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Now Available: Reloadable Prepaid Cards

Learn more about this emerging payment option and when it may be useful.

Publish Date: September 2023

As Your Hometown Bank, we’re constantly assessing consumer spending and finance trends, so we can provide the best products and services to meet your needs.  Prepaid cards are becoming increasingly popular as they offer a convenient and secure way to pay.  In fact, the market is expected to grow from $13.79 billion in 2021 to more than $22 billion in 2026*, which tells us this form of payment is here to stay.

“Our customers are used to prepaid cards for things like special occasion gift cards, but we’re excited to now be offering a reloadable prepaid card option,” said Carolyn Turnis, Five Star Club Supervisor at Fidelity Bank & Trust.  “Reloadable prepaid cards function much like a traditional debit or credit card; however, they are loaded with a specific amount of money and cannot be overspent.  Because you can only spend the amount of money loaded on the card, they are a great option when you are traveling or simply want an easy way to budget,” added Carolyn. 

Learn more as Carolyn details situations where a reloadable prepaid card could be helpful:

  1. ALTERNATIVE TO CASH
    Not only is a reloadable prepaid card more convenient than carrying cash, it is also more secure.  Once registered, if your card is lost or stolen, you can report it and have the remaining balance transferred to a new card.  If a thief does access the balance, they only have access to the amount on the card and cannot overspend like a credit card.
     
  2. TRAVEL
    It may be a good idea to use a reloadable prepaid card when traveling, so you don’t have to worry about fraud on your debit/credit card, blocked transactions, or even obtaining foreign currency since they are accepted globally.  Because these cards are not linked to your checking account, your account cannot be compromised if fraudulent activity is to occur.
     
  3. BUDGETING TOOL
    Reloadable prepaid cards can help you stick to a budget since you can only spend the amount of money you have pre-loaded on the card.  This can be especially helpful for people who struggle with overspending, or if you need a way to control spending for an individual like a child or aging parent.
     
  4. NO IMPACT TO CREDIT
    Unlike credit cards, reloadable prepaid cards don’t require a credit check since the amount on the card is determined up front.  This makes them a great option if you have poor credit history or no credit at all.  

Whether you’re looking to stick to a budget, or simply want to avoid carrying cash, debit and/or credit cards, a reloadable prepaid card could be the right choice. (Please note, you will receive a temporary card at the time of purchase. You must complete an online registration to receive your permanent, personalized card that can be used for traveling. Please allow for mailing time when planning your card usage.) In addition, Fidelity Bank & Trust continues to offer non-reloadable prepaid cards that can be used as gift cards for any occasion.  Stop in to any of our locations to learn more and get started!

 

*https://www.globenewswire.com/en/news-release/2022/07/29/2488643/28124/en/22-Billion-Worldwide-Prepaid-Card-Industry-to-2031-Identify-Growth-Segments-for-Investment.html