Prepaid debit cards are quickly becoming more popular with consumers. Of course, they have their pros and cons, so it’s important to know the risks and how to protect your money.
The cards can be useful for gifts and travel, as well as for parents to give to teenaged children to track how much they’re spending. Prepaid debit cards are also a good choice for those with a poor credit rating, as they can be used at the same places as credit cards and reduce the need to carry cash.
However, it’s best not to load the card with too much money in case it is lost or stolen, as prepaid cards don’t come with the same level of protection as credit cards. Users should also make themselves aware of the associated fees for topping up funds and ATM use.
To protect against misuse, always keep your PIN secure – don’t write it down or enter your PIN in view of anyone else. Make a note of all the card details in case of theft or loss.
Source: http://www.today.com/money/how-protect-prepaid-debit-card-1C9939975
