The Benefits of a Pre-paid Credit Card For credit card holders, the concept of a prepaid credit card may be a new one. But, there are many advantages and benefits these types of cards have to offer, especially to new or younger credit card owners. Prepaid credit cards can teach valuable lessons in how credit cards work, and can put a stop to potential over spending. There are a number of types available to you, the only hard part is deciding which card you like best.
The Visa® Prepaid Cash Card is a payment card that can be given to anyone just like a gift certificate. It acts just like a regular credit or debit card and can be used anywhere Visa is accepted.
Instant Approval Guaranteed*
*The USA PATRIOT Act is a Federal Law that requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. You will be asked to provide documentation as proof of identification. "100% Approval" and "No One is Turned Down" is contingent upon successfully passing this mandatory identification confirmation.
No More Check Cashing Locations
Perfect for all your friends and family
Direct Deposit from your Employer
Low cost fees
No Credit Check or Bank Account Required
No Security Deposits
No Employment Verification
Set up Automatic Bill Payments from your Visa®
Eliminate check-writing hassles
Avoid late-payment fees
Save postage costs and time
The cardholder may only withdraw funds or make purchases up to the balance on the card.
You cannot overdraft the account. There are no late fees or interest charges.
Unlike traditional credit cards, the Impact Visa® Card helps you to budget your money wisely by not extending you credit. Instead, accounts are prepaid for a specific amount while still being backed by Visa® for universal acceptance. There is no line of credit and accounts are only good for the balance applied.
Can't get a debit card because you have no bank checking account? Apply for a pre-paid Visa card and use it like you would a bank debit card.
Need more credit card information? Read our financial and credit articles related to pre-paid credit cards.
Apply for a Credit Card to Rebuild Credit - It can be a challenging process to rebuild credit after bankruptcy, as it can stay on a credit report for ten years. This can make it difficult to qualify for an auto loan or mortgage loan and the cost of borrowing money can be much higher. It is possible to rebuild credit by following a few simple tips, that requires the use of a credit card. There exists many lenders who are willing to offer a card to people who need to repair their credit.
Often, Americans just need to opt for a secured card. With this card, money is put into an account to get a credit limit equal to that sum of money. The money in the account acts as collateral. In the event the bill is not paid, the company can seize the “security” posted. Before applying for a secured card, make sure the lender reports to Equifax, Experian and TransUnion. If they do not, the card will do nothing to help improve scores, because lenders will not have a record. A word of caution, make sure the card does not charge a huge fee, and make sure it is a card that can convert to an unsecured card after a period of time. Of course, for it to convert, the person using the card should have demonstrated responsible behavior.
For those who can qualify for an unsecured card, it could have a high interest rate, but getting the best card offers may not be possible. Carry a small balance where the high interest rate won’t be a detriment to you, and pay it off every month. By doing this, it will help to rebuild credit. When applying for new cards, refrain from applying for too at one time. Ten percent of credit scores are determined by the number of inquiries on reports. Each time there is an application for new credit or a credit line increase, the company makes an inquiry. This can lower scores and the average age of credit history.
Use all cards wisely, whether secured or unsecured. Review your budget for a small expense that could be charged each month, and pay it off immediately. A history of making payments on time is essential to rebuilding credit. Payment history accounts for 35 percent of a credit score. By making a small monthly charge and paying it off religiously, will start you on your way to better credit. By keeping a low balance, it can have a positive affect on debt-to-credit ratio. The amount of available credit used, accounts for about 30% of a score. Having a low debt-to-credit ratio, will reflect favorably on a credit report.
It could help to become an authorized signer, if there is a willing friend or relative with good credit, who will help you build a better score. As an authorized signer on an account, that account displays on your credit report as if it were your own. Therefore, the card’s history of any on time payments can make your payment history look good. If the card has a high limit and low balance, this is favorable as far as your debt to credit ratio. If it is an older card, it extends the average age of accounts. To be an authorized signer, the cardholder does not even have to give access to the actual card or account, but only to list the signer. There is no need to apply or to provide a social security number or personal information.
