Make Life Easy With Prepaid Services

Save Your Money Transfer Costs with Prepaid Debit Cards

2009-09-25T11:00:00.000-07:00

There was a time when sending money to a loved one who lives at a distant was a complicated process. First, the sender must visit a Money Transfer Service Agent, fill out a form, hand over the money to be sent, pay the service charge, and notify the recipient to give the tracking number. From the recipient’s side, he/she must also visit the Money Transfer Service Branch from his/her location, fill out a form and provide the tracking number to receive the money.

Not only are money transfer costs expensive, the transaction can take time to complete as well. Add to this, there is a serious concern about safety particularly when sending a large amount of cash to long distances. Today however, consumers have a far better option in making money transfers. Did you know that you can save significant costs by using prepaid debit card?

Money Transfers and Prepaid Debit Cards – Perfect Partners

Prepaid debit cards are available for anyone, regardless of his/her credit rating. Even people with bad credit history can get a prepaid card without any hassle. Once the card has been issued, the cardholder can start using it for making payments or sending money anywhere in the world.

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The Benefits of Using a Prepaid Debit Card

2009-09-24T07:02:00.000-07:00

Many people do not recognize the benefits of using a prepaid debit card until they need to get one. When suffering from bad credit history, it may be very difficult to get approved for a standard credit card. In this case, applying for a prepaid card can be an option. Can a prepaid debit really be helpful? If yes, how?

Prepaid Debit Cards for Rebuilding Bad Credit

Today, issuers of debit cards provide credit reporting to the major bureaus, making it possible for a person with a poor credit score to repair his/her credit history. Although not all issuers have this provision, you can search the market and find debit cards that can be tools in improving your credit. The good thing is, anyone who can get a prepaid debit card without any complications. Aside from helping your rebuild credit, what other benefits can you expect from a debit card?

Avoid interest rate charges. Everything you charge to your debit card is instantly paid off with your available funds. This means, you will not be charged with any interest rate so you can save your money for more important things.

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The Pros and Cons of Using A Prepaid Debit Card

2009-09-17T12:45:00.001-07:00

In response to the increasing number of cardholders who default on their payments, credit card companies have introduced secured credit cards and prepaid debit cards in the market. These cards are alternatives for people with bad credit history and who cannot qualify for regular credit cards.

What Are Prepaid Debit Cards?

Anything you charge to your prepaid debit card will be deducted automatically from the cardholder’s funds. To be able to use a prepaid debit card for payments, the cardholder must have existing balance or credit in his/her account. Once the amount of zero is reached, the cardholder will need to submit a new cash deposit to continue using the debit card. In this article, let us focus on the pros and cons of using a prepaid debit card compared to a traditional credit card.

The Pros of Using A Prepaid Debit Card

Cashless shopping. There is no need to bring along cash when doing your shopping at groceries or malls. Carrying a prepaid debit card is a lot safer than carrying cash since you can simply freeze your account in case the card gets misplaced or stolen.

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Maximizing Your Prepaid Phone Card Use

2009-09-06T12:44:00.000-07:00

One of the most practical and convenient methods of keeping in touch with family, co-workers,friends and relatives, without the need for paying really high phone charges at the end of the month, is to use a prepaid phone card. Most people generally who have been using phone cards have found out that using it for long distance calling really does make sense. Prepaid phone cards have various practical uses.

Prepaid Phone Cards Offer Convenience

The next best thing afforded by using prepaid phone cards is that it offers customers ease of use. Prepaid phone cards can be used at home, on payphones, in hotel rooms and lobbies, and just about anywhere there is a standard phone service.

By following the simple instructions on the back of each card, the caller can enjoy the benefits of using prepaid phone cards on a pay phone without using a lot of coins. The high charges that usually go with using a pay telephone are also avoided. A prepaid phone card's per-minute rate and amount of time depend on the card's denomination, since these are generally determined by the merchant. Connection charges may apply depending on where the card was purchased.

Domestic rates per minute apply for long distance calls placed anywhere within the U.S mainland 24 hours-a-day, 7 days-a-week. Overseas rates are much higher than domestic calls. The amount of time available for a particular overseas destination will be provided with use of the card. When the international number is dialed, but before the call is connected, a voice prompt tells the user how many minutes are left.

