I was talking with someone at work, and they started using one after they were mugged. It does make sense to have a card you can use for smaller, daily purchases that is not directly attached to your bank account and have smaller maximum amounts.

Thoughts?

I'm all for it!!!
Especially shopping online.

I have a credit card with a small max limit on it for online. Only once has there been a charge on there that was not mine, and the bank handled it for me, took it off. If I go into one of the big box stores, I always use another credit card with a small limit. If I shop local, I still write checks so they do not have to pay the 3% fee.

Any prefered ones?

Quote from: Sick Of Silence on November 30, 2023, 06:41:10 AMAny prefered ones?

Any ones you recommend over others?

The one I am thinking about would allow me to load it free at least one retailer (without paying the fee) and allows me to get cash free from ATMs from certain corner stores that I frequent on the regular.

I have become a proponent on online accounts/prepaid debit cards, and leaving the bank associated cards at home.

While I was investigating another one as a backup/replacement, it dawned on me that there are just as many of those online accounts/prepaid debit cards as actual banking institutions.

No thoughts on them. I do have concerns about allowing access to a bank account for a debit card. I receive a text every time mine is used.

 When my mom was alive we wanted to give her helper a pre-paid debit card to avoid losses from a bank account. We could replenish it remotely, correct?  There were terror related laws making that hard. After the initial purchase of the prepaid card you need to verify your physical address using the US mail in order to replenish the balance. I imagine there are work arounds but that is likely illegal. Maybe Grok could tell you the best pre-paid debit cards.

Quote from: Sick Of Silence on November 30, 2023, 01:02:11 AMI was talking with someone at work, and they started using one after they were mugged. It does make sense to have a card you can use for smaller, daily purchases that is not directly attached to your bank account and have smaller maximum amounts.

Thoughts?

sos, there used to be a item called traveler checks. If lost or stolen the company would replace them for free. I can not remember the name of the company that issued them but at the time they were advertised as safer than cash or counter checks. If prepaid cards protect you if lost or stolen it sounds like a pretty good solution for the problem you describe. A much better solution than giving a credit card.

QuoteTraveler's checks are a secure form of payment that you can purchase at banks or credit unions to use while traveling instead of cash. They are backed by financial institutions, meaning that if lost or stolen, the funds can be replaced.

    Acceptance: While they may still be accepted by some hotels, restaurants, and retail stores, their acceptance has declined in recent years.

Purchase: You can buy traveler's checks from companies like American Express and Visa, and they are available at some banks and AAA offices.

Usage: Each check has space for two signatures, which helps merchants verify the identity of the user.

Overall, while traveler's checks offer security, they are not as widely used today due to the rise of credit cards and digital payment methods.

The main thing is that the prepaid/account I use has limited money on it. I rarely need to use it unless I run in somewhere. I leave all my bank cards at home. Occasionally, I bring the ATM card to get some cash. Since many bills are paid via the credit card, I would have to update every vendor I owe monthly.

I pay cash for everything. It's like our Rights, stop using them, and they disappear.
Take back control and quit being lazy, switch back to cash!
Sure, it's easy to make excuses, but the truth is, you're enabling the "SYSTEM".