Flickr image by ztil301

People often want to know what is the best Student MasterCard or Visa on the market today? The truth is, with the new credit card rules now in effect, it is difficult for students under 21 to obtain a credit card without a parent co-signing on the credit card agreement. Students have to have already established credit to get a credit card. A Catch-22 if there ever were one.

So, of course we here at MiCash believe that a prepaid debit card such as the MiCash Prepaid MasterCard is a great alternative for college students who want and need the flexibility that plastic payments provide, without the dangers of going into credit card debt.

Prepaid cards can curb a student’s impulse spending on such things as beer, pizzas, and MP3 downloads (wait a minute, do they even pay for those?). The reason for this is simple. You can make purchases on a prepaid card if you have enough funds in your card account to cover your spending. Unlike writing a check that could bounce if you don’t have enough funds in your account, you can’t get overdrawn. And unlike paying with a credit card, you can’t borrow money that you don’t have. You don’t have to worry about going further into debt and having to make monthly installment payments to pay back the charges. Students will most likely think twice about every purchase and will be more mindful of their personal budgets.