The prepaid debit cards market continues to grow.
Bank leviathan, JP Morgan Chase, thrust itself into the prepaid debit card market recently by launching the Chase LiquidSM at about 200 branches. The Campus Edition Prepaid Card, an American Express card, also popped up this month to target consumers who don’t qualify for credit or charge cards.
With the hubbub about these new cards, it’s important to consider how any prepaid debit card could be beneficial or detrimental to how you save money.
With a prepaid debit card, it’s up to you how much money is available on the card from which purchases are deducted. The money you put on the card is all you have available. Discipline is essential. You must save and spend wisely. Otherwise you may dip into your savings just so you can charge more to your prepaid card. Continue Reading…