They are also known as Pay as you go cards. With a prepaid credit card you have a fixed amount of money you can use. Since there is no line of credit, you don’t have to worry about paying back any debt.

Credit cards are practically a necessity of life these days. When was the last time that you wrote a check. I’d wager that most of us just write one or two checks a year these days and the rest is done by card. It’s almost impossible to rent a car, reserve a hotel room, or make a large purchase without a credit card. Many businesses now require customers to have a credit card on file even if paying with cash or check. What can you do if you have bad credit or no credit?

As we said earlier prepaid credit cards are also known as “pay as you go” cards. They work in a similar way to traditional credit cards. The difference is that prepaid credit cards don’t involve borrowing money from the issuer. You preload the card with money and then use it wherever Visa or Mastercard are accepted. Late fees and interest charges are not applicable. Simply refill the card when the balance is low or depleted.

A prepaid card is much like the gift cards available from most high street chains in the UK, however, prepaid cards have a much wider acceptance, and can be used internationally. They are the same as credit cards, but without the credit. The majority of UK prepaid card providers offer cards embossed with your own name, and some are even CHIP & PIN cards.

A prepaid card is not a credit facility, so you do not need to pass a credit check. Even if you have bad credit or CCJs you are guaranteed to be approved for a prepaid card. However, you are still required to provide details verifying your identity and address (for example a passport, driving licence or national identity card plus a utility bill or an official letter with your permanent or temporary address). Some of the prepaid card issuers will even verify your details online, and give you an instant approval. By the way this is correctly called an electronic identity check, not a credit check!

A prepaid credit card such as a Visa or prepaid Master card can be used like any other credit card to make purchases. With a prepaid card, however, you load funds onto your card and use that money to make purchases and get cash — you are not borrowing money from a bank or other financial institution. The prepaid credit cards look, feel and work like a credit card but are pre-funded “stored-value” cards. This allows you to set spending limits for you or your kids.

So there you have your answer. It is a pre-paid, reloadable card can be used anywhere Visa or MasterCard is accepted — at stores, gas stations, restaurants, theaters, in the mall and online. Making a hotel and rental car reservation is a snap. You can also access cash at ATM\’s. The card is great for everyday purchases, special occasions, and emergency backup.

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Prepaid credit cards can often be refunded at the bank where they were originally purchased. Learn how to refund prepaid credit cards from acredit counselor in this free personal finance video. Expert: Maria Enomoto Contact: www.gotdebt.org Bio: Maria Enomoto is a credit counselor working for Consumer Credit Counseling Services in San Jose, Calif. Filmmaker: Bing Hu

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Prepaid What?
Free prepaid credit cards work in much the same way other prepaid cards do. You deposit a certain amount of money. Then, you get to use the card only to the extent your previously deposited amount allows you to. So you see, your cash balance works exactly like your other plastics’ spending limit. Your purchasing power is only as good as your cash balance.

Free prepaid credit cards are the perfect way for you to keep your spending within reasonable limits. While the usual plastic lets you swipe away to your heart’s content, free prepaid credit cards are only useful for as long as you do not exceed the prepaid amount loaded onto your card. This makes it the perfect plastic for people with spending problems, students on a budget, or teenagers who are being taught money lessons by their anxious parents.

A Credit Card That Isn’t Really a Credit Card
Free prepaid credit cards are classified as credit cards. Many claim, however, that this is a misnomer. A prepaid credit card is not really a credit card. Why? To begin with, no credit is offered by the card issuer. The cardholder spends money that has been stored in the card through a previous deposit. It is precisely for this reason that free prepaid credit cards may be issued to minors. Because there is no credit involved, minors are free to own their personal prepaid credit cards.

So Why Get Free Prepaid Credit Cards?
There are advantages to getting free prepaid credit cards. The most obvious is that they are very easy to qualify for. In fact, they can be bought over the Internet. Additionally, many providers do not run credit checks or investigate your income. Because it’s your own money you’re putting up, providers do not put you through hell and back just so you could use your card.

