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What are prepaid debit cards good for?

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Tabone
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What are prepaid debit cards good for?  Reply with quote  

What would you say is the number one reason why you would get a prepaid debit card? Which would you recommend?
Post Sat Jan 22, 2011 9:22 am
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simple89
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Many people are rejected after filling out a credit card application because of poor credit. The problem with this is that a major credit card is often needed for important business transactions like making hotel or airline reservations. Credit cards are also necessary when placing online or phone orders. For those with bad credit, prepaid credit cards open up the possibility of engaging in these transactions. These cards also may be used by parents that want to give their children credit cards to use while limiting their purchase power.
Post Wed Jan 26, 2011 5:26 am
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Jameslary
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Prepaid and debit cards offer the convenience of a card without the hurdle of a credit check. Because money is debited directly from your account, these cards do not report to the major credit reporting agencies.

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Post Sat Jan 29, 2011 6:10 am
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iwillguide
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Yes, prepaid debit cards are good for your money needs and often they are used for repairing credit. Most of the prepaid debit cards do not require a credit check and will provide approval in minutes.

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Post Mon Feb 14, 2011 7:46 am
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RichS
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Prepaid debit cards can be useful in certain circumstances such as not being able to get a regular credit card because of poor credit history. You must be careful, however, because they can be "very" expensive to get and use.

In most cases there is a cost for "loading" your own money on the card or even applying for the card or reloading the card. These charges or fees can eat up a significant part of your money. Be careful. Ask questions. Do your homework and understand fully what you are getting yourself into. Very Happy
Post Tue Feb 15, 2011 5:04 pm
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MrPolarZero
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Prepaid debit cards are quite useful for making quick payments. However, you might need to exercise a bit of control when using them, just like any other card.

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Post Thu Feb 17, 2011 12:15 am
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NolaP
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I always wondered why someone would want to use one of these myself. The only thing I could come up with is that they might be used for parents to give to their children away at college or something. Thanks for clearing that up. Makes more sense now.

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Post Thu Feb 17, 2011 6:11 pm
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dthomas
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I think these cards are good for small, specific things. For example, I took a month-long road trip across the East Coast and instead of using my actual bank debit card, I put money on a prepaid debit card. So it wasn't part of my actual account, and I could use it to monitor my spending during the trip.

I think people do the same thing but with their bills or other expenses. It's just an alternative to having another checking/savings account.
Post Mon Feb 21, 2011 8:20 pm
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kate032
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I have a child in college who has a Bank of America checking account. The advantage is that when she wants to pay with her checking account but the vendor (often a restaurant or a website) does not accept regular debit cards (which I infer to be coming straight from a checking or savings account), the BOA debit card can be used as a Visa.

However, you can't charge more than what is in the checking account. It's a good learning tool for kids to use credit cards without getting into debt.
Post Fri Feb 25, 2011 5:50 pm
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integrity11
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to build credit  Reply with quote  

Prepaid credit cards don't require a credit check and they'll give it to you regardless of your history. If you borrow money from yourself and pay it back with interest (to yourself and the bank) then it will be a good account on your credit report which is a good thing if you're trying to rebuild your credit. Sometimes, this is the only kind of credit card someone can get.

Last edited by integrity11 on Tue Mar 08, 2011 7:37 pm; edited 1 time in total
Post Thu Mar 03, 2011 12:38 am
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kvnfrnk
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Prepaid debit cards are rechargeable (more money several times), paper that you can only spend up to an amount you are pre-deposited into the account. If you tend to overruns or want to control spending, prepaid credit cards so it might be a good card for you.
Post Tue Mar 08, 2011 2:05 pm
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vvslaura
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If you have bad credit and need of some quick cash. If you had no credit and would like to work with a card, Prepaid, prepaid card, Cards are the easiest way to get started. An online payday loans service are now available where you can get instant cash online.
Post Tue Jun 21, 2011 9:44 am
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Jail Nation
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Using Visa prepaid debits cards can be a great way to enjoy all of the benefits of a traditional credit card without the hassles or the cost. With prepaid debit cards there are no fee, interests or penalties because you are the one in control of your spending limits. No one but yourself tells you what to do. This can be a very good thing. And, if you are worried about being approved for a Visa prepaid debit card, donít be. Approval is fast and easy with Visaís online application process. No credit checks and no income verification means that you can be up and spending with your Visa prepaid debits cards just as quickly as you can fund them.
Post Tue Jun 21, 2011 10:12 am
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misaelwade
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Prepaid debt cards require the submission of cash deposit to make up for the applicantís bad credit. The transactions made using a prepaid debit card are not notified to credit authorities. They do not have bearing on your credit report, because you are actually using your own money. On the other hand, interest rates do not apply to debit card transactions because the charges are automatically paid using the money deposited in the debit account. However, additional charges may apply for each transaction made, depending on the debit card issuerís terms.
Post Tue Jun 21, 2011 11:22 am
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