It’s no secret that we love prepaid cards, but we also like to occasionally provide our readers with everyday money tips, like how to save money. Everyone likes to save money and sometimes it can be easier than we think. This article provides some practical ways for us to save money at home. Some require more work than others, but it’s worth it to keep your hard earned money in your pocket. Here are 5 practical ways to save money.

Regularly Shop Insurance Rates:

Regardless of who your insurance provide is, you can save money by checking out the competition. Start by getting quotes on a regular basis and see if you can save some money. Now, there is something said for going with a top rate insurance company, so don’t go with a terrible company just to save a few bucks. Depending on the type of insurance, many insurance companies offer the ability to get a quote right online.

Save Energy:

There is more to being green than just saving the planet, you can save money too. The normal thing to do is to waste energy, so many of us don’t even realize we could save money by not being so wasteful. Here’s a few ideas to get you started:

• Use compact florescent light bulbs (CFLs) instead of traditional bulbs: These guys cost more, but the life span of these bulbs is unbelievable and that’s in part where the savings comes. Plus, they use less energy which means you will pay less to keep them going.
• Use a programmable thermostat: This is a great money saving tool. You set your thermostat to change the temperature when your not home. So instead of having the heat cranked up all day while you are at work, you can have the temperature set to a lower setting while your away, thus saving you some money.
• Use cold water to wash your clothes: Believe it or not you can save 50% of the energy that you would use if you used hot water. If you don’t need to use hot water for a load then use cold and save some money.

Buy A Used Car:

You can save a lot of money on car depreciation by purchasing a car 2 years old or older. Some cars can lose as much as 35% in value during the first year. It’s best to drive a car as long as you can especially if you do purchase them new.

Save On Home Entertainment

You can now watch many TV programs online if you hook your computer up to your TV. If you like rent a lot of movies one of the best ways to save money is to use Netflix. Netflix is great because there are no late fees which can be a killer!

Review your cell phone plan:

You wouldn’t believe some of the things I have found on my cell phone plan that I didn’t even know were there. Everything from insurance to game subscriptions. One easy way to save a few bucks is to thoroughly review your cell phone plan and make sure you don’t have options you don’t really need or use.

Here are some favorite articles from the past week:
10 Things to Know About Prepaid Credit Cards @ Fox Business
8 Ways To Avoid Getting Burned With Prepaid Debit Cards @ SF Gate
9 Bills You Can Lower Starting Today! @ Christian PF
Six Ways to Have Better “Money Talks” with Your Partner @ Money Under 30
Should You Use an Inheritance to Pay off Debt? @ Good Financial Cents

At one time or another many of us have received a gift card we have no intentions of using. If you receive a gift card you no longer have to let that card go to waste. If you receive a gift card you don’t plan on using you can sell your gift card and put some cash in your pocket. You have the opportunity to get rid of those cards your not going to use by selling the card to one of the gift card exchange services that will be happy to buy your card from you. You just let the exchange service know what type of card you have, the amount, and they will give you a price they are willing to pay for your card. Its that easy!

Our favorite place to sell gift cards is Plastic Jungle.

In addition, if your in the market to buy a gift card you no longer have to pay full price. You can buy them from a gift card exchange service at a discounted price. By going through a gift card exchange service you won’t have to pay full price anymore for your favorite gift cards. Whether you want to buy a gift card for a gift or keep it for yourself, getting a discount off the face value of the card is the way to go. You simply search for the gift card your interested in, find the price your willing to pay, and get the card you want at a cheaper amount than the face value of the card. For example, you could get a $75 gift card and only pay $60 for it. The discount you receive can vary, but this is one way you won’t have to pay full price for your favorite gift cards ever again.

Here are some of our favorite article from the past week:

Debit Card Interchange Fee Rule Favors Merchants @ Get Debit: The Federal Reserve Board published its proposed rule on debit card interchange fees and routing. Get Debit provides details and additional links tot he new rules.

5 Ways A Better Credit Score Leads To Better Finances @ Beating Broke: Having good credit is more important than ever, especially with the current state of the economy. This article over at Beating Broke provides tips on how better credit can lead to better finances.