Then, too, you do not pay interest charges on your free prepaid credit card like you would with a regular plastic. Why would you? You are, after all, using your own money. Another advantage is that free prepaid credit cards look exactly like regular Visa or Mastercards They are honored everywhere a regular card is. Furthermore, some free prepaid credit cards help you rebuild credit. Each time you use it, you are creating higher credit rating for yourself.

We live in a world where our buying power is largely based on our credit rating. Clearly, credit is good, high credit rating is to die for, and free prepaid credit cards are for all of us who have spending problems, have been remiss with paying off debts, or are below 18 years of age.

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The prepaid credit card business helps individuals with little to no credit. Find out more about the prepaid credit card business withexpert tips from a registered financial consultant in this free video on financial planning. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC…

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In other words, the amount you have to spend on them is in direct proportion to how much you initially put onto them, or pay for them. For example, if you pay $100 for a prepaid credit card, you have a $100 limit to use with that one. If you find a free prepaid card, you will have a $0 limit, and therefore it’s useless anyway.

Not every prepaid credit card is created equal. For example, with many of them there are additional fees you have to consider even after the initial deposit you make on them. For example, some charge a monthly or annual fee for using the, in addition to a transaction fee each time you use it to make a purchase.

Therefore, in this sense there are free prepaid credit cards, in that the only price you pay is the amount that goes towards the limit on it. when looking for the right one, always be sure that the only fee you are paying is the deposit amount, and make sure there are none of these hidden fees, which can dramatically spike up the amount you will be paying.

With that said, of course, you don’t have to worry about any additional fees tacked on-the amount you spend all goes towards your credit limit, and you don’t spend anything just for the card itself. Having prepaid credit cards is very important in certain situations where you don’t have your credit card handy, but can’t pay with cash.

An obvious example of this would be buying something online, as you obviously can’t spend cash, but if you either don’t have your current credit with you, or it’s over it’s monthly limit, the only way you can buy is having a prepaid credit card. To find these, just go down to your local right aid or Wal-Mart, and you can find many available.

In addition, going on the internet will help you find many of these on hand as well, although you will have to wait until they are shipped to you, which in some instances can take over a week. I’d recommend you just go to your local store if you are in a hurry.

Also, it’s generally wise to bring these with you on trips, as in the case of booking a hotel or other things where cash is not accepted. Particularly with hotels, they generally require a credit card in order to reserve your room, and usually don’t accept cash for this.

If you don’t have a credit card on hand, a prepaid one is your only bet. Particularly if you are booking a hotel, you can generally only do so with a credit card, as they won’t accept cash until you are ready to check out. Use these tips to find the right free prepaid credit cards for you.

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Prepaid credit cards, also known as prepaid debit cards, are becoming popular among people unable to qualify for a checking account or credit card. With all the card options, it’s always helpful to know what you are doing before you go out and get a card.

Often, people look at prepaid credit cards as being all the same; however, different cards have different types of fees, features and services. This article will guide you on how to find a prepaid card that is right for you.

Step One: Identify Card Use

If you are in the market for a prepaid card, the first thing you should do is identify why you are getting the card. Will you be using it on a regular basis? Or will it only be used for special occasions? The majority of cardholders use prepaid cards to handle their personal finances, such as paying for groceries, bills, and other necessities. On the other hand, some people like using prepaid cards for special occasions, such as vacations, traveling, and online shopping. Identifying how you will be using your prepaid card will help narrow down your card options.

Step Two: Identify Card Features

From the previous step, you identified how you plan on using your prepaid card, now you need to identify what card features you are looking for. ATM withdrawal and direct deposit is common among most prepaid credit cards and usually a necessity; however; some features, such as SMS text alerts and short-term loans, are more of a luxury and only offered on select prepaid credit cards. For example, a card with higher deposit limits and free bill pay may be more important features if you’re using the card to handle most of your personal finances, but not as necessary for someone using it just for vacation. Make a list of features you need, a list of features you want, and a list of features you can deal without. This will come in handy when you begin searching card offers.

