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
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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.
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Chargeoff Debt Collectors - Did you know, you can still be expected to repay chargeoffs? That's why it's better to
negotiate debt settlements with creditors instead of simply charging off debt.
A debt chargeoff is not cancelled by your creditor. Your creditor will add a negative entry (charge-off) to your credit report and continue to attempt to collect on the debt, and you are still responsible for repaying. But if you get the creditor to agree; in writing, to a debt settlement offer, then you can get off the hook.
Typically
a credit card chargedoff
occurs after 180 days of no; or less than, minimum payments. The chargeoff will remain on your credit report for seven years from the date it was chargedoff. If you pay the debt, it will be updated with a status of "Chargeoff Paid" or "Chargeoff Settled." The only way to remove a chargeoff from your credit report is to wait the seven year period or negotiate with the creditor to have it removed after you pay the account in full. Other than waiting for time to remove a chargeoff from your credit report, there is a way to get these removed.
Chargeoffs are often passed to a debt collector, unfortunately a debt collection agency is the last entity you want to negotiate with. The original creditor who reported the chargeoff is the one to deal with and the only one who can remove the credit report entry. Tell your creditor that instead of getting nothing, you will be willing to negotiate a much lower payoff amount in return for the removal of the negative credit report entry.
Before you contact the creditor, first line up your ducks. You'll need to figure out how much you're able to pay and when. The more you can pay and the quicker you can pay it, the more negotiating power you'll have.
Be sure to speak only to someone who has the authority to remove the chargeoff from your credit report. Let the creditor know you're interested in paying the account and would like to make payment arrangements in exchange for having the chargeoff status removed from your credit report. Speak politely and professionally. Avoid blaming the creditor or giving your life story. Keep it short and to the point. Best case, the creditor will agree to remove the chargeoff from your credit report.
Credit card companies are contractually bound to report credit information to the credit bureaus, so it can be difficult to get a creditor to agree to remove the chargeoff from your credit report. Even so, some cardholders have been successful in making a pay for delete agreement. If you can't get the creditor to agree to remove the chargeoff completely, try for something less negative like 'Closed'.
Once you are ready to make an official agreement, get the settlement terms in writing. We offer a
sample debt settlement agreement letter you can modify with your personal information. Another option is to have the creditor fax you a copy of the agreement on their own company letterhead.
Never send in payment until you receive the agreement in writing. Be sure to followup later to ensure the creditor remove the chargeoff from your credit report.
If you don't think you can handle the
free debt
settlement negotiation yourself with complete confidence; or you simply don't want the harassment, you could let a professional debt settlement company negotiate on your behalf. You might even get a better settlement, too.
Whichever option you choose, just remember that some lenders will not give you new credit or loan approval until you've paidoff past debt.
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