Prepaid cards have been sold by popular credit card companies like Visa for years. They have traditionally been thought of as gifts or ways for people without bank accounts to make credit or debit card purchases. But more recently, some have begun using these cards as a way to control spending and avoid overdraft or related fees. So just how popular are these cards?
In Ask Your Target Market’s latest survey, 12% of respondents said they often purchase prepaid cards or generic gift cards. 32% said they sometimes purchase prepaid cards. 23% said they rarely purchase prepaid cards. And 33% said they never purchase them.
70% of those who have purchased prepaid cards said they have bought them to give as gifts. In addition, 12% of overall respondents said they often receive prepaid cards as gifts. 39% said they receive prepaid cards sometimes. 23% rarely receive them as gifts. And 26% said they never do.
But that isn’t the only reason people might buy prepaid cards. 30% of customers said they buy prepaid cards to use for online shopping or other credit-only situations. And 15% said they buy prepaid cards for themselves as a way to control their spending habits.
Though they may be useful for money saving purposes, there are fees associated with prepaid cards. And just 10% of users said they think the fees associated with prepaid cards are very reasonable. 46% think the fees associated with prepaid cards are somewhat reasonable. 28% said the fees are somewhat unreasonable. And 16% said they are very unreasonable.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on February 10 via AYTM’s online survey panel.