prepaid MC

[kristieburke30]

hay guys im new here and have been working on the budget stuff for a few months now, I'm big into Dave Ramsey! i started a written budget and have monitored my weekly food shopping and have a sepreat checking account for are monthly bills that is drafted out each week. But the part i have had problems with is the envelope part. i have started pulling x amount out each week for entertainment and special upcoming things ( ie Halloween / xmass ) but i HATE the idea of cash around and have no desire to open another account .. what i want to do is get 2 prepaid cards that i can dump the money on!
Well ok this is were i need some advice tho, i have no experience with any of them and don't want to get burned! have any of you used prepaid Master cards or other cards? If you know of a reliable place to go threw for them i would love the info! thank you

[poundwise]

If you want to get a pre-paid, reloadable, card, I'd recommend IDT's SiGo Money card.

However, I don't recommend these types of cards because they typically all have (1) an initial cost, (2) a monthly fee, (3) a cost to reload. I think they are all pretty much bad deals. The card I recommend above then is really the best of these bad deals that I know of at this time.

An alternative would be to obtain a secured credit card such as one available through Citi or BoA. Though they both have an annual fee, it is still less expensive than using a prepaid card and, in the case of the Citi offering, you earn interest on your funds on deposit.

A second alternative would be to buy a VISA gift card for yourself. IDT offers Gift2Go cards which cost $3.95-$5.95 (depending on the value). These cards can bear your name and have no fees as long as you use the card amount within 12 months. Of course, the downside to these cards is that they are not reloadable, however, this is probably the least expensive way to have a pre-paid card.

Finally, and I've saved the best for last, you could simply open a new account and have a debit card tied to that account. This would cost nothing and, in some cases, could net you money. For instance, if you open a new checking account (with a debit card or two) you can "reload" by making a deposit. Cost? Zero. Some banks have rewards programs for using your debit card. Or, check into opening an account with PayPal, which offers a debit card that pays you back a percentage each time you use it.

[kristieburke30]

i didn't realize that prepaid had fees like that hmm. well i was trying to avoid another account. we have
1. personal account ( direct deposit )
2. checking account ( weekly draft for all monthly bills )
3 savings account ( SUPPOSE TO BE for E fund lol )

Thanks poundwise for the ideas, would love to hear any others out there to help also

[watcher6342]

i used to try daves style, but it never worked out for me. i am the only one working in a family of four and i try to use the 60/40 system. use 60% to pay for everything and save 40%. im real close. you might wanna try using online savings accts. you can earn about 4.5 % interest instead of putting money in an envelope. make your money work for you.

[sweeps]

Originally Posted by watcher6342

i try to use the 60/40 system. use 60% to pay for everything and save 40%.

If you can save 40% of your income, great, but it's not really a "system" that most people can apply.

[Knows Money]

You could buy yourself a Visa or MC gift card and only be able to spend the money you put on the card. Designate the Visa or MC card for only those entertainment expenses.

[NDArmyGrrl]

Why do you want to avoid another asset account? I would understand it if you were saying you were trying to avoid opening another CC account.

I love having more than one checking account.
One has GREAT Check card rewards, I use it for all purchases where the store will let me use plastic- or requires it.
The other account I use for all bills that require checks or online bill pay (Free online Bill pay but no Check Card rewards).

[leggzz66]

i use a prepaid cc. only one i have, i also use prepaid walmart cards. cheaper gas, and u think 3 cents why bother? thats a minimum of 45 cents a tankfull on the average car. my dhs car is a 20 gall, so thats 60 cents, thats 1.05 each time saved when we fill the cars weekly. thats approx 6.50 a month saved. no dealing with a cashier, waiting in line to pay and a printed reciept right at the car, so if someone drove off b4 or after you, your car they remember, you have proof you paid for you gas. Dont think its not a possibility to happen either, a guy that worked at a mass chain, was letting his friends fill up and drive off, then taking everyones plates that didnt have reciepts and turning them in for the drive offs. my friend linda was one of the victims. 3 dollars gas for her lawn mower, no reciept and arrested for driving off with a 50 dollar drive off, that costed her 300 to fight in court, that she never got back, not to mention the mere embarrassments. they busted the guy for it finally, but how many victims did he create in this catastrophy, i dont buy gas at that store, only walmart with my prepaid card and reciept in hand. be smart peeps and start asking for your reciepts even if you pay cash somewhere in line. if its happened here im sure its happened everywhere at sometime, to someone you may know even. I keep 3 prepaid cards from wally world. One for in store, one for gas, and one for online purchases. that way if lost/stollen, how much did i really lose by breaking it up into smaller amounts. alot better then having an identity stollen also.