Thursday, September 17, 2009

Prepaid Debit Card vs. Big Bank

Sara Huffman of decided to do an experiment using her "big bank" checking card and a prepaid debit card. Huffman chose a Silver Prepaid Mastercard, which promised free unlimited purchase transactions anywhere credit cards and debit cards are accepted, and most importantly, no overdraft fees. Huffman was approved for this card immediately.

One of the best features that Huffman discovered was, Two minutes after each purchase I got an email from Silver Card telling me I had made a purchase, how much the purchase was for, and best of all, how much money was left in my account. What a great feature!

We encourage you to read Huffman's entire account here.

And finally, from Huffman, While there is almost no truly free banking, using a prepaid credit card is an alternative to going with the Big Banks. It isn't for everyone, but if you get hit with multiple overdraft charges every month or so, you might find it's just as simple and much, much cheaper.

What did you think of Huffman's experiment? As a prepaid card professional, did you learn anything from her experiences?

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1 comment:

Annie said...

prepaid debit card are actually great..It really helped me limit my spending habit before. And I'm really on favor of it as I don't need to bring on with me much cash.