If you have bad credit or have been turned down for an unsecured credit card, a prepay card may be best for you. Additionally, a pre-paid card can help you control spending urges.
Prepay card benefits:
Can help establish or improve credit
Can help curb spending
Can be given to family members for emergency use
VIP Visa: No Credit Check, No Turn Downs, No Annual Fees, No Security Deposit, No Employment Required, Online and Offline Access, Low cost fees, Store your Money Safely, 24/7 ATM Access to Funds, No Credit Check or Bank Account Required.
Orchard Bank MasterCard® Secured
Initial Credit Limit Up To $1,000.
Low Annual Fees. Competitive APRs.
Periodic Credit Limit Increase Review.
Complimentary Online Services for Account Management and Payment.
Benefits of a Prepay Credit Card
For credit card holders, the concept of a prepay 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. Prepay 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.
Browse other types of credit cards:
Aspire Visa No security deposit. Rebuild your credit with an Unsecured Visa® Card.
ATT Rewards, Connection, Protection, Convenience. Plus, 0% APR* on balance transfers for 12 months.*See website Terms & Conditions.
Gas card offers convenience as well as rewards. Get your gas credit card online.
Disney Card enjoy the rewards of your Disney credit card.
Sears Card enjoy shopping with your Sears credit card.
Wal-Mart Card make purchases with your Wal Mart credit card.
Visa credit card offers: Visa Classic, Visa Secured, Visa Gold Credit Card, Visa Platinum Credit Card, Smart Visa Cards, Visa Signature Card and Reward Cards
MasterCard credit card offers: The MasterCard, Gold MasterCard, Platinum MasterCard and World MasterCard
American Express credit card offers: Personal Card, Rewards Green Card,Senior Member Card, American Express Student Card, Gold Card, Platinum Card, Blue from American Express, Blue Cash Card, Blue for Students
Chase credit card offers: Chase Cash Builder, Chase Perfect Card, Chase Platinum, Platinum for Students, Chase Rewards Card, plus other branded cards such as Universal Studios and the Chase Subaru Card
Citi credit card offers: Diamond Preferred® Rewards Card, Driver's Edge, and more, including a student credit card.
Discover Card offers: Discover Miles Card, Discover Gold Card, Discover Student Card, and the Discover Gas Card
Need more credit card information? Read our financial and credit articles related to prepay credit cards.
Debt Cards and ATM Cards
Getting money and depositing money using Debit Cards and/or ATM cards are very popular. Most banks offer debit cards better known as a check card when
a checking account is opened. A debit card provides an easy way for you to get your money. Debit cards can replace writing checks and can double as your
ATM card by letting you withdraw or deposit money using an ATM machine.
Debit cards will have a Visa® or MasterCard® logo on them and they look like credit cards. They are accepted anywhere credit cards are accepted. They can
be used withdraw money or make purchases and do not accumulate interest because the money is taken directly from your checking account. Debit cards
will not help you build credit. Because a debit card is so easy to use, you must keep track of all your purchases, withdrawals, paying bills, online transactions,
and know what you’re spending. If you don't, you can quickly overdraw your
checking account and that can cost you extra fees.
An ATM card lets you get money from your savings account using an ATM machine. ATM cards do not have the Visa® or MasterCard® logo and may not be
used to make store purchases directly. They can give you easy access to your money but there may be fees for that feature. Just getting out cash
in the amount of $20 could cost you less or more than the cash you needed. There could be
added fees for using your bank’s ATM and higher fees for using a different bank's ATM. It is
important to know all the terms and fees for the card. Make sure you keep track of all withdrawals and monitor how much is in your savings account.
ATM
Debit Cards:
When
an ATM debit card is used entering a PIN (personal identification number), a transaction is processed
and a card number is sent to the bank that issued the debit card. It is verified for the authenticity of the transaction
and for the availability of funds. If there are funds, the bank replies and card holder is able to
carryout the transaction. If the funds are not available, a message of “Insufficient Fund” is displayed on the
screen.
Just
the bank is aware of the details of the transaction and the confidentiality of the card bearer is maintained because the ATM debit card number is taken into
account. ATM debit cards are useful to withdraw money anywhere using a Visa or Mastercard terminal
and it allows money to be deposited or transferred from one account to another
account, and also provides a way to get cash.
Transactions
are made available to the ATM debit card holder by means of a statement or
through online banking features. Transactions can be much faster than writing
checks. It is important to not let anyone nearby view the entering of your
personal pin number and always report any lost or stolen ATM or Debit Cards.
ATM
Debit Cards
ATM debit cards
are useful for withdrawals, deposits, transfers, balance information, and to get
details on transactions. Money can be withdrawn using Visa or Mastercard terminals
and using an ATM debit card. Deposits and transfers from one account to another
are easy to make using the cards at available terminals. If information is
needed on the available balance, it can also be viewed by accessing terminals
using the ATM debit card. To see the details of all the transactions of the card,
a statement is made available to the card holder that is generated by the issuing bank.
Debit cards are popular as they are much faster than writing a check and they
only require a PIN (personal identification number). When an ATM debit card transaction is processed
using a PIN number, the card number is sent to the bank issuing the ATM debit card where it is verified.
If there are available funds, the bank replies and the card holder is able to carryout the transaction.
Debit cards can save banks time and money by eliminating check processing and
they like to offer consumers the card.
When
a debit card is stolen and a checking account is drained, it can take some time
for a claim to be investigated and the account reimbursed. The first thing is to
report the card stolen and consider closing the checking account, open a new one and get new bank cards.
