What are the Best Prepaid Cards to Help Control Your Budget?

If you are someone who needs to reign in spending or just get a better handle on your budget, then prepaid cards could be a good solution for you. 

What is a Prepaid Debit Card?

A prepaid card, or prepaid debit card, is a card issued by a bank or financial institution that you can pre-load funds on to for payment.

Compared to Debit Cards

Prepaid debit cards have funds preloaded onto the card, and you typically cannot spend more than what you loaded on the card. There is also no bank account required to open a prepaid debit card.

Compared to Credit Cards

Prepaid credit cards, or secured credit cards, work similar to a regular credit card in that you need to apply, have your credit checked, and get approved for the card. Except, with a prepaid credit card, you need to make a security deposit or upfront payment. That is a form of collateral for the lender in case you cannot pay your card back.

Best Prepaid Cards to Control Your Budget

This card makes for a great checking account replacement because of its wide range of free reload methods across many retailers. Plus, the card has free ATM withdrawals at MoneyPass ATMs and no purchase fee when you apply online.

1. American Express Serve FREE Reloads

Best Prepaid Cards to Control Your Budget

The second of the American Express cards charges slightly more in fees, but offers 1% cashback rewards in return. This was actually the only card I could find that clearly stated what their rewards program was online.

2. American Express Serve Cash Back

Best Prepaid Cards to Control Your Budget

This card does not charge a monthly or annual fee and still offers free reload options and free withdrawals from ATMs. If you are solely looking for a cheap card to help manage your spending, the Bluebird card could be a good fit for you.

3. Bluebird by American Express

Swipe up now for more  financial tips!