Student Prepaid Debit Cards Grow in Popularity

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For years banks and payroll prepaid card companies were permitted to advertise their credit cards to students on college campuses. The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD Act) altered the rules. The regulations were applied to help prevent these companies from giving to student credit card debt.
Now, a college student will not find banks enticing them to use their high-interest credit cards to rack up thousands of dollars of debt. Instead, schools work with prepaid card suppliers to provide prepaid debit cards that dramatically decrease the probability of incurring a lot of debt to student. Student prepaid cards also can double with two strips on the rear to create them much more versatile as school ID cards.
The Basic Principles of Prepaid Debit Cards for Students
A student prepaid card can be used everywhere, and is not tied to a bank account or line of credit MasterCard and Visa are accepted. The money put on the card can be just accessed by students, plus they’re not charged interest for their purchases.
Prepaid debit cards continue to grow in popularity. The truth is, 2011 found an 11 percent upsurge in consumer use on the last year. This can be mainly due to the fact more and more consumers so are also avoiding the pitfalls of payroll prepaid card, and are growing tired of the increasing fees of conventional checking accounts. Where it might be hard for customers to procure an account in the very first place, with a few fees reaching a high of 21 percent at financial institutions, prepaid debit cards containing student prepaid debit cards are a perfect solution.
Why Prepaid Debit Cards for Students?
Student prepaid debit cards offer higher education associations many benefits and students. They may double as in addition to used to pay for purchases on and off campus ID cards students use to obtain access to campus buildings. They give facility and fiscal security, and financial aid disbursements can be readily received.

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