With the new year here, it’s time to to make a fresh start. For many this is a time to make a New Year resolution and start 2011 off on the right foot. To help you get motivated here is a check list you can follow that will help you eliminate debt and plan how to use your money in 2011.

1. Set Goals: Before jumping right into 2011, try setting some goals. Write down exactly what you want to achieve in the new year and review your goals often to help keep yourself on track.
2. Make A Plan: After you have identified exactly what your goals are create a plan. Maybe your plan involves a budget, saving money, or losing weight. Whatever the case maybe, develop a reasonable plan you can stick with.
3. Live Within Your Means: The best way to reach your goals is to live within your means. One key to that is gaining financial stability and eliminating debt. Being disciplined with money will help you be disciplined in other areas of your life too.
4. Know Your Credit Score: You can get your score for free every year. Knowing your credit score is the first step to becoming financial secure. You can work to improve your score or just maintain it over 2011.
5. Pay On Time: Always pay your bills on time. This is the first step to having a good credit score. If you use a prepaid card to pay your bills you can schedule payments ahead of time with online bill payment services so you will never be late.
6. Have An Emergency Fund: Having money in the bank for emergencies will just make you feel better and reduce some of your worries about money. When unexpected events occur that cost money, having the money already put aside will help you get through the situation.
7. Pay More Than The Minimum: If at all possible try to always pay more than the minimum on your bills. Even if its just $10, it will help knock down the balance faster and give you a cushion if needed.
8. Save For Retirement: Its never too early to start saving for your retirement. Especially if your employer matches contributions, contribute to a business retirement plan. If you are on your own for retirement savings, invest in an Individual IRA, Roth IRA, and/or plan for self-employed persons.

Here are some of our favorite articles over the last week:

Prepaid Research: The Prepaid Advantage @ Get Debit: As prepaid card become more and more popular people are finding different ways to use prepaid cards. Last week Get Debit featured a report that highlights some of the different ways people are using their cards.

Gift Card Mall Helps Facebook Users Change Their Gifting Habits @ Payment News: From this site you can get current news about electronic payments. This article features a cool option Gift Card Mall now offers in combination with facebook

Top 20 Most Wanted Gift Cards of 2010 @ Gift Card Rescue: For the last three years this site has been publishing a list of the top gift cards. Check out this article to find out what top gift cards were for 2010.

Many prepaid card fans were also a fan of the iAdvance short-term loan products that are not available anymore. If you are in need of an alternative to a payday loan, there are other options you might want to know about, like ThinkCash. ThinkCash offers personal loans to those with not so good credit. This type of loan work well for those in need of short-term loans who don’t have access to traditional loans or credit lines due to bad credit or other circumstances. These loans charge a very high interest rate, therefore, you should be careful when consider to use this type of loan. This article will provide you with how the ThinkCash process works.

ThinkCash
ThinkCash is a personal loan that allows you to pay off your loan over several installments or all at once depending on your needs. Typically, first time borrowers qualify for loans of $250 up to $1000. One unique feature ThinkCash offers is that borrowers earn credit after paying back their loans. If the borrower pays back their loan successfully, then they can qualify for larger loans in the future. In addition to qualifying for larger loans, borrowers will also qualify for lower interest rates on their loans. ThinkCash even reports each borrower’s payment history to a major credit bureau, which can help then build their credit. Here are the steps to how the process works:

1. Apply Online: It’s simple, quick and completely confidential loan application. Just submit your information using the secured site. You also need to meet these minimum requirements:
   • Be at least 18 years old (19 if residing in AL or NE)
   • Reside in a state we currently serve
   • Have a job or proven source of income
   • Email address
   • Checking account in good standing (That means no returned checks, overdraft charges, negative account balances or nonsufficient fund transactions in the past 30 days.)
   • Get an answer in minutes: There is no anticipation. You will find out if you were approved and the amount right away.
   • Receive cash in your account: If you’re approved, the money will be deposited as early as the next business day (for transactions completed by 6 p.m. ET). Applications received after 6 p.m. ET are processed the next business day.

