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Learn About Prepaid Credit Card
Prepaid credit cards also called stored value card can be
ideal for individuals who are unemployed, have bad credit or
difficulty obtaining an unsecured credit card. Prepaid credit
cards are also excellent for individuals who have a hard time
controlling their spending and prevent the individual from
overspending and getting into credit card debt. If your objective
is to establish or rebuild you credit over a period of time, make
sure the prepaid card issuer reports cardholder transactions to
the credit bureaus namely Experian, Equifax, and Trans Union.
It is very easy to obtain a prepaid credit card because there
is no credit check or employment verification since the funds you
will be using are yours and not that of the prepaid credit card
issuer. Prepaid credit card spending limit or credit line is the
amount of money you loaded to your prepaid credit card account.
Prepaid credit card carries the Visa or MasterCard logo. It can
be used anywhere MasterCard and visa is accepted except renting a
car at certain car rental companies and setting up automatic
recurring payments.
The difference between a prepaid credit card and a debit card
is that the spending transactions are deducted from the amount of
money you loaded to your account unlike a debit card where the
money spent is subtracted from your checking account and could
cause Non-Sufficient Funds (NSF) charges. The NSF charges are due
to a customer drawing funds from an ATM or making purchases that
exceeds the balance in their checking account. With a prepaid
card this will never happen since the prepaid card holder is not
borrowing any money and can only spend the amount of money loaded
to their prepaid account.
With prepaid credit card there are no interest charges because
you are using your own money. To obtain a prepaid credit card
requires paying a setup or application fee and may charge a fee
each time you load more money to your account. Some of the ways
prepaid credit card can be funded is with a wire transfer and a
cash deposit at certain locations approved by the issuer.
About The Author:
David Hall owner of the popular site http://www.iCreditOnline.com
He has tools for finding a wide range of financial services
including secured and unsecured cards, student and business
cards, auto loans, and more from the most reputable companies in
the industry. You can also compare multiple credit card offers,
securely complete an online credit card application, and receive
a credit decision in at least 60 seconds.
Visit David's site today: http://www.iCreditOnline.com
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