December 27, 2011

Category: Money Management

Can Prepaid Debit Cards Fix your Finances?

By now you’ve probably heard of Prepaid Debit Cards.  What’s all the fuss about?  Not long ago most Americans saw them as a gimmick or a poor man’s credit card.   Due to an ailing economy, tons of consumers are looking for solutions to fix their finances, namely debts and savings.

Even though pay as you go debt strategies are fairly new in this country, so many of us are discovering the best mechanism to help people save money and spend wiser is a Prepaid Debit Card.  You don’t think so?  Let’s see if I can change your mind.   

  The Benefits of Prepaid Debit Cards

  • Prepaid Debit Cards are the next best thing to cash, sometimes even better
  • Customers don’t have to travel with or carry around large sums of money any more
  • Prepaid Debit Cards are recognized anywhere Visa is accepted – worldwide
  • They can be used to reestablish electricity or phone connections at a residence
  • They help avoid costly bank overdraft fees
  • Helps to avoid overspending
  • They are reloadable, which means it can hold up to $15,000 at a time
  • Reloadable at over 100,000 locations across the U.S.
  • Can be used at ATM’s all over the globe
  • No interest rates or penalties associated with using them
  • Can be personalized with a consumer’s favorite photo
  • With direct deposit, customers can get pay day funds two days faster
  • Prepaid Debit Cards help decrease debt by accumulating less of it
The Prepaid Debit Card hype is not only gaining steam, the benefits are real! There’s even more reason to look into prepaid debit cards than the overwhelming list of current benefits.  On May 1, 2011 – The Federal Government changed the way it handles Social Security checks.   Anyone signing up for federal government benefits after May 1st now has to set up direct deposit to get their money.  People who currently receive their benefits by paper checks have until March 1, 2013 to comply with the new rules.   Things to consider when looking to protect your government benefits:  


Direct deposit is the fastest and most secure way to receive payments.  85% of Social Security beneficiaries already get their money this way.  About 10 million don’t yet but soon they will.  


  • No more hoping the mailman shows up before the bank closes.
  • No more concerns about stolen or lost checks.
  • Customers have access to their money on the same day, every month.

While banks and credit unions are safe, they often charge unnecessary fees that can chip away at an account balance.  Prepaid Debit Cards allow consumers to protect their income.  They are safe, easily accessible and do not require a credit check.   

Avoiding Delays 

10 million beneficiaries are currently receiving paper checks from the government, which means over 11,428 people each day will have to sign up for direct deposit in order to make the deadline or risk interruptions in their payments.  Without direct deposit or a prepaid debit card, thousands of beneficiaries are doomed to get lost in the Social Security Shuffle. If you or a family member is still receiving Social Security benefit payments by paper check, please visit or visit your local ACE Cash Express location. The ACE Elite Prepaid Debit Card is a great answer from a trusted source, since 1968!