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Prepaid credit cards are a fantastic option if you need the convenience of a traditional credit card but have poor credit scores that would hinder your ability to be approved for one. Prepaid credit cards are "secured" meaning that they are collateralized by a sum of money which then becomes the credit line for that particular card. These reloadable cards work much like debit cards in the sense that you can only spend as much as the card is "loaded" with, but does not require a bank account to which a typical debit card is linked. There are a number of reasons why prepaid credit cards benefit anyone and everyone who uses the.
Because you can only spend the amount that you have put onto the card, you can avoid falling into debt and receiving bad credit marks. Also, since you are not "borrowing" money from a source like a credit company, you will never incur financing fees, late charges, or over-the-limit fees that are all associated with traditional credit cards. There will never be a monthly bill that will cause you stress if you do not have enough money left over on your check to cover even the minimum balance due. You will only ever be able to spend as much as you preload the card with making it easy to maintain and a stress-free way to manage your money.
Prepaid credit cards are also great alternatives for people who prefer not to deal with banks. As mentioned before, these types of cards do not have to be linked to a bank account. This is especially great for people who are not able to open a bank account due to bad credit scores or past negative accounts with other banks. Many cards even come with accounting and routing numbers which allow you to set up direct deposit for your paychecks alleviating the need to pay high fees at check cashing companies just to get access to your hard-earned money.
Many prepaid credit cards come with a bunch of cool features. Other than the basic ability to make payments with a card at a store or online, you may also be able to withdraw cash from an ATM, make a one-time bill payment online, or even set up monthly recurring payments for your bills. Not only are they convenient payment options, but they are extremely easy to reload. If you need to put more money on your card you can transfer money from a bank account or financial institution, set up your paychecks for direct deposit, transfer money from a PayPal account, or reload it in a retail store like Walmart or Walgreens.
For many people, this type of payment option is the easiest and safest way to go about their everyday daily activities with peace of mind that they won't go into debt or hurt their credit score as they could with a traditional credit card.
Prepaid Credit Cards are great options for people who have poor credit, don't enjoy dealing with banks, or just want a secure way to handle transactions at stores on online. Do your research and find one that will perfectly suit your needs and uses.
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