Monday, April 26, 2010

Prepaid Credit Cards – Why You Need One Now

One of the things that we all must have realized by now is that you basically cannot do anything in our society anymore without a simple credit card. You need them to order for goods, stay in a hotel or rent a car. The problem with credit cards however is that they are notorious for landing us in colossal debt. The fees that come with them are also sky high. To make matters worse, if you need a credit card, the financial institutions run a credit check on you and a majority of us get our applications rejected. Prepaid credit cards are the airtight solution for all these problems.

Perfect alternative to a checking account
A prepaid credit card looks just like your everyday average credit or debit card. The only difference that comes with them is that you have to have money in them to use them. The money can be put in directly by your employer through a bank, a bank transfer or a post office. In the last ten years the prepaid card has become more popular than both the credit and the debit card and we shall see why.

No bank account needed

You do not need to belong to a bank to be able to have a prepaid credit card. This is one of the biggest advantages of the card. This means that before we even begin, all those unnecessary bank fees have been scraped off your plate. You can say goodbye to overdraft fees and ever shifting interest rates.

No credit check, no rejections and extremely easy set up

Anybody with identification and a physical address can get a prepaid credit card easily. You do not have to worry that the institution will run a credit check on you and then reject your application due to bad credit. The set up is also extremely easy. One can get a prepaid credit card online in just a matter of minutes. There are many places to do this hassle free: 100% Guaranteed Approval Debit MasterCard

Allows you to stick to your budget and rebuild your credit rating

The prepaid cards will not allow you to spend much more than you have in your account unlike credit cards. This way, you can be sure that you will never go above what you have budgeted. It is a good way for one to stay out of debt in these hard economic times. In the mean time, your credit rating is improving as you keep putting in money but never borrowing.

Use it anywhere

If you have a prepaid visa for example, you can use it anywhere that has the visa allowed sign. This is almost the whole globe. You can shop online, use it in hotels and go to the shopping malls. You can also pay all your bills online. You will be able to withdraw and check your balance on ATMs with no extra charge. You can also check your balance online or via email and free texts. One more advantage is that there is no minimum balance required.