For one reason or another you may not be eligible for a credit card, or perhaps you simply don’t trust yourself with your money to carry one around. Our society thrives on the quick convenience of credit and often commercials depict life slowing to a halt if someone tries to pay with cash. If you’re like millions of people who prefer cash or have a bad credit history and don’t qualify for a credit card, then you may want to look into getting a Silver Prepaid MasterCard.

What is a Silver Prepaid MasterCard

A Silver Prepaid MasterCard is a card that works like a credit card, but does not provide you with a line of credit or require you to have a bank account like a debit card. You simply load the card using cash at over 100,000 participating retail locations or have your paycheck, government check or your social security payment directly deposited on your card. You can access cash at any ATM, but you now have the convenience of using a card wherever Prepaid Master Cards are accepted. This can reduce the amount of cash you need to carry and even provides you with a daily balance on your card via text message.

Advantages of Using a Silver Prepaid MasterCard

Fees can really add up. Each time you cash your paycheck you have to pay a fee (Walmart advertises check cashing starts at $3, but other places can be more expensive). Each time you need to pay your bills with Western Union or using money orders you have to pay a fee. By using a Silver Prepaid MasterCard you can avoid these fees and you can also avoid late fees from bill collectors or overdraft charges from a bank, both of which can really add up.

The Silver Prepaid Master Card is also safer than carrying cash.  The card has a zero liability policy protecting you in the event the card is lost, stolen or unauthorized transactions are made on the card (please see the Cardholder Agreement concerning the MasterCard Zero Liability Policy as conditions and exceptions apply). If you loose your wallet and you are carrying around cash, chances are you won’t see the cash again. With your Prepaid MasterCard you can safeguard your money.

How to Save Money Using a Prepaid MasterCard

The Silver Prepaid MasterCard allows you to save money through the avoidance of fees associated with check cashing, maintaining a checking account, and paying with a card rather than using cash. It can also help you to avoid overspending which often happens with a credit card. Loading money on to the card is free and you can use it as often as you need to. You can withdraw your cash from any ATM and having the flexibility to pay by cash or using your Prepaid MasterCard will provide you with greater freedom in today’s electronic pay based system.

Other Uses for a Prepaid MasterCard

A prepaid MasterCard is also great to provide your son or daughter with the responsibility of handling their own money without the risk of over spending. You can load any amount on the card and then your child will need to be responsible for their money. This can enhance money management skills for the future.

It can also be used as a gift. Once the card is established, the recipient can reload and continue to use the Silver Prepaid MasterCard.

Finally, the card can be used to help establish a budget. By setting the amount of money on the card can help you work to use your money more wisely. Simply knowing you have a limit of real cash on your card will help you to reduce splurge spending.

Do you have comments concerning the use of a prepaid MasterCard? Please feel free to share your experiences. We would love to hear from you.