Prepaid cards are popular among consumers
DETROIT – Prepaid debit cards are the fastest growing payment method for people according to Consumer Reports. Consumers like this method because they don't need a bank account to sign up, there are no credit checks and the cards help you control spending. Consumers say that they like it because it helps avoid certain bank fees.
Consumer Reports said prepaid cards are popular with teens and college students. This is because parents can track their spending and reload them at their convenience.
Although the cards are popular, experts suggest that people ask questions and read the fine print. Ask if there are activation fees, month maintenance fees or a charge whenever the card is used.
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