The idea of a cashless society isn’t as unusual as it once was. In places like Canada and France, fewer than 10 percent of all financial transactions involve physical cash. Instead, credit cards and Pre-Paid MasterCards are preferred.
However, these cards don’t always offer the highest level of security for cardholders. Consider the option of a Pre-Paid MasterCard as an alternative and explore the advantages of doing so below.
1. You Can Use it Like Any Other Credit or Pre-Paid MasterCard
A Pre-Paid MasterCard is one that you load with a preselected balance. Then, you can reload it with additional money at set intervals or whenever it is necessary.
This is a secured form of spending, and there is no actual borrowing or financing involved. In this way, it is similar to a Pre-Paid MasterCard. A Pre-Paid MasterCard will be associated with a major credit card company or lender, which ensures that it is widely accepted.
A Pre-Paid MasterCard through Caye International Bank, for example, can be used anywhere that MasterCard is accepted. This means that you can shop internationally, dine at restaurants or even withdraw cash from ATMs.
2. Limit Your Financial Losses in the Event of Card Loss or Theft
Perhaps the biggest reason to be attracted to the idea of a Pre-Paid MasterCard is that it can help limit financial loss. Every year, countless credit and Pre-Paid MasterCards are lost or stolen. Sometimes, there are no financial repercussions of this, especially if the cards are found quickly or canceled right away.
Unfortunately, many of these instances end with individuals losing money or damaging their credit scores. With a Pre-Paid MasterCard, you can only lose the amount loaded on the card. While the worst-case scenario would certainly be unpleasant, no criminals will have access to your remaining bank accounts, nor could they ruin your credit score.
Whether you’re worried about everyday losses or you are traveling abroad, a Pre-Paid MasterCard is unquestionably a smart choice.
3. Excellent Budgeting Tool
Sticking to a budget can be tricky, but a prepaid banking Pre-Paid MasterCard can definitely help. Since the balance of the card is determined by you, there is a finite amount of money that you can spend.
If you’re getting ready to go souvenir shopping, or you are just trying to stick to a monthly budget at home, this is a tremendous help. Of course, you can always load money on the card in an emergency or if unexpected expenses pop up.
4. Offers Employees Greater Autonomy Without the Risk
For businesses large and small, determining when and how to give employees access to credit and Pre-Paid MasterCards is tricky. Unfortunately, there is the risk of employee fraud. On the other hand, giving employees financial autonomy when buying supplies or traveling can be very helpful. The perfect compromise is a Pre-Paid MasterCard, because you can load exactly how much they should spend in advance.