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How Prepaid Cards Can Help Members Refresh the Way They Budget

by Naomi Anderson, Vice President of Prepaid, Envisant
February 27, 2023

The new year not only inspires us to set goals but also to refresh our approach to achieving them. This includes using the tools we have on hand to their fullest potential. Like riding a bicycle to improve physical well-being, members can use prepaid cards provided by your credit union to enhance and strengthen their financial health, which helps build strong member relationships.

Find a Healthful Balance

Prepaid cards with associated apps make tracking purchases and balances particularly easy for members. Members can use this feature to track their spending habits and gain a better idea of how much they really spend and to determine where they can spend less. They can even set transaction limits to stay in control.

Goal Setting

An important part of financial health involves setting goals. Staying on track with day-to-day and short-term spending goals is easier when members have a way to clearly separate each area of spending. Placing funds for needs like groceries or home improvement on separate reloadable prepaid cards allows members to keep their spending goals clearly defined on an ongoing basis as they go about daily life. Having separate cards for special categories like tax refunds or upcoming occasions like travel can also help members use these funds more deliberately.

Avoid the Weight of Debt and Wasted Funds

Prepaid cards are great for all members looking to make the most of their budgets, but are especially helpful to the underserved. Members have the convenience of using cards to pay for purchases without risking overdraft fees or worrying about interest rates that undermine carefully planned budgets.

By showing your members ways they can use everyday tools like prepaid cards to build stronger financial muscle, you can strengthen their trust in your credit union as you work together with them to support their budget needs.

If you’d like to learn more about offering a prepaid program that supports financially healthy members, contact Envisant. We work as an extension of your credit union team to help achieve its vision for growing strong member relationships.

Naomi Anderson oversees Envisant’s prepaid team in day-to-day program support, customer service functions, implementations, marketing and prepaid program growth. Naomi’s career spans over 30 years in the financial industry. She has her B. A. in Management from National Louis University and has earned her CUDE certification.

About Envisant

Envisant helps credit unions achieve their vision through a combination of experience and incomparable expertise. Our prepaid program features CUMONEY® Prepaid Visa® reloadable and gift card programs (both plastic and virtual) with mobile app features and tokenization for added cardholder security. We also provide program participants with customer and marketing support. Achieve your vision with us!