Paying Back The Loan
Unlike traditional bank loans, a ThinkCash loan can be paid off in several installments or all at once. They offer structured loans so that payments are typically around $100 (based on biweekly payments). The Annual Percentage Rate (APR) for a loan of $1,000 is 198.5% with 18 bi-weekly payments of $104.00. The number of payments you’ll make on your loan is based on the size of your loan and your pay schedule.

People have many different reasons for using prepaid cards. We already know the many benefits the cards offer and what a great alternative they can be to traditional banking methods. One more item to add to the list of benefits is that some prepaid card accounts allow for secondary cards to be issued. This would be ideal for any couple that shares an account or even parents who share the account with their child. After all, prepaid cards are a great tool for teaching kids about money management. This article will provides some details about secondary cards and provide a list of prepaid cards that will issue secondary cards.

Secondary or additional cards are sometimes called authorized users. This just means the account holder has authorized someone else to use the account. If a parent has given permission to their child to use their prepaid card and wants to issue them a card, then the child would be an authorized user. To find out if your prepaid debit card program allows you to get a secondary card, you should check out the terms and conditions of the card program.

Some card programs allow for additional cards, but they will charge a fee for them. There can also be a charge for mailing the card to you. It is usually the case that by accepting an additional card you are also accepting responsibility for the charges or purchases made by the additional user. Beware, that if your teen spends all your money you loaded onto the prepaid card, then you are liable for it. Authorized user, or secondary cards can be a great way to go, allowing you to share access to a single account. They are particularly useful for families who need shared access to funds. If you know that you will need a secondary card, make sure to read the card details before picking a card plan.

Using an online bill pay service is convenient because you don’t have to make any special trips to pay your bills, you don’t need to write checks, or even pay for stamps. Using the service is easy and you have the option to set up monthly payments or pay your bills automatically. With an online bill pay service you can track and control your spending through your online account. Many of the prepaid cards below have some similar features when it comes to their online bill pay services. All cards allow for you to make payment to just about any bill. Thousands of companies accept electronic payments and if they don’t then there is a paper check option. If the company you are paying doesn’t accept electronic payments then your cards bill pay service will send a paper check to the company. This is ideal for paying a landlord or even sending a check as a gift.

Green Dot Cards

• Completely Free
• Pay anyone electronically or with paper check
• Schedule Future Payments
• No charge for insufficient funds

Green Dot offers both the Green Dot Prepaid MasterCard® and the Green Dot Prepaid Visa® card. With both cards you get free online bill pay. The online bill pay service allows you to pay just about anyone. There is no minimum amount that can be paid, but there is a $1,000 maximum limit on each individual bill payment. Your bill payments will also count against the daily $2,500 spend limit on the Green Dot Card.

AccountNow Cards

• Completely Free
• Builds credit when you pay bills
• Electronic payments and paper check available
• Make reoccurring payments

AccountNow® offers the AccountNow® Prepaid Visa® Card, the AccountNow® Prepaid MasterCard®, and the AccountNow® Gold Visa® Prepaid Card. All these cards offer free online bill pay. Payments are sent out at 3pm on the day you authorize them. You should make payments about 3 days before their due date. You can use your AccountNow account and routing numbers to pay your bills as long as the billers or merchants can do ACH debits

READY Debit Cards

• Builds credit
• Electronic payments and paper checks available
• Only pay when you use the service
• Free if you sign up for direct deposit

READY Debit provides both the READYdebit® Prepaid Visa® Card and the READYdebit Platinum Visa Prepaid Card. The cards both offer online bill pay and if you sign up for direct deposit the service is free. Otherwise, it will cost you $4 a month. You are only charged the $4 during the months you use the service. If you stop using the service you just won’t be charged, you don’t have to cancel. READY Debt offers credit builder that works right along with your online bill pay by reporting your payments to a credit agency.

Vision Premier(SM) Prepaid Visa Card

• Completely Free
• Electronic payments or paper checks are available
• Online payment tracking and history
• Pay companies directly with your card

The Vision cards offer three different cards, the Vision Premier(SM) Prepaid Visa Card, the Vision Preferred Prepaid Visa Card, and the Vision Platinum Prepaid Visa Card. All the cards offers free online bill pay to all card members. You can pay just about any company through the bill pay system even if the company is not set up to receive electronic payments. At anytime you can use your card to pay any company you choose as long as they accept Visa debit cards. When you use the bill pay service your payments are reported to a credit agency so it helps build your credit.

