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Why Use A Prepaid
Credit Card
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Prepaid credit cards have been growing in popularity over the past
several years. But despite the 'credit card' name, no credit is actually
involved. Here’s how they work.
When you use a standard credit card, you pay for the convenience of
being able to purchase things without saving the money up first. The
issuing bank is essentially lending money to you, and you repay it on
a
regular basis. But with a prepaid credit card, there is no line of credit
or loan. Instead, the user will make deposits to a bank account, and
then use the card to withdraw that money for purchases. Why would you
use a prepaid credit card if you don't actually get any credit?
A prepaid credit card is a good choice if you want to be able to make
purchases online without taking the risk of giving unknown merchants
your credit card information and access to your credit line. Many people
today are sensitive to online credit fraud, and this is one way around
it. Be aware though, that many merchants that require monthly payments
will not accept a prepaid card for purchases.
A prepaid credit card is also an excellent way to provide a weekly or
monthly spending allowance to a child at college. The student has the
convenience of being able to charge things on the card, and you can
easily control the amount that's spent by the amount of the deposits
you make to the account. This will go a long way in teaching them how
to manage their money.
If you've decided that a prepaid credit card is the right choice for
you, there are quite a few options available that can offer you varying
benefits. Perhaps you're looking to repair or restore your credit. Maybe
you want a way to give your away-from-home student a monthly allowance.
No matter what your reason, why not choose a prepaid credit card that
allows you to earn income at the same time?
Prepaid Credit Cards That Help You Rebuild Your Credit
Not every financial institution that issues stored value credit cards
makes reports to credit agencies about your spending history. If part
of your reason for applying for a prepaid card is to repair your credit
history, make sure you choose a company that does. There are also a
number of issuing companies that offer credit reporting as an add-on
service for an additional fee.
Prepaid Credit Cards That Pay You Back
Some major financial institutions will offer you a prepaid credit card
with an opportunity to make income. They offer a rebate on spending,
or a referral program. If you don't need to build your credit, and believe
that your income through spending rebates and referrals will exceed
the
annual membership fees, then these types of cards might be a good choice
for you.
What ever your reason for selecting a prepaid credit card, just make
sure that you shop around to get the best deal, and that you check out
the company to make certain that they are a reputable one.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
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