Prepaid cards are re-loadable cards with fixed funds. Prepaid cards are especially useful when you want to maintain a budget.
Keep reading to learn more about what prepaid business credit cards are.
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How Do Prepaid Cards Work
Prepaid business credit cards are not linked to a particular account, but they are loaded with a fixed amount of money and can be reloaded once funds are out.
Advantages of Prepaid Cards
Prepaid business credit cards can provide a variety of benefits for both employees and employers:
- Easy to Obtain:
- Prepaid cards are not directly tied to any bank account and there are not credit checks so you can get one instantly
- Convenient to Use:
- Prepaid cards act just like debit cards so just swipe and use till funds run out
- Control and Track Spending:
- You limit spending since these cards are pre-funded by you so if you need this card for your employees it is easy to make sure the minimum necessary money is spent
Disadvantages of Prepaid Cards
Like anything prepaid cards do come with some disadvantages. The major disadvantage of prepaid cards is the amount of fees that can associated with the account. Another disadvantage would be that using prepaid business cards generally do not provide rewards for using the card
Some fees associated with a prepaid card are:
- Monthly fee for each account and card
- Foreign Transaction fees
- Withdrawal fees
- Transfer fees
- Balance Inquiry fees
- Stop Payment fees
Who Should Get Prepaid Business Cards
Prepaid Business Credit Cards are generally meant to be used by small business owners. These cards make it much easier for business owners to keep track of expenses. Even if you are not a business owner you can still sign up!
Author’s Verdict
If you are considering opening a prepaid business credit card then you should know how they work and what they are!
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Chase Private Client | $3,000 Cash | Review |
| U.S. Bank Business Checking | $900 Cash | Review |
| Chase Business Complete Checking® | $300 or $500 Cash | Review |
| KeyBank Key Smart Checking® | $300 Cash | Review |
| Truist One Checking | $400 Cash | Review |
| Chase Total Checking® | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
| SoFi Checking and Savings Account | $325 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
| Fifth Third Bank Checking | $400 Cash | Review |
| Axos Basic Business Checking | $400 Cash | Review |
| Axos Business Interest Checking | $400 Cash | Review |
| Axos Bank Business Premium Savings | $375 Cash | Review |
