Maintain Your Focus With A Prepaid Credit Card

Sometimes applications for any credit card are denied for various reasons

. It could be since your credit history is blemished in some manner resulting in a poor credit rating. It could even be since you are simply starting out in real life 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 developing a good solid credit score. Everybody qualifies for these cards because they are prepaid meaning you're not borrowing the cash for purchases. You can only spend the amount of money which 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. Generally, if you're over 18 years old you can register for prepaid credit cards on the Internet in a matter of minutes. There isn't any fees or charges involved to register, but a Social Security Number is required to verify your date of birth.

Other information that is required is your first and last name, age, gender, current email address, phone number, physical home address, city state and zip. Remember the SSN is required only for age verification. This post 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 need to deposit money into the account so that you can use it. It can be used anywhere a credit card is accepted, because it is backed up by a major card companies. Money can be deposited to your account anytime, and may even be useful 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 automated teller machine. There is no credit check for the prepaid card, but make sure to read all of the stipulations and requirements for the account.

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

Building good credit is a given with a prepaid card since there's not a way to go into debt. Plus there are no interest fees like you would be charged for a regular credit card. Furthermore, there are no personal bank details associated with the prepaid cards so they really are popular to make use of on vacations or while traveling. Today's society seems to prefer credit cards, therefore the prepaid plastic is the way to go.

by: Jordan McPelt

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