“There are many reasons consumers use preloaded debit cards,” said
Katz, whose company features a wide range of cards branded with pop culture images - everything from the Walking Dead to Star Trek, from
They are more common than you think.
Most prepaid card users have a household income of
Prepaid cards are not just for those who can’t open a traditional checking account.
According to the Pew research, fewer than half (2 in 5) of Americans using prepaid debit cards have had to close checking accounts because of overdraft fees. Katz, who previously worked for
“The numbers indicate that the use of prepaid debit cards is no longer in the realm of ‘I don’t have a choice.’ Rather, it is a deliberate choice consumers are making,” Katz said.
He acknowledged many consumers have complex finance needs that require the services of a traditional bank. For others though, whose banking needs are more basic, banks may be more expensive.
He shares, for example, that with CARD.com, a person who has a direct deposit of at least
Prepaid cards offer convenience
Katz is quick to point out the convenience factor with prepaid debit cards.
“We offer real-time mobile smartphone deposits,” Katz said. “You literally take a picture of a check, upload it to make your deposit, and the funds are immediately available.”
He also added that features like CARD.com’s more than 23,000 in-network ATM’s, the ability to load cash at any Western Union or Greendot location, as well as direct deposit, increase the convenience of having a reliable debit card.
“People are busy,” Katz said. “More and more, prepaid cards offer the convenience of being able to manage your money without having to go to a local branch.”
Prepaid cards can be fun and raise social awareness
One of the key features of CARD.com are the agreements it has with a substantial number of brands.
“Money and finances can be a bit stuffy but we want to have fun,” Katz said. “So we offer these great cards that are fun and cool.”
The recently released
“It’s more than fun though,” Katz said. “We offer a pink ribbon card, a gay pride card, and other cards that serve to heighten awareness for issues ranging from breast cancer to equal rights.”
There are many reasons Americans are increasing their use of prepaid, re-loadable debit cards, but one thing is certain: The cards are going mainstream, and they are no longer only for those unserved by banks.
Today, prepaid debit cards are being used by those who want greater control over their finances.
“We talk a lot about convenience and fun and those are very important to consumers,” Katz said. “However, it is also about managing your finances. CARD.com and other prepaid cards give consumers the ability to take control of their money in a safe and responsible manner.”
CARD.com is the fair, fashionable, and fun mobile alternative to traditional banking. Simple, fast, and convenient, CARD.com is revolutionizing personal finance by creating financial products that speak to the passions of consumers, while also providing a money management alternative that fits seamlessly into today’s mobile lifestyles.
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