Check credit reports often to make sure everything is correct. Any debts discharged in bankruptcy should not be showing as open or overdue. If they are, contact the lender and the credit bureau to correct the mistakes. Keep all papers associated with any bankruptcy to send to lenders or collectors who may try to collect on a discharged debt. By using credit wisely when borrowing, it is easy to improve credit, even though it will take time and effort.
Compare Retail Store Credit Card Offers:
Ace Rewards Platinum Visa Card - Anyone who makes a lot of hardware purchases might be interested in the Ace Rewards Platinum Visa Card. But beware: the 5% back rewards program isn't as lucrative - or easy to understand - as it seems.
Best Buy Reward Zone MasterCard - If you frequently buy electronics, consider the Best Buy Reward Zone MasterCard which lets you earn 4% back on purchases at the electronics retailer.
Gap Visa Credit Card - With the Gap Visa, you earn a $10 reward per 1,000 points which you earn through all purchases made on the card - at Gap and elsewhere. However, the 23.99% APR is less attractive.
GapCard - With the GapCard, you earn $10 rewards for every 1,000 points you accumulate on the card, but the 24.99% APR makes it unattractive for carrying a balance.
Kroger 1-2-3 Rewards MasterCard - The Kroger 1-2-3 Rewards MasterCard lets you earn rewards on your purchases at Kroger stores with no annual fee.
LL Bean Visa Card - The no-fee L.L. Bean Visa Card from Barclays Bank lets you earn 3% back on your purchases at the retailer and get free shipping on your orders.
Macy’s Preferred American Express Card - The Macy’s Preferred American Express Card pays rewards on spending at Macy's stores as well as on spending outside Macy's stores.
NY&C Rewards Card - Earn $10 rewards using the NY&C Rewards Card. The company recently revamped their card lineup and got rid of the $25 rewards and the co-branded MasterCard.
Overstock, Amazon, L.L. Bean and Williams-Sonoma Card - Credit cards with generous rewards and bonuses and free shipping when you use your card online.
Overstock.com MasterCard - The no-fee Overstock.com MasterCard lets you earn up to 8% back on your purchases at the online retailer and gives you $20 after your first transaction. You also get free shipping on all purchases and free membership in the Overstock frequent shoppers club.
Target REDcard - The Target REDcard gives you an automatic five percent discount on Target purchases you make with the card.
Toys R Us and Babies R Us MasterCard - Parents and grandparents may be pleased with the Toys R Us and Babies R Us MasterCard which pays 4% cash back on purchases at these two stores with no annual fee.
Williams-Sonoma Visa Signature Card - The Williams-Sonoma Visa Signature Card has no annual fee and lets you earn triple points at the retailer that you can redeem for a statement credit or gift card.
Zales Credit Card - The Zales Credit Card offers low-cost borrowing options for purchases at the retail jewelry chain.
Auto Loan: Get free quotes and apply for a new or used auto loan or for auto refinancing.
Credit Report: Free credit report help to fix credit report errors and improve credit score ratings. You are entitled to one free credit report annually.
Debt Counseling: Get your expenses under control with credit counseling, an unsecured debt consolidation loan, debt management or negotiate debt settlement.
Free Credit Offers: Get no obligation, free credit offers plus financial tips to help effectively manage your personal finances.
Home Loan: Free multiple quotes from mortgage lenders. Apply for a new home loan and start building your financial security.
Mortgage Refinancing: 2nd mortgage loan and other types of mortgage refinancing for home remodeling, equity cash out or a debt consolidation loan and more.
Payday Loan: Easy approval bad credit unsecured loan with no credit check, no deposit and no security.
Personal Loan: Submit a short or long term personal loan application (if available), or apply for other secured or unsecured loan offers.
Personal Finance: How to file bankruptcy plus free bankruptcy forms. Create a household personal budget, balance a checkbook register, track expenses and more.
The RFID Shield is a protective credit card sleeve that prevents anyone from reading personal information stored on your RFID cards. Special credit card sleeves - To protect against skimming, government officials recommend carrying their credit cards in protective holders. WalletGuard shielding blocks the transmission of RFID (radio frequency identification) waves, which many credit cards emit through a small microchip. RFID enabled cards allow your card to be read without swiping the magnetic strip on that back - this technology, while convenient, also means that your card can be read without your knowledge from as far as thirty feet away.
