Renewable Prepaid Credit Cards
3 Things Everyone Should Know About Prepaid Credit Card
In the world of prepaid credit cards you have the good guys, the bad guys and the occasional guy who sits on the fence — and you can never really be sure which way that guy is going to lean. How do you tell which card is which? If you’re looking to use prepaid credit cards for purchasing power, there are a few things you need to keep in mind…
1. Fees, Fees and More Fees
Not all prepaid credit cards are created equal and nothing details this as well as the fact that the fees can vary so greatly from one card to the next. Prepaid credit card A, for example, may have a $25 start up fee and a monthly fee of $4.95 per month, while prepaid card B may only cost $10 to start up and may not charge a monthly service fee as long as the card is in use.
Make sure you compare all fees closely before deciding on any prepaid credit card. Remember, sometimes what you don’t know can end up hurting you, and unexpected fees and charges are a perfect example.
2. Credit Reporting
If you’re thinking that prepaid cards will help build your credit rating, you need to think twice. Almost all of the prepaid credit cards out there will do nothing for your credit. A secured credit card will report your activity to the credit bureaus, whereas prepaid cards will not.
3. You Can’t Use Them Everywhere
Don’t automatically assume you can use prepaid plastic to book a room at a hotel or rent a car. Many hotels will not accept prepaid credit cards as a form of payment, and many car rental companies are following that line of thinking. What prepaid credit cards are good for is making purchases online and paying for gas at the pump.
Why wouldn’t you just use a debit card to do this? Because that exposes the bank account connected to your debit card to the dangers of the Web. A prepaid credit card does not pose this problem.
So remember, when you’re looking into prepaid plastic, compare fees carefully and pay close attention to the terms and conditions from one card to the next. Also pay attention to the policies of the businesses that accept them.
Prepaid credit cards definitely have their place in the world of plastic, but they are by no means a be-all-end-all credit card solution.
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By: Sean Masterson
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For more tips on prepaid credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.