![]() A study by the Federal Reserve found that in 2018, the number of prepaid debit card payments jumped to 13.8 billion. In the last several years, though, these cards have been becoming more popular. The prepaid debit card industry can be predatory, just like their awful cousin the payday loan. But when you really look at the prepaid debit card industry, you’ll see that most of these card companies take advantage of people who are struggling with their money. And at first, that might sound like a good idea. These folks see the cards as an easy way to manage their money without getting into trouble-like overdrawing or spending too much cash. Prepaid debit cards target people who don’t have bank accounts. ![]() In 2019, the prepaid debit card industry was valued at $1.73 trillion and is supposed to grow to $6.87 trillion by 2030. ![]() But the truth is, the prepaid debit card industry is big business. You might be wondering, Who puts money on prepaid debit cards these days? And we don’t blame you. The Prepaid Debit Card Industry Is Growing Our free budgeting tool, EveryDollar, is the best way to track your spending (no matter how you decide to spend it). And it’s the only way to make sure you’re not overspending like crazy. That’s great if it works for them, but there’s an easier way to keep your spending in check-it’s called budgeting. Some people think of prepaid debit cards as an easy way to keep a lid on their spending. Learn more about the newest product from Ramsey! And since you can’t spend more than you add to the card, overdraft fees are a thing of the past here. You can add and spend money like a normal debit card without ever opening a bank account. Instead, you load the card with money and can only spend the amount of money on the prepaid debit card (almost like a gift card). What Are Prepaid Debit Cards?Ī prepaid debit card is a type of payment that isn’t linked to a bank account or credit card. Let’s dig into all the ins and outs of prepaid debit cards. And there’s a lot more to prepaid debit cards than meets the eye. But what about prepaid debit cards? Despite what you might think, they’re not exactly the cousin to your bank account’s debit card. Paying for stuff with money you already have (aka not using credit)-there’s nothing like it. Yeah, it’s no secret we love debit cards around here. And they carry debit cards-not credit cards. There are a few things you can assume about Ramsey people: They eat beans and rice.
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