Finance


Prepaid Debit Card Users Appreciate the Control and Convenience Offered

6% typically pay for everyday transactions using a prepaid debit cardHarris Interactive conducted a survey on behalf of the NBPCA (the Network Branded Prepaid Card Association) of prepaid debit card users, typically a lower-income, hard-to-reach demographic. Of 2,037 U.S. adults contacted, just 91 use prepaid debit cards for everyday transactions. As a consequence, these survey results should be interpreted as qualitative, or directional, in nature.

Key findings:
  • 81% of prepaid debit card users somewhat or strongly agree that they feel more in control of their money with a prepaid debit card than a debit card connected to a checking account at a bank or credit union (43% strongly agree).
  • 59% of those who regularly use prepaid debit cards do so primarily because they are convenient
  • 46% say prepaid debit cards are safer than carrying cash
  • 40% like the inability to overspend
  • 24% say they use prepaid debit cards because they have no other payment or banking options

Harris Interactive surveyed 2,037 U.S. adults, on behalf of National Foundation for Credit Counseling. The online survey was fielded from March 4 to 6, 2013 to a Harris Interactive panel. The survey results were weighted by age, sex, race/ethnicity, education, region, household income and propensity to be online.


How do you typically pay for everyday transactions including, but not limited to, groceries, gas, dining out, paying bills and online shopping, etc.? Do you use...?
 Source: National Foundation for Credit Counseling, n = 2,037Researchscape.com 

Regarding overdraft protection:
  • 28% say their prepaid debit card currently offers overdraft protection
  • 68% would feel more at ease using their prepaid debit card if it offered draft protection
  • 71% indicated they wish they had the option to enroll in overdraft protection


Why do you use prepaid debit cards? Is it because...? (Multiple responses permitted.)
 Source: National Foundation for Credit Counseling, n = 91Researchscape.com 

For more information on this study, refer to The 2013 Consumer Financial Literacy Survey.


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