How to Load a Business Prepaid Debit Card
Pros and Cons of Prepaid Debit Cards
- Prepaid business debit cards require no credit check but they also do not help you build credit.
- The cards are a convenient way of accessing cash.
- There is generally no fee associated with reloading your card but your bank may charge for the service.
- When using a prepaid debit card your spending is limited to the amount you have preloaded on the card.
- As the amount loaded onto the card is finite in the event of loss or theft your losses are limited.
- As of April 2019 registered prepaid accounts have federal protections as with standard credit cards and checking accounts.
- Prepaid cards do not come with the same cash-back programs or rewards that credit cards can have.
- Some cards have a maximum balance; daily load limit or daily spending limit.
- Not all prepaid debit cards allow for cash withdrawals.
- Some prepaid debit cards offer multiple copies of the card for use by more than one employee.
- Prepaid debit cards do not automatically include all bank services and features.
- With one of these pay-as-you-go debit cards you can only use the money you have loaded onto the card and not funds in your bank account unless you link the card to your business checking account.
If you are unsure of which debit card is right for your business or if prepaid debit cards are the right choice for you then feel free to consult with us.