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Save Money on Calls With Prepaid Phone Cards

2009-09-02T16:01:00.000-07:00

Calls can be very expensive if you aren't careful with it, especially when making overseas calls. Even if you try to limit all your international calls to a specific time, it will still leave a big dent on your wallet if you do it often enough.

But you don't necessarily have to dish out large amount of money just to accommodate your overseas calls. In fact, there is a way on how to get the best features in both international and domestic communication, while cutting down on call costs that will guarantee tons of savings -- and that is through the use of prepaid phone cards.

Start Calling Using A Card

Prepaid phone cards are sold in assorted retail stores today. In fact, you can find them almost anywhere -- gas stops, communication shops, department stores, supermarket, or even on vending machines in your area.

These cards are sold in assorted denomination that will fit perfectly with your budget. You can purchase cards that have specific call minutes and discarded after use; or you can buy those that can be reloaded with more credit if you need to use it again.

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The Underlying Problem In Credit Cards

2009-08-29T09:35:00.000-07:00

Credit cards are certainly the most convenient way to pay for bills and purchases. However, with the interest rates and fees ever increasing, consumers need to be very cautious in choosing their cards. Add to this, they need to be more aware of the exact costs their credit cards impose and their best to avoid unnecessary charges. Let’s discuss the underlying problems associated with credit cards:

Choosing the Right Credit Card

Multiple APR. Some consumers are not aware that their credit card imposes different interest rates for different transactions. For instance, the APR for your balance transfers may be different from the APR applicable to your purchases or cash advance transactions.

This is especially true for credit cards that offer a low introductory rate or 0% APR. The low rate or the 0% APR may either apply for your purchases only or balance transfers only. Before signing up, it is very important to be clear about the exact rates you get for every transaction you make.

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Four Reasons to Choose a Prepaid Cell Phone Plan

2009-08-26T14:20:00.000-07:00

What is a prepaid cell phone plan? Prepaid, or pay as you go, cell phone plans are an alternative to traditional monthly plans. So, how do you decide if prepaid is right for you?

Most cell phone plans are sold on a month to month basis, or more commonly a contract with a length of one to three years with a monthly fixed cost. The cost includes a certain number of minutes, and signing up for this type of plan usually requires a credit check. Once you are signed up, you receive a monthly bill including your base charge as well as any additional charges like overage minutes or feature downloads you made that month. The contracts for monthly plans usually carry an early termination fee if you cancel before your contract term has expired.

No Contracts Please

If you're not sure that a traditional plan is right for you, prepaid cell phone plans can be a great option. You may have avoided buying a phone up until this point, but feel that you need one for emergencies, or just feel that it's time to connect yourself when you're on the go. With a prepaid cell phone plan, you buy your phone, activate it and then pay to put minutes or dollars on your account, much like a long distance prepaid phone card. As you use the phone, money is subtracted from your account and when it runs out you pay to add more.

No contract and no monthly fee are only two of the advantages to a prepaid plan. With most prepaid plans, you buy minutes as you need them by purchasing phone cards with a set number of minutes included. Some prepaid plans also allow you to add minutes by calling in with a credit card number or going online.

No Credit Check or Deposit

No credit check for prepaid phone plans also means there is never a deposit required for prepaid cell phone service. If you have no credit history, or your credit has been damaged, prepaid plans can be a great way to get a cell phone when you might not otherwise qualify. Once you have the phone, they also let you control your costs. You know exactly how much you are spending per minute, and there are no hidden fees. If you're on a tight budget, this type of plan may be attractive because you will never face overage charges.

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Is a Secured Credit Card For You?

2009-08-24T15:04:00.000-07:00

The secured credit cards are suggested as the credit cards for everyone by the lending institutions. The economy being in the condition that it is lending institutions is trying to convince a large portion of their consumers to use the secured credit card instead of the unsecured. There are multiple reasons that lending institutions prefer that their customers use the secured card because it guarantees that they will be paid back if the customer does not make his payments.

The consumer finds that since you can use the secured card in about every business, ATM machine, and for the purpose of traveling. These cards carry one of the major logos such as Visa, MasterCard, or Discovery. These are the logos are the most accepted by most business's and of course by all ATM machines. The consumer helps improve their credit score by using this card and still be able to enjoy perks that all other cards offer. The perks, the APR rate, the membership fees and late fees depend on the lending institution that issues the card. The consumer just needs to make sure that they are fully aware of what the charges will be before they sign any agreement.

