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Prepaid Credit Cards
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Prepaid Credit Cards
© Money-Talk.org
If you have credit problems, or are a parent wanting control over a teenager's spending, a prepaid credit card may be the answer.
Eufora
Eufora Credit Builder
- Guaranteed approval
- No Interest charges
- Build or Rebuild credit
- Positive Credit Bureau reporting
- Monthly car giveaways
To learn more about other prepaid cards visit our Prepaid Credit Cards.
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Also known as guaranteed approval cards or prepaid debit cards, a prepaid credit card looks like a classic credit card, but works more like a debit card. There are no finance fees or interest since charges are deducted from a balance that you pre-pay, although other fees not associated with credit cards may exist. Once the balance is consumed by charges or ATM cash withdrawals, the card must be recharged with more funds via a cash deposit or wire transfer.
Parents will appreciate the controlled spending aspect of prepaid credit cards, as well as the visibility provided by itemized charges of their teenager's spending. Individuals that are currently unable to obtain a credit card, due to damaged or no credit, may be able to skip employment, banking and credit checks with a prepaid card.
Some prepaid credit cards, like Eufora, offer the ability to actually repair credit, as timely payments are reported to the credit reporting agencies, building a positive credit history.
Prepaid cards have been steadily gaining in popularity because they eliminate interest charges and are a great alternative to credit cards for those with credit issues. Add guaranteed approval and the ability to withdraw money from ATMs and you can see why a prepaid card is a great option.
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