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Prepay cards increasingly popular

In the wake of the credit crunch, prepay cards are becoming increasingly popular for a range of reasons - whether it's to have greater control over budgeting, to prevent theft online or in reality, and to avoid criminals getting hold of any credit card details.

A growing number of people are turning to more secure prepay cards to buy things both online and in stores - these cards do not carry information on the user's credit card, making it a far more secure way to pay. Additionally, it has been thought that prepay cards are a 'lifeline' for those without a permanent bank account who do not wish to be paid in cash - because payment can be automatically added to the prepay account.

However, it has been warned that whilst this market is growing, the fees and charges for this service are very high - nearly every prepay card on the market charges a monthly fee, regardless of whether the card is used, and some charge fees for balance transfers of any amount. Whilst these cards are more secure than credit cards, it is essential to remember the extra fees and charges that users can incur.

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