Step Three: Identify Card Fees

The last thing you will need to identify when choosing the right prepaid credit card are the fees. Every card is set up differently and has its own fee structure. Not all prepaid cards charge the same type of fees, but some of the more common fees you can expect to see are: activation fees, monthly fees, bill pay fees, ATM fees, and transaction fees. Identify all the possible fees you can expect to pay along with an ideal and maximum amount you are willing to pay for each fee. This step helps by set a budget for how much you are willing to spend on your prepaid credit card.

Step Four: Card Comparison Sites

Now that you have an idea of what you are looking for in a prepaid credit card, it is now time to start shopping around to find the card that fits your needs. With so many prepaid cards available to choose from, it can be quite time consuming searching through so many card offers online, this is why card comparison sites are so useful. Most credit card comparison sites have categories for prepaid credit cards, but since these sites are formatted for traditional credit cards, the prepaid information may not be as useful. It is better to use a card comparison sites that are designed primarily for prepaid credit cards. These websites are great information resources for finding the right prepaid card; you can compare prepaid credit cards, read card reviews, and get information on a variety of prepaid credit cards without searching the internet for each card individually.

Step Five: Apply and Review

Now that you have used a prepaid card comparison site to find the prepaid card that matches what you need in a card and what you are willing to pay, all you have to do is apply. Once you have applied for the prepaid card that is right for you, write a card review on the prepaid card comparison site that you used. By writing card reviews, you can contribute to the community of prepaid card shoppers by sharing your own personal experience with the card.

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why use you own credit or bank card whn this is more secure?

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Prepaid credit cards are a way for someone who cannot get a traditional credit card to build credit. The classic case here is the person who has declared themselves bankrupt. Once anyone does that their credit rating is reduced to zero and people describe that as having a bad credit rating, or just bad credit.

This is where a prepaid credit card can be a life saver.

There are some pros and cons to prepaid credit cards, so shopping around and being informed is important when getting one. A prepaid credit card will help build credit without the risk of falling into debt and hurting your credit rating even further.

A prepaid credit card is basically like any other credit card. It is backed by one of the major credit card companies. Prepaid credit cards, though, are completely controlled by the user. The account for the card is opened with a deposit that is then the credit limit. Whenever the user desires more money can be added. Only the amount of money that is in the account can be spent. If the user tries to spend more than their limit the card will be denied.

Walmart and Walgreens provide prepaid credit cards but there are many others. You load the card with an amount of money. Then you re-load it every time you need to use it.

Prepaid credit cards are really becoming popular because they are convenient and allow you to better budget your money than a regular credit card.

Charges vary from card to card, but it’s always best to compare fees before deciding which prepaid card is best for you. You can also find links on the above site to purchase prepaid cards.

Pre-paid credit cards are credit cards in which the owner of the card deposits funds with the credit card issuer to be accessed via the card. This is in contrast to a traditional credit card in which the credit card issuer gives the user a card without receiving any money in advance.

The merchant uses their standard procedure for accepting credit cards of any type. This often involves swiping the card through a terminal. In this case, the terminal is connected to a network that allows the card to be approved or declined. In the case of a pre-paid card, the amount of the purchase is compared to the amount of funds remaining from the original deposit. If there are sufficient funds available, then the transaction is approved. The amount of the purchase is deducted from the funds that were originally deposited with the credit card issuer and the remaining funds become the card\’s new balance.

Any government agency can deposit unemployment benefits, child support payments, etc. directly into a prepaid card, as your employer can do. You might be able to put money in it by yourself. The money can be used right away and the amount you spend or withdraw is deducted from it immediately. Just like debit cards, prepaid cards have a personal identification number.

There\’s nothing simpler. You pay up front. When the card runs out, you refill it. Use it like a credit card, but no bill at the end of the month, only a statement showing what you\’ve spent. That\’s why it\’s prepaid.

All you do is to decide how much to put on your prepaid credit card – and deposit that amount on the card, as you would into a bank account.

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ConsumerAffairs.com’s Mark Huffman reports a “secured” credit card might be a good option, but make sure you don’t get an “advance fee” card instead.

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