There's a new personal financial planning
tool that offers a hybrid solution to traditional banking and prepaid
accounts that gives cardholders financial planning tools, similar to those offered by
Mint.com, along with lifestyle rewards, such as those offered by Living Social.
The
Jump Card
by Synchology is at the forefront of the growing consumer movement
toward taking back financial control and reducing credit card
debt. The card offers a unique, intuitive financial dashboard,
personalized rewards programs, and all the great benefits and
protections of mainstream banking or credit cards but without the high
fees or interest rates.
I had a chance to interview Doug Bobenhouse from Synchology about the trend toward prepaid cards.
1) What are the advantages of using
prepaid cards compared to credit cards?
Unlike credit
cards, prepaid cards do not result in debt creation. Prepaid cards are more
like checking accounts in that the money deposited is the money available to
spend, but they cannot be overdrawn.
2) What do consumers need to be aware of
when using prepaid cards?
Prepaid card terms
and fee schedules are widely varied. Different cards may be better for
different spending and money management styles. Before signing up for a
financial account of any kind it is a good idea to read the “terms and
conditions” and understand what kind of costs may be associated.
3) What tools and rewards does the Jump
Visa® Prepaid Debit Card provide?
Money Management: The Jump Card offers
powerful and flexible money management tools that you can use to keep track of
monthly spending. Transactions are automatically categorized for you, but you
can also set up folders and tags for anything you can think of. Budgets can
also be set up with alerts to help you know where you stand.
Rewards and Deals: The Jump Card pays you back
for using it. Earn 1 point for every dollar you spend and more when you take
advantage of offers selected just for you. And if you share your love for The
Jump Card on Facebook and Twitter, you can earn points for each person who
signs up and funds their card through your link.
4) What other advantages does the Jump
Card have over other solutions?
With flat $5
monthly or discounted $50 annual “no surprises” membership fees, powerful money
management tools and great rewards and deals, The Jump Card is one of the best
financial account values on the market.
Visit the website to find out more, including the rewards and deals available. If you spend $500 a month on it, the card pays for itself!
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