Five Reasons to Choose a Reloadable Debit Card
How do you “C.U.” managing your cash flow this year?
There’s no easy way to say it: Personal finance is hard. It takes work and commitment, and the worst part is that no one can tell you which methods and habits will work for you. The reality is that no personal finance book, blog or budget can truly understand your individual money journey.
I see me the first and only time I ever overdrew my bank account. It was a mindless mistake that happened when I was between switching accounts from a large, corporate bank to a free checking account with American Eagle. I transferred money from my old account into my credit union account and, without thinking about it, got gas with my old debit card. When I realized what I had done, I wanted to kick myself. Sometimes, no matter how careful you are, mistakes happen. And, they cost you money.
In 2013, consumers paid $31.9 billion in overdraft charges. Can you believe that? Yes-that’s billions...with a B! It’s hard to get ahead when you’re already low on cash and you go in the hole another $25-$35. But with the rise of prepaid and reloadable debit cards, getting on track is easier and more enjoyable than you think.
1. A provided opportunity for budget lessons: If you struggle with budgeting, a reloadable debit card might be the trick that helps you curb spending--I’m looking at you, college students. With a built-in spending limit that allows you to only spend what you have, these cards offer solutions that credit cards and regular debit cards can’t.
2. Full benefits of a checking account: It’s not impossible to live without a checking account, but it’s not ideal either. Reloadable debit cards give those unable to qualify for a checking account the opportunity to experience full banking benefits, like online shopping and bill pay.
3. Overdraft protection: If you don’t have enough money to cover your purchase, your card will simply decline at the register instead of sending an overdraft fee. Sure, it could be embarrassing to put items back at the register, but that’s a whole lot better than getting hit with an overdraft charge.
4. Safety and security: Since reloadable debit cards aren’t linked to your private data, you don’t have to worry about your identity or data being compromised if your card if stolen.
5. Access from your favorite credit union: What’s better than a product that helps you organize your finances? The quality and service you get from your credit union. Stop by your local branch and ask to open a myFit Card. This Visa reloadable debit card can be used at retailers who accept Visa cards worldwide. Get all the benefits listed above plus peace of mind. Whether you’re a parent, young adult or someone who wants to get your finances back on track, the myFit Card is the best way to begin.
Have you ever used a reloadable debit card? We'd love to hear your experience. Tell us your money story below!