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For those who use prepaid debit cards for everyday use(pay bills,ect)....

which one(s) do you use? What are the pros and cons of the card(s) that you use? I ask because i am thinking of getting one. I have a bank account but it is in the negative. No matter how hard I try, I usually end up overdrafting by my next payday. I figure, with a prepaid card, when I run out of money, the card will simply not work thus avoiding outrageous overdraft fees. The fees on the prepaid card will be a lot less than my bank fees. NO BASHING! I know the overdrafting is my fault. I dont need reminders. I have even tried balanceing my checkbook right afterI purchase something and b4 I use my dc or cb.

 
Anonymous

Asked by Anonymous at 7:00 PM on Nov. 28, 2008 in Money & Work

This question is closed.
Answers (10)
  • i have a WalMart green dot card i love it alot it never overdraws lol so there no fee like that and everyone takes it. the down side is that it cost $8 everytime you load it. but if you cash your check at wal mart and load it directly to your card then they wont charge you the check cashing fee... i like it alot, i recommend it...
    ParkerMommy

    Answer by ParkerMommy at 8:31 PM on Nov. 28, 2008

  • I use my bank debit card and online banking. It makes it easy to see how much money I have in there and with online banking you can check before you go anywhere and do the math. I use my debit card for everything and dont carry any cash.
    Anonymous

    Answer by Anonymous at 7:06 PM on Nov. 28, 2008

  • I was sooo there 2 years ago. I went strictly cash. I would cash my pay check and pay bills by money order. At my bank I can get money orders for free and Walmart has them for .46 cents. It was a welcome relief knowing that when I sent the money order out..the bill was paid. Not like with a check that I had to wait for it to clear the bank. That was nerve racking.
    Anonymous

    Answer by Anonymous at 7:07 PM on Nov. 28, 2008

  • anon 6:06P here..one year I spent $1100.00 in NFS fees....SCARY!!!!!!! After I went cash/money order..I had NONE! It made such a big difference in my finances. Good luck with what ever route you choose.
    Anonymous

    Answer by Anonymous at 7:08 PM on Nov. 28, 2008

  • OOps,....I mean anon 6:07p...LOL
    Anonymous

    Answer by Anonymous at 7:09 PM on Nov. 28, 2008

  • You're talking about the GreenDot Visa & Master cards, right? Yes I have and use one. The convenience of it is that I can load up to $500.00 at a time on one, and as soon as the money is on it, I can use it to pay a bill on the spot, instead of waiting for snail-mail to deliver a money order that takes a week to get there and get credited to my account balance. I can order things online. That's the pro. The con is that in order to load the card, you have to purchase a money load or reload card and THAT costs $4.95 each time. Then you have to call in to the company and give them your name, address and SS # for their records(the first time), the #s on the card and the reload card. That's a little inconvenient. They make money hand -over-fist on these pay-as-you-go-cards, but it is a fast way to pay bills without the hassles of a bank account
    Aprilmorgans

    Answer by Aprilmorgans at 8:51 PM on Nov. 28, 2008

  • I think I will do the walmart one. then I dont have to cash my paychecks. I looked at Walgreens(they have a green dot one as well) and it is only 5 bux to load it. Since Walmart has that option to avoid the loading fee, I think I will do that.

    anon 7:06: I have even tried online banking. most of the time it is showing me that my math is correct. So I go and use my money and continue balancing my account. Then when I am thinking I am doing really good,I will go online and check my account(usually right b4 payday) and I will be hundreds of dollars negative! WTF!?!? LOL.
    Anonymous

    Answer by Anonymous at 8:52 PM on Nov. 28, 2008

  • Aprilmorgans : The reload card will still be a lot cheaper than the dang bank fees. I can deal with that con since it will save me a lot of money.
    Anonymous

    Answer by Anonymous at 8:56 PM on Nov. 28, 2008

  • First of all, switch from a bank to a credit union. You can open a credit union savings account for as little as $25 then you can use that to cash your check and so forth. No fees, no overdrafts, nothing. Then go straight to cash. That's what I did...cash and the money order thing. So much better and when the cash is gone, it's gone...so, you are forced to live within your means. I went to this system after DH and I declared bankruptcy 5yrs ago. I vowed to get our finances and credit back on track. Today, we are in little debt and his credit score is almost 700!
    mizkaye

    Answer by mizkaye at 4:41 PM on Nov. 30, 2008

  • I looked into a CU and the ones near me arnt worth it. Each CU is different, at least the ones in my area.
    Anonymous

    Answer by Anonymous at 5:03 PM on Nov. 30, 2008

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