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Prepaid debit cards are an alternative to credit cards and traditional debit cards. They let you spend up to the amount of money you’ve loaded onto your card and can be reloaded repeatedly.
The prepaid debit card market is fragmented, meaning no single company carries enough market share to dominate it. But the market is growing, with Allied Marketing Research estimating a compound annual growth rate of 19.5% from 2023 through 2032.
Prepaid debit cards can be an excellent choice if you’ve been unable to get a regular bank account with a conventional debit card. You might also consider one if you’re worried about going into debt with a credit card. Prepaid cards can also be useful in combination with traditional debit and credit cards as a budgeting tool. After all, you can only spend what’s loaded onto the card.
If any one of these reasons resonates with you, here are the best prepaid debit cards to consider.