One of the biggest benefits of a reloadable debit card is the ability to pay no interest and severely limit your fees. None of the current issuers of these debit cards charge interest because these are not credit cards, so the rules of a credit card do not apply. For the most part you can avoid fees as well since there will not be any non-sufficient funds or annual fees.
However, you should review all the terms of the debit card agreement since some issuers do charge some fees. Some issuers may charge an overdraft fee of up to $30 if you accidentally spend more money than you have available, and you still have to repay the amount you over drafted the card. If you lose the card, several issuers will charge you a replacement fee, which is usually under $10. A majority of issuers will also charge a one-time charge when you purchase the card which is also normally under $10.
Getting a reloadable debit card is a huge benefit to those on a fixed income who don’t make enough money to get a regular credit card or those with credit problems who can’t get a credit or debit card normally. Because these debit cards allow you to have the benefit of credit without worrying about getting yourself into a lot of debt. This debit card will allow you to spend only as much as you need and keep your finances in good order. They are also available nearly anywhere you could want to buy something. Retailers like Walgreens and Target sell them, as do all of the major credit companies. Once you have a reloadable debit card then you simply need to call, go online or go into the store to increase your balance.