Many people like to use their card to earn miles from the airlines which is available to them with the secured card. Most airlines offer this type of credit card along with the unsecured credit card. The customers only need to make a large enough deposit to cover their airline tickets.

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Why A Prepaid Cell Phone Plan Might Be The Way To Go

2009-08-17T06:34:00.000-07:00

Is a prepaid cell phone plan right for you in terms of usability and a price I can afford? I am finding that shopping for a cell phone is becoming more and more difficult. I see, literally, hundreds of phone designs to choose from and there are more providers than I can believe that I have to research. The worst part is that you have to plan in advance to now what type of contract you want. However, you can always go the way of the prepaid cell phone plan.

If for some reason you have waited this long and are now new to the cell phone game, a prepaid cell phone plan may be the best route for you to go. A prepaid cell phone plan comes with no long term commitments and you generally pay only for what you use. There is significantly less paperwork involved and you will not have to endure a credit check or anything like that. As cell phones go, it is really the only thing anywhere near a easy over the counter transaction.

Another good situation for getting a prepaid cell phone plan is for a family member who will only use it as a security measure. An elderly relative may be avoiding the technology of cell phones, but having one around for emergencies might be something you can persuade them to do. If that is what the phone is going to be used for and will likely be sitting in a drawer or on a shelf most of its life, then there is no reason to pay a monthly fee when you can just get a prepaid cell phone plan and pay in advance as a just in case measure.

A prepaid cell phone plan is not a cure all, though. If you are a person who will be using your phone for hours on end every week, then a contract is still likely going to be the most cost effective cell phone plan you can get. However, as a first plan while you are sorting through all of the providers out there, you can still benefit from a prepaid cell phone plan. That way you can try a phone or a service for a couple of months to see if you like it before you commit long term to it.

Finding the right cell phone and cell phone service provider can be a daunting task, especially if you have never done it before. There are so many plans and phone out there that it can get very confusing. However, you can consider a prepaid cell phone plan as a way to buy yourself some time to look through monthly plans. A prepaid cell phone plan will allow you to pay up front so that you don’t have worry about extra fees. While you are working through a month or two of that you can take your time to find the right cell phone contract for you. You should also consider a prepaid cell phone for elderly relatives or those who may need it only in emergency. No matter the reason, there are really no drawbacks prepaid cell phones.

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Pointers About Business Credit Card Consolidation

2009-08-14T13:44:00.000-07:00

Business credit cards can be great tools in funding the business, particularly when emergency expenses arise. Many entrepreneurs were able to continue with their operations despite the lack of cash with the help of credit cards. Nevertheless, credit cards for business can also be abused or misused.

Some business owners who own multiple credit cards find it difficult to control their spending and keep up with their payments. As a result, they were stuck in bad credit before they even become aware that there is a problem. Are you a business owner? Do you find yourself in a similar situation? If so, then perhaps it’s time to seek business credit card debt consolidation.

What is Business Credit Card Consolidation?

Getting out of the debt trap can be tricky if you don’t have the right tools. By consolidating your debts in all your business credit card accounts, repayment can be made easier. But just how do you consolidate business credit card debts?

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Preventing Debit Card Fraud

2009-08-12T13:15:00.000-07:00

If you had the notion that as long as you kept your debit card pin number a secret no one could gain access to your account, think again. In the news today, 11 people, one of which included a U.S. Secret Service informant, were charged in connection with theft and sale of more than 41 million credit and debit card numbers from nine major retail stores.

The Department of Justice believes this to be the largest hacking and identity theft case ever. The suspects were charged with conspiracy, fraud, computer intrusion, and identity theft. The culprits apparently hacked into wireless computer networks of retailers such as Barnes & Noble, Sports Authority, BJ's Wholesale Club, DSW and others. They set up programs, which captured card numbers, passwords, and account information.

Three of the people charged were from the U.S. The others were from Estonia, Belarus, China, and the Ukraine.

Protecting Yourself

Your debit card is your lifeline. You use it whenever you need to make a purchase and stick it back into your wallet without a care in the world until it's gone; you've misplaced it; or it has been stolen.

