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Disadvantages of prepaid cards

Prepaid cards are known for their high fees. In the past, expenses made prepaid cards a last resort for people who couldn't open regular bank accounts. The issuers have lowered their fees slightly since then, but you should still consider how you will use the card before opening your account.

You cannot build a credit reputation:

Your debit (prepaid) card is linked to your bank account. Transactions do not affect your credit score which will allow you to build a good financial reputation if you pay your debts regularly every month.

All transactions and withdrawals are limited to the available balance in your account only.

By building your credit score, you will be able to access lower interest rates when you borrow and increase your credit limits.

Your credit score is an important number that will affect your financial career later on.

Additional fees for withdrawals:

Each bank offers you a limited number of free ATMs and other non-financial transactions per month at the branches of other banks.

Once you exceed the limit for free withdrawals or cashless transactions

Some fees are charged. In addition, using your debit card at a non-bank ATM involves additional costs.

Do not offer points for rewards:

By earning points and redeeming your credit card, you can use your credit card rewards to travel and spend on other purchases. Debit cards (prepaid) do not offer this type of incentive.

There are some complications:

Sure, you can buy anything with a prepaid card, but that doesn't mean you should and shouldn't make particularly large purchases. When using a prepaid card, if you have to dispute a purchase, you get less legal protection than a credit card. And if you're looking to get your money back, it may take longer to get it back into your account.

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