Monday, August 18, 2014
In recent years, the use of prepaid credit cards has exploded. In fact, these alternatives to traditional credit and debit cards are the fastest growing cash-free payment method in the U.S. Last year, Americans loaded more than $70 billion onto prepaid cards, up from just under $30 billion in 2009, according to a report in the Wall Street Journal.
Once primarily a solution marketed to those who had poor credit or couldn't access traditional banking systems, prepaid cards are now being pitched to a wider audience, including college students, retirees and travelers. These prepaid cards offer many advantages?they're convenient and easy to use?they also have some big disadvantages. Below are some of the pros and cons of prepaid credit cards.
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