With the right information, anyone can use your debit card to withdraw money, make a purchase at a local retailer, gas station, or restaurant. Although many establishments have signs posted that require identification, many don't ever enforce it, especially during busy periods. The truth is that debit cards can open the door for someone to quickly and easily steal your money and/or your identity.

Debit cards require that you notify the card issuer within two business days after loss or theft to receive a $50 liability. Any longer than that and your loss could be up to $500. Over 60 days, and you many not get anything back.

Here are a few tips to protect your debit card information

Don't use your debit card at an ATM in dark or suspicious areas.
If you must use your ATM card and someone is standing behind you, cover the pin pad when you enter your PIN number.
If the ATM takes your card DO NOT LEAVE. Call the bank immediately to report the incident.
Don't write down your pin number, especially on the back of your card.
Don't use PIN numbers that are easy for people to guess - Birth date, Birth Year - Street Number, etc.
Change your PIN number periodically.

Debit cards are a very SAFE way to spend money and get cash. In fact Debit cards are one of the safest ways of traveling with cash. It is important though to use caution whenever using your debit card just as you would when using any other method of payment. Following the above steps will help reduce your risk of debit card fraud and allow you to use your debit card safely and securely.

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Prepaid Debit Cards, Secured Credit Cards, and Unsecured Credit Cards - What's the Difference?

2009-08-10T14:14:00.000-07:00

Prepaid debit cards provide customers the relief of direct deposit, online bill pay and the flexibleness of a credit card. These cards appear the same as actual credit cards and could be used for just about all situations that call for a credit card. Rather than allowing you a credit limit that is based upon your financial situation, these accounts want you to "load up" the card with your own money. Even if you have had credit troubles in the past, acquiring a prepaid debit card is normally easy. These cards may not report your repayment history to all of the credit bureaus. Whenever the creditor doesn't report your account, these type of cards won't assist you in improving your credit. Prepaid debit cards can't be utilized in all situations. For instance, car rental agencies and hotels won't allow you to use a prepaid debit card to secure your rentals.

A secured credit card is just what it says, a credit card that is "secured". If you stick $500 into a designated savings account, they will grant you a card with a $500 credit limit. Whenever you do not make your payments, they will simply withdraw it out of the deposit you had. The deposit is their security. Once you end the account or it turns unsecured, you will then get all of your deposit back with all the interest. Contrary to a prepaid debit card, secured credit cards report to all three credit bureaus and the amount of money in the savings account isn't deducted each time you make a purchase.

An unsecured credit card can range from low interest rate cards, the best rates and fees or the subprime cards with rates and fees that are the worst. Unsecured cards are beneficial whenever you require something similar to a secured card, only you can't afford the deposit that a secured card takes.

If you have good enough credit, apply for the best unsecured credit card offers, since these will have the most low-set rates and fees.

If you have got a lot of debt and low credit scores, the unsecured cards you're qualified for could include an annual fee, program fee, account set-up fee, a monthly participation fee, or another card fee per card. These fees cut back the borrower's obtainable credit until they are paid off.

Though secured cards occasionally have fees like the fees for sub-prime unsecured cards, it is typically a lot less expensive to use than a unsecured account for somebody with bad credit. You'll probable save money in the end if you go with the secured card, because the security deposit is refundable. Fees on the unsecured card are not refundable and you'll have to pay off interest connected to whatever initial charges you do not pay off immediately.

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Secured Credit Cards For College Students

2009-08-07T02:22:00.000-07:00

Some of the best card lenders offer college students secured credit cards to help them get their credit history off to a good start. The importance of building a good score carries through the college student's life until they are ready to start their career. When it is time to graduate and begin their career many times the student needs to have a good credit score. It takes money in order to begin a new career. Many times the student needs office equipment, vehicles, equipment that pertains to their career plus clothes etc. All these things may require a college student graduate to get a gold credit card.

The gold cards usually have a much higher spending limit and do not require that the person secure it with a savings account. The student who used his/her secured credit card wisely making payments on schedule and not over spending will find it much easier to get a gold card when they graduate. This is a big advantage for the graduating college student! While the student is attending college and using their secured credit card they find that the perks they are earning is very helpful. Many of these cards offer the student points that they can use in their bookstore for supplies, clothes, and computer equipment. Some of these cards offer mileage perks that help the student who needs to travel in order to get home for the holidays or perhaps go on spring break. As long as you research your cards, you won't have a hard time finding the one that fits your needs.

