Cashback prepaid debit cards are payment cards that offer great benefits, especially when you are making purchases. One of the benefits is that, when you use a prepaid debit card you are spending money that you have loaded to the card in advance, rather than borrowing money by using a credit card. Prepaid cards are similar to normal debit cards, but you do not need to set up a bank account to get the most out of their use. Just like with other credit and debit cards, many of them come from Visa or Mastercard, and can be used wherever these cards are accepted.

Adding funds to your cards

Some cashback debit cards come with the funds already included. You purchase a card with a set value, and that is how much money you get with the card. Others are designed to be able to be loaded with funds. There are different options for adding funds to these types of cards , including -

• Setting up direct deposits to the card.
• Taking cash to a retail store that can add funds to your card.
• Transferring money from your bank account to your prepaid card.
• Depositing a check with an app linked to your card.

The benefits of a prepaid debit card

Getting prepaid debit cards from a credit card company or a bank is easy . You can even buy them from a store, and many prepaid cards are also reloadable. This means you can add money to the card whenever you want to replenish the funds.

• No credit history needed
  Anyone is qualified to use a prepaid debit card because it is not like you are borrowing money. Further, the card issuers do not check your credit score before issuing the card. This is attractive to many people, including young people without any credit history. Some people can even choose to use them and avoid any debt or credit score.

• No bank account needed
  A prepaid debit card with cash back can work great as an alternative to a checking account at a bank or credit union. If there are hurdles to opening a checking account or you simply don't want to open an account, a prepaid card allows you to enjoy the overall convenience of making a payment with plastic.

• Extra privacy
  If someone steals your preloaded debit card, they can only access the money you have on your card, but your financial information stays private. This is not true of a debit card linked to your bank account. A thief who steals a normal debit card can easily access your financial information, making debit cards linked to a bank account much less safe .

• Help with budgeting
  If your credit card is a little tempting, a prepaid card can work great to help you avoid any type of debt. When money is not loaded on your card, you simply can't spend it. Prepaid cards work great for teenagers and college students who haven’t yet developed good spending habits. Often, people living on a fixed income or relatives visiting from another country can also get great benefits from prepaid cards.

Prepaid debit cards are not connected to a checking account, which makes them easier to acquire. You can even find one while shopping for groceries or picking up something for household needs. Debit cards linked to a checking account need to be acquired from a financial institution that provides a checking account. This means there will be an application process instead of simply making payments for a prepaid debit card at a store.

If you are concerned, not only about controlling your spending, but also about how to pay down your car loan faster, Paydownhero could be a great option for you. This heroic app helps you to use spare change from your daily transactions to pay off your car loan faster.