RushCards

• Pay virtually anyone online, including sending checks to friends
• Schedule single, recurring, or future-dated payments.
• Receive e-mail/text reminders.
• Track your payment status and history.

The RushCard series of cards includes the Baby Phat Prepaid Visa® RushCard, the Purple Diamond Prepaid Visa® RushCard, the RushCard Prepaid Visa® card and the Black Diamond Prepaid Visa® Card. All the RushCards offer online bill pay. With these cards using the bill pay can help build your credit because those payments are reported to a credit agency. There is a $2.00 bill pay enrollment charge and a $1.00 charge each time you pay your bills.

SilverCard Prepaid MasterCard®

• Completely Free
• Builds credit
• Electronic and paper checks available
• Online payment tracking

The SilverCard Prepaid MasterCard® offers card holders online bill pay service called Click-n-PayTM. You can send electronic payments to thousands of billers, even if they don’t accept credit cards. If you want to pay a biller that isn’t in their database, they will send them a paper check on your behalf. The service is free and by using the bill pay you can help build your credit because you payments are reported to a credit agency.

The Green Dot MasterCard and the Green Dot Visa Card both allow their card members to log onto their online account and pay bills. Instead of going to the website of each individual company to make a payment, you can make all your payments right from your Green Dot account. It doesn’t matter if the company your making the payment to doesn’t accept electronic payments because Green Dot will write them a check. Using a bill pay service like this is nice because all your payments are tracked and available for you to see at anytime. When you make a payment the funds are deducted from your account balance so you always know what is available in your account. There are many reasons to use an online bill pay service like the one offered by Green Dot.

Signing Up
Signing up for the Green Dot online bill pay service is easy and once you become a card member you can do so right from the Green Dot website. There are three easy steps to signing up. You can only enroll in the bill pay program with the Personalized Card. The service is free and you will not be charged any fees for using it.

1. Select “Online Bill Pay” from the navigation bar
2. Click on the “Sign up Now” button on the right side of the page
3. After you have accepted the Bill Payment Agreement and verified your email, you will be ready to pay bills using your Green Dot Card

Eligible Bills To Pay
With the Green Dot bill pay you will be able to pay almost any bill. There are thousands of companies that are able to accept electronic payments, including most utility companies, cell phone providers, and other companies as well. When you access the online bill pay service you can view the complete list of companies that are able to accept electronic payments. If there is a company you use that does not accept electronic payments, you can elect to have a paper check to to the company instead. This could include companies or individuals like a landlord or even if you just want to send a friend a check. The check is issued from the bank on your behalf and the funds are take out of your account. Paper checks are sent through the US mail so keep in mind the delivery time frames vary, but are usually within 5 business days. You can only send payments to recipients within the United States.

Payment Details
If the company your paying accepts electronic payments, your payment can often be made as early as the next business day as long as you submit your payment request prior to 1:00 pm ET. There is no minimum amount that can be paid, but there is a $1,000 maximum limit on each individual bill payment. With the Green Dot Card you have a daily spending limit of $2,500 and your bill payments count towards this limit.

Scheduling Payments
With the service you are able to schedule any payment ahead of time, up to a year in advance. The online payment calendar lets you view the date your money will leave your Card, as well as the earliest date your money may be received by your payee. If the company your paying is part of the thousands of companies who accept electronic payments you payment could arrive to them as early as the next day.

Insufficient Funds
If you get in a situation where the funds are not available on your prepaid card to pay the bill you scheduled there are some things you should know. First, if you make a payment before 1pm ET and want the bill to be paid the same day, the bill pay service will process the payment the same day. If the funds are not available you will get a message back telling you the payment has been declined for insufficient funds. If you have scheduled a payment for the future, you payment will be process on the day you request. If on that day the funds are not available by 1pm ET then you will get notification via email letting you know the payment could not be process because of insufficient funds. For this reason it is important Green Dot always has a valid email address for you.

