Why You Should Choose Prepaid Debit Over Credit Cards

Prepaid debit cards and credit cards are alike in a lot of ways, and because of this, it might be easy to get the two confused. We’re shedding some light on how they’re different and several reasons why a prepaid debit card might be the better choice for you.

The Difference Between Prepaid Debit and Credit Cards

The biggest difference between the two is the money you are using.

Credit cards are essentially a loan. You’re borrowing money from the credit card company and you will need to pay them back, usually with interest on top of the original loan amount. You can take time to pay the credit card balance off, but you are going to pay extra to do that.

Prepaid debit cards use your own money. You decide how much you want on the card and you have to load that money onto the card, so there are no loans, no interest, no surprises! Think of it as using cash, only it’s safer since you aren’t carrying all that cash around.

No Credit Checks with Prepaid Debit Cards

Is your credit score less than impressive?

One of the biggest perks of using a prepaid debit card is that you don’t need a credit check to get one, unlike a credit card.

So, if you don’t have squeaky clean credit and don’t want to see a ding on your credit report for having a credit check, save yourself the stress and get a prepaid debit card instead.

Stop Overspending and Over-limit Fees

It’s impossible to overspend and get socked with fees when you’re using a prepaid debit card from Currency Exchange. If you spend over the amount on your card, most cards simply decline the transaction.

If you charge over your credit limit on a credit card, some card issuers will decline the transaction. But others will let the transaction go through and then hit you with an over-limit fee, usually starting at $25. This can hurt your credit score and the card issuer might even raise your interest, essentially punishing you by charging you even more money.

Load, Reload, and Unload Your Prepaid Debit Card

You decide how to use your prepaid debit card. You can reload it if you want more money on it, or unload it, if you need the cash instead. Being in control of your money and how you use it is always better than being on a tight leash with credit card companies!

Use Prepaid Debit Cards to Ditch Debt and Interest Rates

Stay out of debt by trading in your credit cards for a prepaid debit card. It can be easy to spend way beyond your means when you have credit cards because you don’t have to pay for the debt immediately. But this is how millions of people fall into debt that they can’t get out of.

When you use a prepaid debit card instead, you are only paying for what you can afford right now. This might keep you from having all the lavish things you want in life when you want it, but it beats drowning in credit card debt!

Plus, you’ll never pay interest fees on a prepaid debit card. Credit cards can charge upwards of 25% interest on top of what you owe for the original charges. Why would you want to throw away extra money when you don’t have to? We’re betting you don’t.

Currency Exchange Offers On-The-Spot Prepaid Debit Cards

Using a prepaid debit card from Currency Exchange couldn’t be easier!

You decide how much to load onto the card, bring a government issued ID and your social security number to your nearest Currency Exchange, and your brand-new prepaid debit card gets activated on the spot!

Our prepaid debit cards are universally accepted for use at thousands of locations worldwide, so you don’t have to feel limited when you want to spend your money.

Start experiencing the perks of using a prepaid debit card yourself! You might never go back to credit cards ever again!

Woman using prepaid debit card to shop online

With over 350 locations, many open nights, weekends, and holidays (and several stores with 24/7 availability), you can rest easy knowing your financial needs can be taken care of when you need them most. We’re in the heart of every community. Don’t believe us? See for yourself.