Visa prepaid cards have come a long way in a relatively short time. They are no longer the red-headed stepchild of money management instruments nor mere gift cards. These days, with low fees and FDIC coverage, they are not only a good alternative to credit cards, but they are also a viable alternative to a standard checking account for some people.
Some vendors, like Kaiku, offer low monthly fees, many of the perks normally associated with a traditional credit card, plus more modern features like mobile apps and online bill pay like a bank account. These cards are looking more and more like the wave of the future because they have the convenience of the plastic we all love minus some of the problems like high interest rates that everyone loves to hate. Now, they are also akin to a traditional checking account based debit cards loaded with features like direct deposit but relatively unfettered and free.
When considering their options in financial instruments, consumers are increasingly able to evaluate their needs in terms of lifestyle and choose based on good fit for them as individuals. Online banking options are more important than ever, especially for the hip, young, or anyone plugged in to social media and web life. Plus, in today’s economy, price point is also a huge selling point. These cards represent the best of both worlds.