Over the last few years a cadre of celebs, including media mogul Russell Simmons, rapper Lil Wayne, Yankees player Alex Rodriguez, and even financial titan Suze Orman, have jumped into the market by sponsoring their own prepaid debit cards.
In 2010, when the Kardashians promoted their fee-laden card to unsuspecting teens, uproar grew so loud that it led the sisters to eventually cancel their endorsement.
consider them the devil’s best weapon in driving you into insurmountable debt (indeed around 18m people received a default notice on their credit card bill last year), used properly, they could help manage your finances better thanks to interest free periods and balance transfer offers that operate like an interest free loan as long as you play by the rules.
Meanwhile, buying something with a credit card can afford you more protection than buying using a debit card or cash.
Prepaid cards come in various forms—including debit cards not tied to a bank account that carry the Visa or Master Card logos, one-time-use gift cards and phone cards.
The reloadable debit card, one of the most popular types, requires that consumers buy the card, load the dollar amount of their choice, then have purchases deducted from that balance.
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The best way to do a credit card comparison is to decide what you want from the offer and work backwards.That episode is partly why such cards are reputed to be predatory and sketchy—a way for the rich and famous to get over on the broke and credit-strained.The fact is, misinformation abounds about what these cards can and can't offer consumers.If dipping your toe into the credit card pool is about funding a specific purchase, you need a card offering the longest 0% interest period on new purchases, giving you the longest time to pay off those expensive one-offs.As long as the balance is paid off by the end of the period, these cards stack up against the best of the interest free finance or purchase loans you’d find on the high street - from furniture or electrical retailers for example.