Understanding Prepaid Credit Cards
by Tina Porter
If your credit is poor or severely damaged then you are fully aware of how difficult it can be to obtain a credit card, even one that is secured. You also know that in this day and age it is a necessity to have one. Do not worry. There is a solution to this problem.
Prepaid credit cards can give you the spending freedom that you need without being bound by any type of contract. They are easy to set up and use. All you need to do is open and deposit money into an account with a company that offers them. You control what the limit is because you are the one supplying the funds.The amount you deposit is the amount you have available. You do not have to worry about receiving a monthly bill because you do not owe any money. You will not be charged interest or finance fees because you are not borrowing any money. There is no chance of you ever being late with a payment or going over the limit. Once the balance on your card reaches zero you will no longer be able to use it until you deposit more money into your account, which you do at your own convenience.
It is important to note that these cards also have several limitations. Technically, they are the same as debit cards with the exception that they are not tied to your personal checking or savings account. Your payment history is not monitored so your credit rating will never be affected by them. Also, many companies will charge you a fee to open or deposit money into a prepaid account with them. This fee is usually around $5 or $10. It would be cheaper to open a no cost checking or savings account that automatically comes with a free debit card. Finally, you may find that you are not able to use a prepaid credit card for reoccurring charges, such as a phone bill, Internet subscription, or cable bill. Many companies refuse to accept them for these types of transactions because there is always the chance that the money won't be there when it is time to withdraw it.
A Prepaid credit card works exactly like a normal credit card without all of the hassle. You have total control over every aspect of it, including the limit and availability of funds. While it will not eliminate the damage that is already done to your personal record, it will give you the freedom to purchase those items that you might not be able to buy with cash.
Showing posts with label College Campuses. Show all posts
Showing posts with label College Campuses. Show all posts
Thursday, March 19, 2009
Tuesday, February 24, 2009
Credit Cards At College Campuses
Credit Cards At College Campuses
by Tom Tessin
If you currently attend a college or university, you probably have noticed credit card companies that will attend your campus handing out free items such as t-shirts, mugs, etc. What makes these set-ups so popular is that most college students love free things and will sign up for just about anything for a free item they will never use.
What students don't realize is that they are most likely signing up for their first credit card. When signing up for your first credit card, it's important that you research what you're getting yourself into. Even though a credit card requires no money to sign up, it can cause you a world of hurt in the future if you don't use them properly.
Like any purchase you make in your life, it always involves comparison shopping. It shouldn't make a difference with credit cards. Every credit card is unique in a way ranging from its interest rate to reward points. This is something you should really research before signing your name on the dot for a t-shirt that's too large.
Now we're not saying that the companies setting up these kiosks at your school are bad, in fact they are usually from major companies such as VISA and MasterCard. All of these companies are legit and offer great credit cards. The fact we are trying to push is that they may be pushing a card to you that you might not benefit from.
There are a lot of different types of student credit cards. Everything from gas rewards to cash rewards, they have something for you. It's pointless nowadays to apply for a credit card that offers no rewards at all. The only time you may find that a credit card offers no rewards is if you're applying for a bad credit credit card.
The best way to usually look for a credit card for you is to either do your research online or ask around. If your friends already have a credit card, ask them a few questions about it and ask them what it has to offer. You won't get all the answers you're looking for but you'll get a decent idea. The best way besides asking around is browsing around on the internet. Many websites such as VISA have a very informative website that tells you exactly what the card has to offer and what benefits you're going to have when you receive your card in the mail.
The next time you see a tent at your school; don't be afraid to stop by. In fact, it might be best to stop by and ask the people behind the booth a few questions. If you don't like what you hear from them, walk away. It's not going to hurt anything. If you really want that free item, you can get it in many other ways. It's best that your first credit card is built for you. You shouldn't let a free item influence your decision toward a credit card that may not benefit you.
by Tom Tessin
If you currently attend a college or university, you probably have noticed credit card companies that will attend your campus handing out free items such as t-shirts, mugs, etc. What makes these set-ups so popular is that most college students love free things and will sign up for just about anything for a free item they will never use.
What students don't realize is that they are most likely signing up for their first credit card. When signing up for your first credit card, it's important that you research what you're getting yourself into. Even though a credit card requires no money to sign up, it can cause you a world of hurt in the future if you don't use them properly.
Like any purchase you make in your life, it always involves comparison shopping. It shouldn't make a difference with credit cards. Every credit card is unique in a way ranging from its interest rate to reward points. This is something you should really research before signing your name on the dot for a t-shirt that's too large.
Now we're not saying that the companies setting up these kiosks at your school are bad, in fact they are usually from major companies such as VISA and MasterCard. All of these companies are legit and offer great credit cards. The fact we are trying to push is that they may be pushing a card to you that you might not benefit from.
There are a lot of different types of student credit cards. Everything from gas rewards to cash rewards, they have something for you. It's pointless nowadays to apply for a credit card that offers no rewards at all. The only time you may find that a credit card offers no rewards is if you're applying for a bad credit credit card.
The best way to usually look for a credit card for you is to either do your research online or ask around. If your friends already have a credit card, ask them a few questions about it and ask them what it has to offer. You won't get all the answers you're looking for but you'll get a decent idea. The best way besides asking around is browsing around on the internet. Many websites such as VISA have a very informative website that tells you exactly what the card has to offer and what benefits you're going to have when you receive your card in the mail.
The next time you see a tent at your school; don't be afraid to stop by. In fact, it might be best to stop by and ask the people behind the booth a few questions. If you don't like what you hear from them, walk away. It's not going to hurt anything. If you really want that free item, you can get it in many other ways. It's best that your first credit card is built for you. You shouldn't let a free item influence your decision toward a credit card that may not benefit you.
Subscribe to:
Posts (Atom)
