The
following are answers to common questions about online
prepaid credit cards:
What
is a pre-paid card?
Not to be confused with a debit
or check card, a prepaid card is a card issued by
a lending institution that is activated with a deposit
into a savings account. Your spending limit is the
amount of your deposit (less any fees). When you reach
your spending limit, your prepaid credit card will
be "empty". You can "reload" your
card with an additional deposit.
Why
is a prepaid card better than cash?
Unlike cash, a prepaid card can be used online to
complete purchases, make reservations, order food,
pay for subscriptions, complete downloads, and the
list goes on. Cash is not accepted online so no matter
how much cash you have in your pocket, you can't do
anything with it on the web.
What
will my credit limit be, and what fees will I have
to pay?
The credit limit you will have
is determined by the amount you deposit into the initial
savings account. Fees that may incurred are account
are small application fees, annual fees, and/or processing
fees. It is important to note that all companies do
not charge all of these fees. Always read the terms
and conditions of the card to determine how much you
will have to pay in fees before you apply.
What
are the benefits to my credit score with a prepaid
credit card?
Prepaid card issuers do not
report to the credit bureaus. Your credit score will
not be effected by a prepaid credit card.
Can
my credit limit be extended beyond the savings deposit
amount? Preset
limits cannot be exceeded. This makes for easy budgeting.
You get the advantage of a credit card without the
monthly bills and overwhelming debt.
Can
I use my card to make online purchases?
Generally,
yes. Many online retail websites will allow the use
of a prepaid card for purchaes.
Can
I use my prepaid credit card to rental car or book
a hotel?
Generally, no. For these kinds
of transactions, we recommend secured
cards.
Search
for a pre-paid
credit card now.
For more options, search below:
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