Broker Check
Jose M Borro II
Jose M Borro II
AirMar Wealth Management Financial Planner
https://www.prudential.com/advisor/jose-borro (561) 206-5366

Jose M. Borro II, CPFA®
Founder, AirMar Wealth Management

Born and raised in Naples, Florida, Jose is the son of Cuban immigrants whose sacrifices shaped his values: freedom, family, and opportunity. That legacy is the heart of everything we do at AirMar.

After more than a decade in the financial industry, Jose founded AirMar Wealth Management to offer something often missing in finance—human advice, grounded in trust, values, and lived experience. Every strategy we create is designed around one central truth: your life comes first.

When he’s not helping clients shape their futures, Jose is enjoying his own—boating along the Atlantic with his wife Lauren, adventuring with their son Judah, and soaking in the Florida lifestyle that inspires the AirMar name.

Licenses & Credentials:

  • FINRA Series 7 & 66 held with LPL Enterprise
  • Florida 2-15 Life, Health & Variable Annuity License
  • Certified Plan Fiduciary Advisor (CPFA®)
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Weighing the Benefits of Prepaid Debit Cards

Money Read Time: 3 min

Many Americans use some sort of prepaid debit card, for a wide variety of reasons. Some prefer them for their versatility and the ability to use them for everything from paying bills to spending money at retailers. They are also popular among the 5.9 million American households that, for whatever reason, do not hold a bank account.1

A prepaid debit card is established when an individual provides cash to a financial institution in exchange for a card that can be used like any debit card or credit card, except it is limited to purchases in an amount not to exceed the card’s cash balance. When the balance runs low or is exhausted, the card can be reloaded with additional cash.

There are reasons why you might consider using a prepaid debit card, including:

  • For individuals with poor credit, who may be unable to get a credit card, carrying a prepaid debit card means they don't have to carry cash.
  • For individuals who have trouble managing their spending, prepaid debit cards can act as a restraint on poor habits.
  • As an alternative to credit cards for college students, they can help protect parents from their children's excessive spending while teaching important budgeting lessons.
  • They offer potential protection against the loss of cash when traveling.
  • In a world of data theft, prepaid debit cards do not house personal data, such as your Social Security number or bank account information, shielding that data in the event of theft.

They do come with drawbacks, such as:

  • They do not provide any advance of credit, like a credit card. So if you have an emergency expense that exceeds your prepaid debit card balance, the debit card will be of limited use.
  • Prepaid debit cards may come with considerable fees, including account opening fees, transaction fees, and monthly charges. Depending upon the balance, fees can represent a high percentage of your cash value.
  • You will not earn reward points or rebates like you might with a credit card.

If you are considering a prepaid debit card, be sure to comparison shop. The fees can vary widely, so look for an appropriate card. And keep yourself informed about your running balance so you don’t find yourself short on money.

1. FDIC.gov, July 24, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

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