The Benefits of Prepaid Debit Cards Compared to Traditional Banking

Prepaid debit cards entered the financial market in 1990 when credit card companies realized that a large portion of the United States did not have the income or credit to qualify for a traditional credit card. At first, the prepaid cards came in the form of secured credit cards, but once they grew in popularity, financial institutions realized the potential to not only acquire customers who need credit cards, but also those who need bank account alternatives. Similar to that of how cellular companies have marketed themselves as alternatives to landlines for consumers, the concept of an "alternative" banking solution has taken off.

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