Do you have a low credit score that makes it hard for you to open or change a bank account?
Many traditional banks, as well as lenders, pay attention to credit scores when considering your application because it lets them know whether you can pay up, as well as what interest rates you are entitled to. Your credit score shows how credit-worthy you are, and the score starts at 300 until 850, with a higher score meaning higher creditworthiness.
If your credit score is low, don’t feel hopeless, because you can still take charge of your finances with a prepaid card.
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What is a prepaid card and how does it work?
A prepaid card is a standalone payment card that’s not connected to a bank account. The card allows you to load money, and make payments online, at a PayPoint location, over the phone, or at a Post Office.
As you spend, the funds are immediately deducted from the card, and when you run out, you need to load cash again before you can use it, as there is no credit feature.
Benefits of a Prepaid Card
Prepaid cards help you keep your money safe when you don’t have a traditional account, but that’s just the beginning.
- Prepaid cards don’t require credit checks. Since you will only be spending the funds you load into your card and not getting credits, you don’t need to worry about poor credit scores.
- You can manage your funds better because there is no chance of spending more than you put into the prepaid card.
- You can send and receive funds using your Prepaid card, including your wages and other finances without going through a traditional bank. You can withdraw these funds from ATMs near you.
- With a Prepaid card, you can engage in online shopping, shop over the phone, or do so at physical stores near you and make all the payments easily.
Prepaid Cards Is Here to End Financial Exclusion Based On Credit Score
You no longer have to worry about being unable to open a bad credit bank account because of your poor credit score. You can manage your finances with a prepaid card like the card from Suits Me.
Suits Me® Prepaid Card is so much more
Suits Me® is here to help you take control of your finances without access to a traditional bank.
Suits Me® has a prepaid card that allows you to do more than the standard prepaid cards and also allows you to enjoy several important banking features.
When you set up a Suits Me® account, you get a contactless Mastercard® debit card alongside a personal current account with a variety of banking features that you find in traditional bank accounts.
If you’re interested in learning more about the Suits Me® card and account, you can find all the information you need about the prepaid cards and current accounts by visiting prepaid card information page.
