Prepaid credit cards can help with impulsive or emotional spending: Experts

TORONTO — Ellie Clin uses a Wealthsimple Cash prepaid Visa to pay for gifts, takeout, groceries, entertainment and other non-essential expenses and saves her bank’s Visa card for larger purchases and monthly bills.“I’ve never been good at formal budgeting with spreadsheets and receipts. When I was using my main bank account for personal and entertainment spending, I found there were some months where I’d go to pay my Visa bill and gulp because I knew I had overspent,” said Clin, a 35-year-old program director in Kitchener, Ont.“I like being able to just look at the balance in my Cash account and have a simple yes or no answer to whether or not I can afford something at the moment.”Clin isn't alone.

Please click on the image for for article

This report by The Canadian Press was first published Feb. 22, 2022.Leah Golob, The Canadian Press