Finding the Best Prepaid Credit Cards
If you’re in the hunt for a credit card, you’ve probably searched everywhere and with so many type of credit cards out there, it’s hard to determine which credit card best suits your needs. Today, we’re going to focus on a prepaid credit card.
When you think of a prepaid card, you’re probably thinking of a card you give someone for Christmas as a gift but this isn’t the type we are going to talk about. Instead, these type of cards are designed for those that have bad credit. They work like a gift card but instead, they are in your name and work just like a Visa or MasterCard.
A prepaid credit card sounds like a joke when it comes to your finances but believe it or not, there are cards out there that actually report to the main credit bureaus. What does this mean for you? This means that your credit will be reported and this will help you build your credit score. This way, in the future, you’ll be able to get that home mortgage and loan you want.
How do I apply for one?
Applying for one is fairly simple. Many banks on the market offer these types of cards. There are things that you need to look out for though when you do apply. There are going to be maintenance fees, credit limit limitations and some cards will only allow you to use them at particular places.
A maintenance fee is what will be charged to you no matter how you use the card. Make sure that you read the terms and conditions when you want to find out more about this. This will either be charged weekly, monthly or even yearly. Sometimes you’ll be able to find a card on the market that doesn’t even have a fee like this so make sure you look for those too.
When it comes to credit limitations, this means that some cards may cap you at how much you can deposit into your account. There are accounts out there that will give you interest on your balance, so look for those too. For example, some cards may say that you can only deposit a maximum of $5,000. This will be your credit limit. If you can find a card that gives you interest on your balance, this is even better.
When it comes to applying for a card, make sure that you always look for a card that has a major card logo like Visa, Mastercard, etc. The reason you’ll want these main logos are because you’ll want to be able to use them wherever these cards are accepted (which is just about anywhere.)
Prepaid cards are great for those that are looking to get a card regardless of their past. Just about 99% of the people that apply are approved and even if you don’t have bad credit, these cards are great to control your debt. If you’re bad with your spending when it comes to credit cards, these can help you out a ton!
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Help answer the question about prepaid credit card
How to get money off of prepaid credit card onto paypal ?I have 20 dollars on a prepaid credit card. How do I put it on Paypal ?
November 13th, 2009 at 12:25 pm
prepayedge – http://www.tns-prepaid.net/
it's 2 years, but avail for non americans – mastercard
November 13th, 2009 at 12:27 pm
The reason that they do not accept Pre-Paid cards is that there is really no security with those. A person could head to a local store, put enough on the card to cover a deposit. Then rent a car with what amounts to an anonymous card and then never return the car.
Now, for credit cards there is nothing that says you have to pay interest. Interest is only charged if you carry a balance from one month to another. So if you only spend money you know you have that is not an issue. As for the fees, I have never seen a Pre-Paid card without fees, that is how they make their money. If you add these fees up over a period of time, and compare them with the fees(such as an annual fee) a credit card may(but does not always) charge. The credit card is going to be very close(or possibly lower) than the Pre-Paid card.
Another thing is that several(but not all) car rental agencies have started to accept debit cards for a deposit. This is tied to your checking account and most banks encourage you to use them so there are really no extra fees.
November 13th, 2009 at 1:48 pm
November 14th, 2009 at 2:34 am
With a prepaid card, you control the spending and having access to cash is good, but car rentals and all online things require a credit card to purchase, try, etc.
PIN numbers are given to prepaid card owners so if it is lost, you have 0% liability against unwarranted use. They will replace your card and the last amount of funds you knew to have on there.
The one I have used for almost 2 years is the Rushcard, and their application is at http://www.rushcard.com. Excellent customer service and high spending limits ($1000 ATM, $2000 total.)
November 15th, 2009 at 4:05 am
You can not buy prepaid cards with credit cards, you have to use cash. There is no recharge fee free cards out there either.
November 15th, 2009 at 6:55 pm
at the checkout counter!!! for all the details to to customer service!!!!
November 16th, 2009 at 1:18 am
Stay away from those "prepaid" cars rip offs. There are too many hidden fees, charges and if you do not use it within a specified time, you loose whatever balance you had.
Your better off to obtain a secured credit card at any bank or credit union. You deposit the funds and they hold them in case you do not pay the monthly bill. The more you deposit, the higher the credit limit and most do not charge for this service.
It's a good way to start to build your credit, look into it.
Hope this answer helps you out.
November 16th, 2009 at 1:33 pm
November 16th, 2009 at 3:57 pm
See
http://www.esuperfind.com/accountnowprepaidmastercard.php?id=hra0tt16koo9
when at the sign up page you can download the user agreement, it is all explained there how to get past their fees and anyone can download it without giving out any info.