Don't forget to make changes for any direct deposits. When a bank account has been ripped off
unexpectedly, checks may bounce and you may or may not have to pay the fees. If there is
a huge dispute over the debt card, the bank has to make the decision either to credit your account and
they take the loss, or not credit it and you take the loss. Debit cards don't offer
protection for the cardholder to withhold payment on defective items or services
like a credit card allows. Consider using a credit card for large purchases in
case you are not happy with the product or service and need to withhold funds. Debit cards are
very convenient, but use precautions to prevent them from being lost or stolen.
Students
ATM Debit Card
Students
can use a debit card
for traveling or college expenses and it can be easier than other options.
Students may find debit cards helpful in the event they must travel and they run
out of money. When this happens, they can have a parent deposit money into their
checking account. It is a good idea to leave parents a deposit slip and tell
them if they have to deposit money, have the bank post it immediately to the
account. Once this is done, a student can continue using their debt card
throughout their travels without experiencing any problems.
It
can be helpful when starting out in college as a new student, to get a checking
account. Try to find a bank that does not charge checking account fees and
apply, then ask for a debit card. Once you apply for the card, it may take up to
two weeks to get the card. Be sure to sign the back and always take a photo ID
with you when you plan on using the debit card. This is in case merchants want
to look at your picture and signature to help them
verify you are the cardholder.
Debit cards
require a PIN (personal identification number) which can be changed to a number
that you can easily remember. Memorize it. If you have to write it down, don't
write it on the card, record it in a safe place that is not with your card. Make
sure you don't choose your birthday, as someone may be able to guess that as a PIN number if they
have your card.
Anytime
your debit card is lost or stolen, call the bank fast before anyone spends your
money. Always keep the phone number of the bank handy in case you ever need to
report the card missing. These cards can be used for just about anything,
booking reservations, plane tickets, entertainment and much more. They are
easier to have than cash and statements can be used to track expenses or set up
a budget.
Atm
Debit Cards
With
the banking and credit crisis, debit cards may become even more popular to use
for payments and purchases. Credit cards and debit cards look similar but are
very different. Consumers may like to have a popular and attractive credit card,
yet some people have bad credit and may not be able to get approved for
unsecured cards.
Debit cards
can be easy to get through issuers online like Visa
and MasterCard.
Even though unsecured cards may be viewed as high class, consumers who don't
like to have credit card balances can choose some attractive debit or prepaid
cards and load funds onto the card quickly and without any problems. These cards
can be used anywhere a Visa or MasterCard is accepted if the card has funds. The
great thing about these cards is that you can only spend what you load onto the
card and there will not be a balance due.
The
Debit Card had a start beginning with the ATM cards and the growth in these cards
has prompted agreements between Banks to allow customers to use each others ATMs.
Card issuers will need to determine how to use their debit cards to earn revenue and how
technology around the debit card can continue to be enhanced. Unlike consumers
having several credit cards in their possession, usually only one atm debit card
is all that is needed. Card issuers may need to focus more on debit cards and develop
new marketing strategies and technologies.
ATM
Debit Card
It
is estimated that almost half of consumers have a Visa or MasterCard debit card.
Usually a debit feature is part of an ATM card. Some consumers use only a credit
card for large purchases in case they need to withhold payment for defective
items or service transactions. The Federal law gives consumers the right to withhold payment
in certain circumstances if they use a credit card and in good faith tried to resolve the dispute with the merchant. Debit/ATM cards
offer some protection, but you would need to find out the details of your
ATM/Debit card. Visa debit cards do have with certain protections in the case of
fraud. Many banks offer Visa check cards or atm/debit cards that may have the
bank's logo on the card. It is easy for consumers to get all the details about
fraud and fraud prevention along with details of what to do in the case of
fraud.
It
is best not to lend cards to anyone, don't leave cards or receipts lying around,
don't write card numbers on anything that could be found, don't give your card numbers over the phone unless you
initiate the phone call with a company you know. If credit or charge cards are lost or stolen, call the
issuers immediately. Keep a list of your cards, the account numbers, and the
toll free numbers to call if there is a problem. Most credit card companies provide
customers with a 24-hour service. By law, once you report the loss or theft, you have no further liability for unauthorized charges. In any event,
the maximum liability under federal law is $50 per card. If you suspect that someone has illegally used your credit card, call the card issuer
immediately and consider sending the company a letter too. ATM/debit cards do
make taking care of finances much easier but it is important to follow the tips
and guidelines for using them.
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Cons of Cosigning a High Risk Loan
- Before you cosign a loan, be prepared for the worst.
*There's already doubt about the borrower's ability to repay, because he/she needed you to cosign due to their bad credit score.
*You are equally responsible for repaying the loan if the borrower doesn't cough up the cash.
*If the borrower makes a late payment, that could also affect your credit report score.
*If the borrower files bankruptcy for the debt and no longer has to repay it, you are still liable and can be sued for payment.
Advice: If you are asked to cosign a loan, assume the borrower will default and first ask yourself if you are able to make every payment. If so, instead of cosigning the loan, perhaps it would be safer for you to take out the loan solely in your name, and then you sub-lend that money as a person-to-person personal loan. You will make all the monthly payments regardless if the borrower repays you. With this alternative option, you will secure your good credit (and perhaps improve scores as well). Afterall; even if you choose to be a cosigner instead, you're still liable in the event of default.
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Credit Card Agreement Law -
From prime to subprime, and from rewards cards to low limit bad credit card issuers, the new government law requires posting of Credit Card Agreements.
Even if you are not currently a cardholder, the new law allows you to first preview credit card agreements, terms and conditions, before you submit your
application. Compare agreements and terms of secured and unsecured credit cards so you can choose the best credit card offer for you.
