pay before” solution.
The Initial Prepaid Card: Budgeting and Control
Pre paid Cards were originally exposed to the UK around the time of the dotcom boom when it began to become clear that youngsters could be spending an important proportion with their time online – shopping, gaming and chatting.
A few innovative businesses realised which they would require a tool to enable these youngsters to create purchases on the internet and hence, pre paid cards were introduced having a relatively low degree of regulation and sophistication.
The most obvious advantages of these Mygiftcardsite Login were which they allowed youngsters the freedom to manage their finances and develop money management techniques and whilst also allowing them to find out about financial responsibility in a controlled environment where they would be unable to overspend or get into financial difficulty. Furthermore, it allowed parents to utilize online account management tools to monitor balance, spend and transaction history thus giving them the comfort they were still in charge.
Hence, the initial pre paid cards proved extremely popular as tools for budgeting and control but there is lots more to pre paid cards than just budgeting.
Prepaid Cards Today: Benefits beyond Budgeting
As the prepaid market has matured, so have the products. We currently have specific cards for travel, money transfer, poor credit history, shopping, gifting, youth and using pre paid cards has extended beyond just people to firms that are utilizing prepaid cards as payroll and expenses cards as well as payout cards.
A few of the ways that growing prepaid industry maturity helps extend the benefits of Prepaid Card beyond just budgeting include usage as
A prepaid card for rewards or discounts since there are a few exceptional prepaid cards which provide discounts across shopping, groceries, petrol along with other day to day purchases.
A General Spend card for those who don’t possess a bank account, or are newcomers for the UK and do not use a credit history.
As being a Travel Card for individuals who are getting abroad and prefer to carry cash on a card or are searching for an improved rate than that offered by high-street exchange bureaus.
Being a Money Transfer or Money Share card for people who wish to share their funds with friends and family around the world
As being an Internet Payment Card for risk averse spenders who do not desire to shop online using their Mygiftcard or for people who do not possess a credit/debit card in order to avail internet shopping offers.
As being an Anonymity Card for individuals who wish to protect their identity online from fraudsters or are keen to avoid embarrassing bank statements
As a Payroll and Expenses card for those employees who want their wages to be wttnpa on a card and save cheque cashing fees or those employers who want to pay their staff employing a card instead of cash/cheque
What exactly is clear is the fact that whether it is the benefits of pre paid cards for budgeting or beyond, there is definitely a adequate reason for everyone to have a prepaid card within their pocket.