It seems like prepaid cards often get a bad wrap for the fees they charge. Maybe that’s because every prepaid card charges some type of fee, even the low fee cards. Since I have yet to find a prepaid card that doesn’t charge any fees, I thought it might be a good idea to review the fees that are most commonly in place. Since we can’t avoid the fees all together, we can at least know what were up against. Knowing the fees will help you when your searching for a card that fits your needs. Many of the popular cards waive some of these common fees, and these cards are highlighted below.

Activation Fee: An Activation Fee is the fee that is charged when you first activate the card. Some cards call this fee a start up fee. Its basically just the amount you have to pay to get the account started. It is a one time fee so once its paid it paid! Some cards will wave this fee as a special offer or just not charge this fee which helps make their card more appealing. If you want a card that does not charge an Activation Fee check out these:

• Mango Prepaid MasterCard®
• Green Dot Prepaid MasterCard®
• AccountNow Prepaid Visa® Card
• YAP MasterCard Prepaid Card

Monthly Fees: The Monthly Fee is the reoccurring fee you pay once a month for the card maintenance. It’s really just the charge you pay to be a card member. The fee is usually between $5 and $15 and the charge is automatically deducted from your account balance. Some cards have special offers that waive the monthly fee. If a card waives the fee, there is usually some stipulation to it. One stipulation could be the monthly fee is waived if you deposit $500 a month to the account or use direct deposit. Here are some of the top cards that waive monthly fees under certain circumstances:

• Mango Money Prepaid MasterCard (monthly fee waived if $500 or more is deposited on the card each month)
• Green Dot Prepaid MasterCard® (monthly fee waived if you load at least $1,000 to your Card or have 30 posted purchase transactions)
• Account Now Gold Visa® Prepaid Card (monthly fee waived if you load $3000 or more on your card in a month)
• Bank Freedom Prepaid MasterCard (no monthly fee with a minimum direct deposit or bank to card transfer of $350 per month or free when you load cash to your card account totaling $700 per month or more)

Transaction Fees: A Transaction Fee is the charge you incur when you make a purchase with your card. Some cards only charge a fee when you make a purchase without your PIN. This would mean that instead of using your PIN to make the purchase you sign for the purchase instead. Here are some cards that don’t charge a transaction fee when you use your PIN.

• Mango Prepaid MasterCard®
• Green Dot Prepaid MasterCard®
• AccountNow Prepaid Visa® Card

Load Fees: A Load Fee is the charge you incur when you add money to the card. Often there are ways to avoid this charge. Many cards offer free direct deposit and if you have your funds added this way you don’t have to be charged. Here are some cards that offer free direct deposit.

• Mango(TM) MasterCard Prepaid Card
• Green Dot Prepaid MasterCard®
• AccountNow Prepaid Visa® Card
• NetSpend® Visa® Prepaid Card

ATM Fees: The ATM Fee is the fee you are charged when you withdraw money from an ATM. Some cards charge an ATM fee when you get your account balance from an ATM too. An ATM Fee is a fee that most cards charge. Some cards will have it set up so you can go to an ATM within their “network” not be charged a fee.

• Green Dot Prepaid MasterCard®

Statement Fees: Just about every card charges a statement fee. This is because they usually offer this same information on their website for free. Many cards offer fee online account access which allows you to view your statement, balance information and card history.

Customer Service Fee: Cards often charge a fee if you calling customer service. If you need to call them about account information or your account balance then you will get charged a fee. If your card offers online banking then you are going to be able to find this information for free through your online account. Some cards offer the option to call into customer service and get up to date account information via their automated system. You usually only get charged the fee if you call in and actually talk to alive person.

Declined Fees: A Decline Fee is charged when you use your card to make a purchase or a withdraw and don’t have enough on your card for the transaction. The transaction will be declined and some cards charge a fee for when this happens. Typically it is $0.15 to $2.00 for the fee.

Dormancy Fees: If you don’t use your card for a period of time some cards charge a fee. For example, maybe your card requires there to be account activity at least once every three months. If you don’t follow this then you could be charged a fee. Dormancy Fees are usually between $1.50 and $5.95.

