Save Your Dollars And Cents Using Prepaid Debit Cards

Sometimes applications for any credit card are denied for different reasons

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

Prepaid credit cards would be the answer to creating a good solid credit score. Everybody qualifies for these cards since they're prepaid meaning you're not borrowing the cash for purchases. You can only spend the money which has been uploaded on the card.

Today few individuals still pay with cash. In fact, it may be considered vital to possess a credit card for things such as airline and hotel reservations. Generally, if you are 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 needed to verify your date of birth.

Other information that is required is your full 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 according to the Federal Law (USA Patriot Act) that needs financial institutions to record such information identification confirmation.

Prepaid credit cards function just like a typical credit card except you need to deposit money in the account so you can use it. It can be used anywhere a credit card is accepted, because it's backed up by a major card companies. Money can be deposited into your account anytime, and may even be useful for Internet shopping. However, they may be denied for a subscription service that needs a recurring payment each month.

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

There are many benefits associated with prepaid credit cards, but the most significant is that you will never go into debt regardless how many times the card is used. You may 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 may be briefly embarrassing, having no debt is far more valuable in the future.

Building good credit is a given with a prepaid card since there is no 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 linked to the prepaid cards so they really are popular to use on vacations or on a trip. Today's society appears to prefer credit cards, therefore the prepaid plastic is the way to go.

by: Jordan McPelt

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