Prepaid cards "simple, effective and safe"
04 August 2008
Prepaid credit cards offer consumers a simple, effective and safe means by which to pay for things, according to a sector commentator.
Phil Alcock, credit card expert at Fair Investment Company, explains that people can top up the plastic cards with cash and then use it to pay for goods.
He adds that this can provide consumers with peace of mind since those using such cards cannot go overdrawn or find themselves in debt.
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"There are currently about 2.3 million prepaid credit card holders in the UK and this figure is just set to keep on rising as people realise the benefits of a prepaid card," Mr Alcock continues.
Fair Investment Company states that prepaid cards are an effective budgeting tool, concluding that they can be good for children in that they allow the youngsters to be independent but still have a strict budget in place.
Meanwhile, Sainsbury's Finance recently stated that credit card reward schemes are "absolutely" necessary for the majority of consumers.
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