Replacement Card Fee: Just about every card charges a replacement fee. If your card is lost or stolen and you need a new card you will likely pay a fee for this. In addition, to the fee for a new card you often have to pay for the shipping of the new card too. If you want the shipping expedited then you will have to pay extra for that.

One of the questions we get a lot is what is the different between a prepaid credit card and a prepaid gift card. While these cards are similar, there are also big differences between the two. The primary difference is that a prepaid credit card is reloadable, while a gift card typically is not. But there can be other differences as well, so below we’ll walk through what each type of prepaid card offers, and when it’s better to use one type of card versus the other.

Prepaid Credit Cards
There are many great reasons to use a prepaid card. A prepaid card is a reloadable card that you deposit funds onto. It works similar to a credit card, but it will not affect your credit in anyway. As a matter of fact, you can have bad credit or no credit and still obtain a prepaid card. The card is not a line of credit, but instead it requires you to make a deposit onto the card before you can use it. The amount you have to spend is the amount you deposit. Once you spend the money you have put on the card you can’t use the card until you load more money onto it. Each prepaid card has different options for loading money to the card, but just about all prepaid cards offer to load from a store location or direct deposit. Some prepaid cards even help the user build credit and offer rewards. Prepaid cards are a safe and convenient alternative to using a credit card.

Prepaid Benefits

• Everyone is eligible
• Great tool for budgeting
• Used anywhere Visa and MasterCard debit can be used
• Low fees

Gift Cards
A Gift Card is a card that has a fixed amount loaded onto the card by the card purchaser. Once the money has been spent the card is no longer usable and the card can’t be reloaded. Often when you purchase a gift card it has an expiration date on the card. If the card is not used before it expires you lose out on using the card. Store gift cards are extremely popular and are a great gift giving idea. You can also purchase Visa and MasterCard gift cards which look very similar to prepaid cards, but work very differently. In recent years gift cards have replaced gift certificates. They are basically the same thing, except gift cards are easier to redeem and easier to replace if lost. Now there are places where you can even design your own gift. The cards can be used to pay bills, make ATM withdraws, and pay at the pump. Gift cards have been affected by some of the rules and regulations as a result of the credit card act.

Gift Card Benefits

• Great gift idea
• Can be store gift cards or Visa/ MasterCard
• In most cases they can be replace if lost or stolen
• Online account access

JPay provides a service to friends and family members of those incarcerated in state, county and federal correction facilities. JPay works with correctional facilities across the country to provide money transfers, email and video visitation services for family and friends. Parolees are also able to use JPay to pay their restitution and they have the option to manage a Release JPay MasterCard. At the JPay site you can register and become a member and gain full access to all the benefits the service provides. Becoming a member is free and is a great way to stay connected to your friends or family members while they are incarcerated.

Sending Money With JPay
JPay is a fast, convenient and a safe way to send money to an inmate. Customers can use JPay.com to send money using a Visa or MasterCard credit or debit card. When using this service the funds are usually credited to the inmate’s account by the following morning. In order to see if JPay is available for your need there is an inmate search tool that you can access from the site. There is also a service map available as well.

Funding A Phone Account
With JPay you can also fund an inmate’s phone account (prepaid or debit) with a Visa or MasterCard credit or debit card. When you use this process the money is credited right away which lets the inmate use the phone account immediately. The JPay service map will also allow you to see if phone payments can be made to your prepaid account or to an inmate’s debit account.

JPay MasterCard
JPay Prepaid MasterCard is a prepaid card that can be used anywhere MasterCard debit is accepted. The card can also be used to withdraw cash at ATM’s throughout the United States and even worldwide. You add money to the card with cash or check at any Western Union location.

JPay Forum
The JPay site offers a Friends and Family Forum which enables a people to connect with others who might be sharing a similar experience. In this forum you can find links to news and announcements, offender information, prison resources and the JPay chat room. This forum serves the purpose of providing a resource to get some of your questions answered. It is also a way for friends and families to be able to connect with other across the country who are facing difficult times being away from their loved ones. The forum also provides a state specific forum which might be useful if you need information about processes in a specific state.