Building Success With Prepaid Credit Cards

Sometimes applications for any credit card are denied for various reasons

. It could be since your credit rating is blemished in some manner producing a poor credit rating. It might even be because you are simply starting out in life like a brand new college graduate with no credit history. But there's a way to obtain a card with poor or no credit.

Prepaid credit cards are the answer to creating a good solid credit history. Everybody qualifies for these cards since they're prepaid meaning you're not borrowing the cash for purchases. You are able to only spend the money that has been uploaded to the card.

Today few individuals still pay with cash. In fact, it can be considered vital to possess a credit card for such things as airline and hotel reservations. In general, if you're over 18 years old you are able to register for prepaid credit cards on the Internet within minutes. There are no fees or charges involved to join up, but a Social Security Number is needed to verify your birth date.

Other information that is required is your first and last name, age, gender, email address, phone number, physical home address, city state and zip. Remember the SSN is used only for age verification. This information is required based on the Federal Law (USA Patriot Act) that needs financial institutions to record such information identification confirmation.

Prepaid credit cards function like a typical credit card except you have to deposit money in the account so that you can use it. You can use it anywhere a credit card is accepted, because it is supported by a major card companies. Money can be deposited to your account anytime, and may even be used for Online shopping. However, they may be denied for a subscription service that requires a recurring payment each month.

Remember that you can only spend the preloaded balance, so that is in essence the credit limit for the card. Your card may be used to pay bills or get money from an automatic teller machine. There's no credit check for the prepaid card, but make sure to read all the stipulations and requirements for your account.

There are lots of potential benefits to prepaid credit cards; however the most significant is that you can never go into debt regardless how many times the card is used. You can use the card as long as there is money loaded. Your card will be denied if you use all the cash that was preloaded. While this might be briefly embarrassing, having no debt is far more valuable in the long run.

Building good credit is a given with a prepaid card since there's not a way to enter debt. Plus there are no interest fees like you would be charged for any regular credit card. Furthermore, there aren't any personal bank details linked to the prepaid cards so they really are popular to use on vacations or while traveling. Today's society appears to prefer credit cards, so the prepaid plastic is the strategy to use.

by: Jordan McPelt

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