Saturday, October 31, 2009
In this day and age, you would find it limiting to be still using cash alone. Even though cash may be king, cash would not get you very far unless you only intend to spend your life at home or just in your little town.
Some of us may not admit it but credit cards or debit cards are the answer to life beyond your comfort zone. They are no longer a luxury but a necessity in contemporary times. Our current environment calls for a safer, more secure means of carrying cash. You wouldn't want to carry those wads of cash shopping for big-ticket items like air-tickets or that diamond ring.
After that 5% government tax to be implemented from Jan next year, we would still require at least two cards, one Mastercard, the other Visa card - should one doesn't work; and a charge-card if you wish.
Credit cards are sometimes used to serve as loans but if the balance is not paid in a timely manner, one would have to bear a higher interest on that loan.
Debit cards are gaining popularity and for the public at large, it is a great way to curb impulsive spending. A prepaid debit card allows you to spend only when you have funds in your account making it an invaluable budgeting tool. More and more banks here are switching to prepaid debit cards replacing ATM cards.
If you are looking for a prepaid Mastercard or a prepaid credit card, check out the AchieveCard. They do not do credit check, no bank account is needed, they are safe and a secure card-issuer, and they approve 100% of the time.