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Avoid Costly Bank Fees by Using a Green Dot Card

As credit card companies continue to add on fees and raise their interest rates, more consumers are turning away from credit. Opting to use cash or checks in lieu of credit cards can impact your finances positively, but doing so also prevents you from enjoying the convenience that only credit cards can offer. Fortunately, there are options that combine the best of both worlds into a single form of payment. Prepaid credit cards like the Green Dot card are easy to use anywhere and carry fewer fees than traditional credit cards. Check out all the ways you could start saving.

1. Save on the Cost of Interest Charges
By far, the largest expense of most credit cards is the high interest charges. If you have trouble paying your bill in full each month, you’ll continue to accrue interest charges on the unpaid balance. As the bill grows, it becomes more difficult to pay off. Prepaid credit cards prevent consumers from entering this vicious cycle. When you get a prepaid Green Dot card, you can add any amount that fits in your budget. No matter how much you spend each month, you’ll never pay any interest charges whatsoever. This helps you stay on track with your financial plans and keeps you from acquiring extreme debt.

2. Forget About Late Payment Fees
Your Green Dot card can be reloaded any time you’re ready, which allows you to wait until payday to add cash to it. There are no due dates or specific times to make a payment, so you’ll never get a fee for paying too late. When you add money to your prepaid card each month, you have the freedom to determine how much you’ll spend before you’ve spent it.

3. No Charges for Paper Statements
Laws regulating credit card companies have started to crack down on unfair practices, but there are still plenty of ways the companies can create new charges. Charging consumers to receive paper statements is a prevalent practice today. Many companies offer electronic statements as an environment-friendly alternative to paper statements. They take this opportunity to charge customers who prefer receiving statements by mail.

While each statement might not cost much on its own, this type of fee is just one more thing you’ll need to include in your budget. With a prepaid card, you’ll never have to pay a bill or receive a paper statement in the mail. The Green Dot credit card offers a convenient online system and a mobile application. Each of these free systems allows you to monitor your account without paying any additional fees.

4. Avoid Minimum Balance Fees
Because credit card companies want you to use your card as much as possible, they’ll often charge a fee if you fail to keep a balance on your card. In some cases, your entire account might even be closed if you don’t use it frequently enough. Of course, it’s not only the credit card companies that charge these minimum balance fees. Many checking and savings accounts also penalize customers who fail to keep enough in their accounts.

With no required minimum balance, the Green Dot card offers you greater flexibility. When you’re short on cash, you shouldn’t have to worry about keeping a certain amount in any one place. Prepaid credit card companies understand this need. You can simply load your card with the amount you have available for the month.

5. Never Get Charged for Going Over Your Limit Again
Though credit card companies might encourage you to spend more by increasing your limit and offering low introductory interest rates, they will also charge you a fee for going beyond your limit. Many consumers believe their cards will be denied when they reach their limits, so they keep spending without realizing that they’re accruing overage fees for each charge. When you receive a $30 fee each time you spend a few dollars at the grocery store or the gas station, small expenses quickly add up.

You can fight back against this battle by choosing a prepaid credit card. With a Green Dot card, there is no limit to how much you can spend each month. It’s easy to add any amount you want to the card. If you realize that you’ll need more for the month, you can reload the card any time by picking up a MoneyPak online or from a local retailer. With a prepaid credit card in your pocket, you’ll finally be in total control of your finances.

About the Author

Steve Jacobson writes about many different financial topics including, debt, investment, credit cards, Green Dot card and more. Always looking for the best prepaid credit cards and rates, Steve usually uses http://www.ehow.com/how_2154387_use-green-dot-card.html as a recommendation for those looking for a great alternative to credit cards.

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