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What Is Right For You, Debit Cards or Credit Cards?

2009-08-05T02:42:00.000-07:00

If you were to choose between a debit card and a credit card,

which one would you pick? Perhaps you may think that a credit card is always the better choice. However, debit cards can have advantages as well. In this article, let’s talk about the basic differences of debit cards and credit cards so you can better decide which one is best.

The Difference Between Debit Cards and Credit Cards

Credit cards have long been used for making purchases. A credit card gives its holder the privilege to make advanced purchases and pay for them at a later time. Every credit card holder is given a credit line as well as the option to carry over balances from month to month. To avoid the penalty charges, a cardholder only has to submit the minimum due payment on time and pay off the rest of the balance on the next due date.

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What Is Right For You, Debit Cards or Credit Cards?

Debit Cards - Your Bridge To Good Credit

2009-08-03T02:26:00.000-07:00

Have you been denied for a credit card because of your credit status?

If you suffer from bad credit history, a prepaid debit card may just be the tool you need to rebuild your credit. In this article, let’s see how debit cards work and how exactly they can help in rebuilding credit history for people with poor credit scores.

Prepaid Debit Cards – How they Work

Prepaid debit cards are very much similar to regular credit cards in the sense that you can use them for payment instead of cash. The big difference between prepaid cards and credit cards is the credit line.
Prepaid cards do not provide a credit line so the holder can only use the card as long as there are sufficient funds deposited in his account. The expenses charged to a prepaid card are paid immediately using the cardholder’s available fund. Hence, prepaid cards do not require pay back.

Secured credit cards on the other hand require the submission of security deposit from the account holder. The amount of security deposit will determine the credit limit that would be given to the secured credit card holder. Security deposits may range from $300 to $1,000 depending on the issuer. Meanwhile, prepaid credit cards do not require a security deposit so you can still get one even if you don’t have the available cash.

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Debit Cards - Your Bridge To Good Credit

Benefits of Prepaid Debit Cards

2009-07-27T02:19:00.000-07:00

Great advances have been made over the past several years in the availability of options for people wishing to send money around the world. Whether it's a family member traveling abroad or a migrant worker sending money to family and friends at home, many of us have the need to send money to faraway places at some point in our lives. For years, there were rather limited options for sending money. Individuals could send money the old fashioned way-sending cash or a personal check by mail. Individuals could also use local banks in attempts to wire funds directly. Finally, independent money transfer services could be used.

Each of the above methods worked for transferring funds, but each had a downside as well. Either the money took too long to reach the recipient, the fees associated with the transfer were excessive, or there were security issues that could cause the money to be lost. One of the benefits of technology has been the advances made in making transfers faster, safer, and more affordable. One method of sending money that encompasses all three of these important characteristics is transferring money through a prepaid debit card.

Faster Money Transfers

A prepaid debit card enables money to be transferred almost immediately, taking the funds directly from a credit or debit card. An individual seeking to send money simply needs to establish a relationship with a site offering this service. Currently, a US resident needs to have a valid Social Security number and a Visa, Mastercard, or valid checking account in the United States. A debit card is sent via Fed Ex to the recipient of the funds, who will then receive the PIN number from the person sending the money. This card can be used again and again for money transfers over a long period of time. This will make money available for the recipient much faster than some of the more traditional methods.

Safer Money Transfers

Each prepaid debit card is sent without a PIN number, ensuring that if the card is lost or stolen, funds cannot be accessed and end up in the wrong hands. Great strides have been made in the security of prepaid debit cards. In most cases, a PIN number is assigned by the person sending the funds, who has the responsibility of contacting the recipient of the funds to disclose the PIN. This method reduces the risk of loss for the sender and the recipient.

More Affordable Money Transfers

The money transfer business is becoming more competitive all the time. This great new for consumers sending money. Using a prepaid debit card, money can be sent for as little as $5, just a fraction of the cost associated with wiring funds internationally or purchasing money orders.

In a fast paced world, technological advances are making it possible to send money more easily and affordably than ever before. It will be fascinating to see what the future holds in this increasingly competitive business.

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Which Is Best - Student Credit Card Or Debit Card?

