Prepaid cards provide a happy medium between carrying cash wherever you go and relying on banks to manage your money. They’re easy to use, offer secure spending and come in a range of choices and rewards.
Discover everything you need to know about prepaid cards with our handy guide and become money savvy in no time.
What is a prepaid card?
Prepaid cards are an easy and safe alternative to cash. They work in a similar way to regular credit or debit cards. However, you can only spend the amount loaded onto the card and it isn’t tied to a bank account. They are often reloadable too, meaning you can top it up whenever you like with as much as you need.
You can purchase a prepaid card online, at a bank or at your local Money Services.
Why do people get a prepaid card?
There are many reasons why people choose a prepaid card, including:
- Budgeting - Loading your money onto a single card can make it easier to manage without running the risk of spending money you don’t have – unlike credit cards.
- Poor credit - Anyone can purchase a prepaid card. They’re not tied to a bank account, meaning a credit check isn’t required to start using a prepaid card.
- Safety - Prepaid cards are protected from theft, loss and fraud, making them much safer than carrying around cash.
On top of this, the 2017 FDIC National Survey reported that an estimated 6.5% of Americans don’t have a bank account. This is thanks to a lack of trust in banks, having a poor credit history and wanting greater control over their money. Prepaid cards offer all the benefits of a credit or debit card without the bank account, reducing the risk of getting into debt.
Which are the best prepaid cards?
The best prepaid cards offer convenience, security and reliability. However, with so many options available, finding the right prepaid card for you can be tricky.
Here are just a couple of the different types of prepaid cards available and their benefits:
- Rewards prepaid cards. Often convenience stores, such as Kroger Family of Stores, will offer rewards such as fuel discounts and cashback for purchasing and using their prepaid cards.
- Bank prepaid cards. Prepaid cards from the likes of Visa and Mastercard are usually widely accepted in stores and can be used online too.
- Online prepaid cards. Virtual prepaid cards can be used to make purchases online, including on international sites and for subscription services.
Prepaid cards all come with their own benefits, from low overdraft fees to direct deposits. It’s best to do your research to find the one best suited to your needs.
Kroger prepaid cards
At Money Services, we have a number of reloadable prepaid cards available. Regardless of your situation, purchase your next prepaid card from us to benefit from:
- No overdraft fees
- No credit check
- Instant use
- Available all over the US
- Direct deposit
- Reward schemes including free groceries, discount fuel and 5% cashback on certain prepaid cards
- Online use and mobile apps
- Affordable activation fees
- Card-to-card transfer
- Secure PIN
Find Money Services near you
Find out more about prepaid cards from Money Services.