When shopping, consumers have a number of payment options available to them. While the traditional forms like cash, credit and debit are popular, consumers are looking to a new way to complete transactions with increasing frequency – prepaid reward cards. Credit card companies are creating options that look like credit cards and have many of the same perks, but money is loaded onto them as if it were a bank account and interest is not taken out – deductions are automatic.
Visa recently expanded the offerings that are already on the market. The magnate recently created the Jump Visa Prepaid Card. This is being hailed as a way to learn money management techniques and enjoy the best advantages of credit cards, but there are numerous reward opportunities as well.
Synchology president and co-founder Doug Bobenhouse explained that the plastic is, “Intensely focused on delivering real value, great deals and rewards and top notch customer service.”
According to Daily Finance, payment tools like this provide a good way to teach over-spenders and younger adults good budgeting practices. Moreover, these are lucrative options for members of the under and unbanked populations, who cannot usually easily purchase items online and can safely store cash on these cards.Back To Blog