2009-07-23T03:17:00.000-07:00

There are two types of cards that students can choose to help them with their schooling- prepaid debit cards and student credit cards. Which of these two cards should you choose? What are their differences and how should they affect your choice? Understanding the basic points about these two credit card options can help you come up with an informed decision. Here’s what you should know.

The Unsecured Student Credit Card

An unsecured student credit card works like any regular credit card. The student is given a credit line which means he can charge expenses on his card as long as he doesn’t exceed this limit. Most student credit cards give a $500 credit limit while others give as much as $1,000 credit line. Since this their first time applying for a credit card, the credit limit given to students are often lower than those allotted to long time credit card holders.

Nevertheless, getting a student credit card is a good way to start building your own credit history while still in school. In fact, being in a college is the only time you can apply for an unsecured credit card without difficulty. Once you’ve graduate, lenders and credit card companies would often require a good credit history to approve your application.

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Which Is Best - Student Credit Card Or Debit Card?

Prepaid Debit Cards, Secured Credit Cards, and Unsecured Credit Cards - What's the Difference?

2009-07-22T01:47:00.000-07:00

If you have good enough credit, apply for the best unsecured credit card offers, since these will have the most low-set rates and fees.

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The Best Prepaid Debit Cards

2009-07-20T02:23:00.000-07:00

These days, it seems as though there's a slew of debit cards within our fingertips. Whether it's just signing up for that basic checking or savings account, purchasing a prepaid debit card or filling out an application for one online, there are a ton of debit card options for the everyday consumer - yet only the savvy ones take the time to question which debit card truly outshines the competition.

If you've found yourself pondering this very same issue, then you're in luck: we've gathered information on a few of the best debit cards out there - including some which don't even require a credit check to obtain!

Of course, no article about the best debit cards would be complete without mentioning two major brands: Visa and MasterCard.

These mega-companies have earned reputations for providing consumers with debit cards that are both flexible and convenient, as they allow you to make purchases all over the world, avoid carrying cash and control spending habits. With the usage of credit cards quickly on the decline due to the current economy, debit cards are now taking over as the plastic of choice for customers worldwide - and Visa and MasterCard have taken notice!

The best debit cards are also the ones that carry no hidden fees. Unlike credit cards, debit cards carry no high interest rates, since it's your money that's being spent, and not a loan from a credit card company. Additionally, the best debit cards carry overdraft protection plans.

Due to the fact that banks tend to charge large overdraft fees, debit cards that are worth your while will be linked to another one of your bank accounts or credit cards. This is done so that in case you spend more money than what is in your bank account, the purchase will be made through your backup account or credit card - therefore, you'll never have to fork over your hard-earned money to bank's overdraft fees again!

The best debit cards are also catching on to credit cards in another arena: protection. Visa offers zero liability in case your prepaid debit card is compromised in any way. You will not be liable for any fraudulent charges on your Visa debit card account.

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Why Prepaid Debit Cards Are Good For You

2009-07-17T03:10:00.000-07:00

In the past few years, prepaid debit cards have quickly become all the rage; in fact, it seems as though no matter where you turn, advertisements are prominently displaying all of the great benefits of using this new form of plastic. Turns out, these advertisements aren't exaggerating: prepaid debit cards are a smart and flexible alternative to using more traditional debit and credit cards.

Here's the latest scoop on why prepaid debit cards are good for you - and your wallet!

No annoying overdraft fees. If you ever made a purchase on your debit card that exceeded your checking account limit, you've probably felt the pain of forking over a large amount of cash towards expensive overdraft fees. Similarly, credit cards aren't so kind towards those who exceed their limit, as credit card lenders can slap you with outrageous fees in return! Yet with prepaid debit cards, you're never at a risk for exceeding your account balance or landing yet another fee; you're restricted to the amount of money that's available on your card. If you don't have enough money for your purchase, your card won't go through - it's as simple as that!

Online security. These days, it's important to be vigilant when using debit or credit cards for online purchases; but of course, once your billing information is online, it's vulnerable to hackers and online thieves. When you shop with a prepaid debit card, you can rest easy in knowing that if your card information is ever stolen, there's only a limited amount that the thieves can take. And with Visa prepaid cards, you are assured of zero liability for fraudulent charges!

