Beat the Budget with a prepaid credit card

Beat the Budget with a prepaid credit card

On April 6 2011, the new Budget announced by the Government brought in sweeping changes to the way wages are taxed and benefit eligibility. For many families the gains made through the increase in the income tax personal allowance has been offset by changes to child tax credits and rises in National Insurance.

With more rate rises and cuts on the horizon for the next few years, consumers need to look out for more and more ways to save money and beat the increases. A prepaid credit card can help do just that by helping families budget their finances better and also lending a temporary cash boost if needed.

As prepaid cards are topped up with funds rather than offering a line of credit, they can help families only spend what is available to them in their wage packet. When the money on the prepaid card is spent, more can be loaded quickly and conveniently. For example, the Cashplus prepaid Gold MasterCard can be topped up at over 1000 retail stores nationwide, at epay outlets, via bank transfer or at any UK Post Office branch. As customers are not borrowing money when spending on a prepaid card, purchases made using the card do not accrue interest charges. This can help keep down the cost of purchasing and also prevent customer's increasing any existing debt.

Families can also pay bills using a prepaid card. The Cashplus prepaid MasterCard card allows customers to set up standing orders and one off bill payments to be paid directly from the card account. This means that enough funds can be loaded at the beginning of the month to cover household expenses and then outgoings can be carefully budgeted for from the remainder.

There are occasions when wages just won't stretch to meet the demands of family life. In these cases, the Cashplus prepaid card now offers a short-term loan to help make ends meet if an unexpected bill arrives or urgent repairs are needed. The Cashplus iAdvance loan allows customers to borrow up to 500 and then pay it back at any point up to a maximum of 25 days. This short-term loan is designed to help as many people as possible. As the loan is paid directly into the prepaid card account, a customer doesn't need a bank account. Also, as Cashplus offer 100% guaranteed acceptance and no credit checks to obtain their card, more people should be able to benefit from this feature.

Therefore, amid the recent hikes in rates and reduction in tax credits there are still products that could help families streamline their expenditure. In particular, the Cashplus prepaid card presents ways for families to budget better in order to save money and also get hold of a small cash boost if funds run low. Switching to a prepaid card could help consumers beat the Budget.

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