Advice to Prepaid Credit Cards for Kids
It is fact that credit cards come with a big responsibility. Almost any American consumers follow a trend of giving away more money than what they earn, which results to getting deep in credit card debt. You should know that a credit card interest can be relatively high, and since over spending is already a habit, you are more likely to spend many dollars through your plastic cards.
Hence, it is advisable to teach teens about proper budgeting of their monetary resource so as to prevent them from incurring the same faults once more. Hence, going with prepaid credit cards for teenagers will not allow you to spend more than the total available balance of the card. In that way, kids are more due to budget their money wisely. Otherwise, they will end up with no money at the end of each month.
Prepaid credit cards for teenagers are easy to get, making them a favorite to parents who want their children learning to budget their money, however there are also times when many parents get a call when their teenagers’ credit is already due, which is usually at the end of the month. Another good thing about prepaid credit cards for kids is that they don’t come with an annual fee and they will also give you a means to fund your account without charging any fee through direct deposit. You could also have options to choose from whether you avail a free online bill pay and free account alerts. Thus, you are free from risk of incurring a bad credit report to credit bureaus.
It is also advisable that parents talk about how easy is over spending and how it can also bring trouble to their financial management. Explaining to them that people who use credit cards spend a lot more than those who use checks or cash only can do. In fact, a survey was carried out and found that customers going out for eating spend 50 percent more using their cards than using green bucks. As a responsible parent, you have to make sure that your kid permanently track their spending activities. It will help you guide them in knowing of how much money they have already spent, and also to watch of where the kids have been spending their money. Of course, it is also important that parents watch of the expenditures of their teens so as to know whether what they do is all right, or requires to be worked out for to prevent impractical expenditures out of their given amount of credit card balance. This will even better your parenthood by leading your kids to whatever they do with their given money.
The elemental goal of introducing prepaid credit cards for teenagers is understanding the value of money. It is indeed a great way of assisting teens develop their sense of responsibility, particularly on budgeting their monetary resource. Therefore, if you haven’t gotten your teenager yet with a plastic card, you should give a prepaid credit card a try that is specially designed for teenagers like them.
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Help answer the question about prepaid credit card
Where or how can I get a prepaid credit card?I want to get a prepaid credit card so I can do online shopping, without having to pay for interest rate. Whats a good prepaid credit card can I get? I don't have a checking account or do I want one, I basically want a card to put money in and go shopping with. Thanks for all the help!
January 24th, 2009 at 12:32 pm
Yes there is a way for you get a prepaid credit card with your name on it. Its take 7-10 days and its is a credit card.
It cost like 10.00 please see walmart dealer or https://www.walmartmoneycard.com/walmart/homepage.aspx
I hope it works.
If you have a bank card visa that will work also.
January 24th, 2009 at 12:54 pm
A debit card should work–I've been using my MasterCard branded debit card online for years. However, there are occasionally sites that say they don't take debit cards.
In that case, you could try getting a secured credit card. You make a deposit to the bank which becomes the limit of the card (you can't touch that money, so make sure you can afford it). So if you put $500 on a secured card, you would have a credit card with a $500 limit. After a year or less, the secured card will become unsecured and you get your deposit back and it becomes a regular credit card. It reports as a regular card to the credit bureaus too, so no one would know it's a secured card but you. Bank of America has one that is supposed to be very good.
You could also try shopping through sites that use Paypal–you can have Paypal draw directly from your checking account.
January 25th, 2009 at 1:56 am
As long as it is a valid Visa or Master card etc. yes
January 25th, 2009 at 1:18 pm
I don't think so..
January 25th, 2009 at 7:08 pm
sometimes those prepaid debt cards cost
you anywhere from 5 to 20.00 and thats just to get
the card, then there might be charges for non-use or even if you
use a monthly charge.. and do you want to use a ATM more fees
.
read the fine print
I would sugggest you can open a checking account usually for
a low balance or even free of monthty charges and most
of those checking accounts include debit card which works
just like a credit card..
January 25th, 2009 at 9:39 pm
If you want a reloadable prepay card you will need to get a Green Dot Card.
Most of the others are prepaid Visa cards with a set limit and they can't be reloaded. You buy a $100 Visa Gift Card and use it up but can't reload it because it is not a real account. (Does not have your name on it).
January 25th, 2009 at 11:58 pm
yes, in some ways it's better.
You have already paid the money ahead of time and now you can use it, up to the limit of your payment minus the fees charged for managing your acct. With a prepaid credit card you cannot go over the limit. so you realistically have no debt with the company because it is prepaid.
January 26th, 2009 at 7:58 am
Yes, it should work exactly like a non prepaid credit card for purchases. The only obstacle that you may come across is if you try and use it as payment for for a subscription of some sort. But that depends on the payment policy set by the company. You may want to look into a PayPal account too.
Before you know it you will be getting offers for regular credit cards. Be careful and spend wisely. You can find more information about credit cards on my website at http://debtskinny.com. Enjoy your new sun glasses ( :
January 26th, 2009 at 9:40 am
Yes you can. greendot.com is the best. We use them. Most Dollar General or Exxon stations sell them. You can deposit as much as $2500 to each card.