Approval Guaranteed! When applying for a traditional debit or credit card, you'll always need to go through a credit check before being approved - and for some people with poor credit history, this is often a breaking factor. Yet with prepaid debit cards, there's no credit check needed, since you're simply loading your own money onto the card. Bankers and lenders are happy that prepaid debit cards carry no credit risk, while consumers are pleased that they can have their very own "debit cards" without going through the hassle of a nerve-wracking credit check!

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Prepaid Debit Cards vs Secured Credit Cards

2009-07-16T01:47:00.000-07:00

We get quite a bit of email asking about the differences between these two categories of credit cards so I decided to write a short article to explain the basics of each category. Each of these cards will require funds to be deposited in advance before using them, so what's the difference? The truth is there are some distinct differences that may work better for people from different walks of life. I have listed these differences below.

Prepaid Debit Cards - Prepaid debit cards are a descendant of the secured credit cards that you are probably familiar with. Prepaid debit cards are just that, debit cards that have the Mastercard or Visa logo on them and are accepted worldwide. Much like your bank debit cards they deplete funds in your account as you use them, they do not require monthly payments and do not charge interest.

The major difference is how you qualify for one and how much it cost to use the card. Prepaid debit cards are not concerned with having card holders qualify for their cards. Most issuers do not verify employment, credit, addresses or even legal residency. This makes these types of cards very popular with immigrant workers in the United States illegally.

Debit cards are also more fee intensive than traditional secured credit cards. They have fees that are usually measured by transaction. Other fees include, loading fees, transfer fees, check deposit fees, annual fees and more. This is the price people have pay for convenience and anonymity. These cards will not report cardholder transactions to the credit bureaus, which is not ideal for those who are trying to establish credit.

In our society it is virtually impossible to live without some type of visa or Mastercard, debit cards fill this void. They offer a "de facto" banking system for those unable to qualify normally. They offer direct deposits for paychecks and many other features to a segment of society that traditional banks have left out in the cold. All in all, prepaid debit cards are pretty cool for some people.

Secured Credit Cards - are credit cards that are specifically designed for people with bad credit. Most people that apply for these types of credit cards do so to build or rebuild their credit. The other advantages are they appear, look and act exactly like a regular credit card. Most prepaid cards are clearly marked as debit cards with outrageous designs and colors.

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Advantages of Prepaid Debit Cards for Day-to-day Living

2009-07-15T02:01:00.000-07:00

Most people prefer to use credit cards than debit cards. In fact, debit cards often have a bad reputation because of their upfront charges and fees. But are there certain advantages that only prepaid debit cards provide? In this article, let’s consider advantages that prepaid debit cards bring:

1. Spend only the money that you have. When you make a purchase and charge it to your credit card, technically, you borrow the purchase you made and pay it back at a later time. When you use a prepaid debit card, you only get to spend the money you already have in your account. If you don’t have sufficient funds in your account, then obviously you can’t make further purchases.

2. You’re spending is limited to only what you can afford. It is easy to overspend when shopping with a credit card. Since you can charge as much as you want on a credit card, you risk going over your budget if you’re not careful. A prepaid debit card doesn’t give you this option. With a debit card, you can only charge the amount that you have in your account. Spending more than what you have is strictly not possible.

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Advantages of Prepaid Debit Cards for Day-to-day Living

New Secured Credit Card Offer

2009-07-03T16:20:00.000-07:00

Secured credit cards are a great way to build or rebuild credit and this one has it all! Low interest rate, low minimum deposit, reports to all 3 major credit bureaus and most importantly in my mind is that you can have a truly large credit limit with this card. Why is that such a key feature? Banks are looking for comparable credit. Most bad credit or first credit unsecured credit cards have very low limits and when you walk into a bank and ask them for a large loan, they will look at your comparable credit. With this card you can create your own comparable credit tradeline!

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New Secured Credit Card Offer

Why choose a prepaid service?

2009-06-30T10:21:00.000-07:00

Some people automatically assume that anyone using a prepaid service is doing so because they have bad credit. Lets face it, a lot of times that true, but not always!

There are many ways of using a prepaid card or cell phone. You can use them for business too, i worked for a company online a few years back that gave us all a prepaid Wired card that they would load our paychecks on every 2 weeks. It worked out great. I could use it to make purchases and when I needed cash, I would just go to a store, buy whatever I needed and get some additional cash out with my purchase.

If you are considering going prepaid, now is the time to do it! I no longer want to be at the mercy of the credit bureaus!

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Why choose a prepaid service?