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Many Americans open their wallets to find a sea of plastic. According to MSN Money, on average, consumers carry five to 10 plastic cards, usually a combination of credit and debit cards. And while most consumers carry cards, the wallets of some 35 million U.S. consumers are plastic-fee, largely because they lack a relationship with a financial institution.
Interestingly, the majority of these 35 million Americans could have a relationship with a financial institution if they chose to. Reasons for remaining "cash-based" vary from concerns about overdrafts to cultural and language barriers. But one thing is clear: "cash-based" consumers face severe limitations in today's sophisticated financial environment.
Day-to-day activities such as reserving airline tickets, shopping online and paying bills present real challenges for consumers who lack plastic payment cards. Their makeshift financial arrangements often include using check cashers, buying money orders to pay bills and asking friends and family members to write checks. These arrangements can be burdensome, expensive and inconvenient.
A new financial product-the reloadable, prepaid card-addresses the financial needs of "cash-based" consumers. It looks like a debit or credit card and carries a major brand logo such as Discover, MasterCard or Visa. Consumers may get one without committing to a checking account and without a credit check-so anyone with proof of identity is eligible. Reloadable, prepaid cards can be purchased online and at many retail stores and can be used virtually everywhere the card brand is accepted. They can also be used to make purchases and pay recurring and online bills. And, some cards may even be used to withdraw cash from ATMs. The Network Branded Prepaid Card Association (NBPCA) surveyed 600 low- to moderate-income consumers. The results revealed that 88 percent of consumers who had used a reloadable, prepaid card had a positive experience.
The NBPCA suggests consumers consider reloadable, prepaid cards for these benefits:
* Security: Funds are replaceable if cards are lost or stolen. And, consumers can reduce the amount of cash they carry.
* Convenience: Cards offer the convenience of debit and credit cards and provide money management independence.
* Control: Cards help consumers manage their budgets and avoid overspending. The NBPCA advises consumers to research and select the card that fits their needs. Consumers should note applicable fees and how to avoid or minimize fees and understand the terms and conditions associated with a card. Then they can make smart decisions about how to use it to handle their day-to-day finances.
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Queen Elizabeth, England's last Tudor monarch, came to the throne during a turbulent period in the nation's history. Although she has been described as vain, miserly, and fickle, she was remarkably successful as queen. During her reign, England pursued a policy of expansionism in commerce and geographical exploration, literature, and the arts flourished. The Elizabethan era saw the defeat of the Spanish Armada and the colonization of North America. Which US state is named after Elizabeth?
