Its apparent online shopping has become popular, and it’s convenient. However, it’s important to be cautious about sharing your main banking details for a variety of reasons.
Therefore, prepaid cards and cryptocurrency come into their own in this situation. This article explores the subject further by outlining some of the significant advantages of using these payment methods online.
1. Fraud protection
The number one thing you should be concerned about when making purchases online is having your information stolen. Of course, this can be a significant issue if using your regular banking or credit card because criminals can gain access to all your money or credit line.
However, this is not the case when using a prepaid card or cryptocurrency. In general, both of these methods only allow companies to charge you when making a purchase that you approve at the time. Hackers would not be able to gain access to funds beyond what you have added in any case. Therefore, your primary bank accounts and credit cards will remain safe.
2. Have control against unexpected charges
So, having your details stolen is one thing but what about unexpected charges? Well, you have some protection here as well. As explained, prepaid cards and cryptocurrency only work when you authorize the payments. Therefore, it’s less likely you will be caught by a recurring monthly fee that you weren’t expecting.
In the example of the prepaid card, it’s best to ensure you have no balance when you aren’t looking to use it. Therefore, if a business tries to charge your card, it won’t work. The good news here is that when that happens, you won’t get a black mark on your credit report or encounter a banking charge.
3. Take advantage of free trials
Free trials provide a great option to test out a product or service without paying first. Typically, they may last for a month, and then payment is needed. One of the reasons they are a preferred option by brands is because customers forget to cancel before they expire. Anyone that has used these trials before will know a credit card is needed when you sign-up.
Prepaid cards and cryptocurrency, when accepted, work is a similar way. However, you can protect yourself against automatic billing as explained in the previous point. If the company’s attempt to bill you fails, then your account will be canceled. You then have the option to pay for it or move on to a similar service.
4. No need to have a bank account
One of the best things about prepaid cards or cryptocurrency is they are open to anyone even if they don’t have a bank account. Although you may need to apply for them, it’s not a hard process, and you aren’t likely to get rejected.
In most cases there won’t be a credit check and your card will be delivered in days. Of course, this means you can use this digital currency online, and there is usually a range of ways you can fund your card.
There’s so much that can be done online these days, and hopefully, this article has explained some of the advantages of using prepaid cards and cryptocurrency for some of those purchases.
Therefore, remember you can enjoy protection against fraud, have control against unexpected charges, take advantage of free trials and there’s no need to have a bank account.