Prepaid debit cards hold their own in today’s banking world. Among Americans, 25% either use a reloadable prepaid card or have used one in the past few years, according to an April 2015 TD Bank survey.
Among millennials, that figure jumps to 33%, the survey notes.
Prepaid debit cards offer key advantages, including the chance to control spending and steer clear of overdraft fees. At the same time, after using a prepaid card, you may find at some point that it’s worthwhile, and affordable, to explore other banking options.
“Prepaid cards are a starting point, not an end solution for money management,” says Brad Hanson, president of MetaBank and Meta Financial Group in Sioux Falls, South Dakota.
But when is it time to move on? Here are 6 signs you might be ready to pursue other financial tools.