Benefits Of Using A Prepaid Credit Card
Benefits Of Using A Prepaid Credit Card
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Home Page > Finance > Credit > Benefits Of Using A Prepaid Credit Card
Benefits Of Using A Prepaid Credit Card
Posted: Jan 31, 2012 |Comments: 0
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When you go to the shops what do you use to pay for your goods? Most people these days use a credit card or a debit card, but do many of you own a prepaid credit card? There are many advantages associated with a prepaid credit card that are worth taking into consideration.
First of all it is important to establish what a prepaid credit card actually is. This type of card is exactly as it sounds. It is simply an account that is opened via depositing money into it. The owner of this account is then presented with a credit card that can be used just as any other credit card can. However the amount of money available is determined by the amount of money the individual initially deposited.
There are many benefits associated with the best prepaid credit cards. They first began to become popular in America in the 1990’s because many people were not able to qualify for a standard credit card. This is often if not more so the case today. With a prepaid credit card you won’t have that problem because the account is based merely on the deposit you pay up front, not your previous credit ratings. This makes a prepaid account the perfect answer for those with a bad foregoing credit history.
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The main benefit of using a prepaid card is that they are one of the safest ways of dealing with money, they are certainly safer than carrying around cash. As mentioned, you use the card just as you would a standard credit card, thus you are issued with a pin number. Therefore if your card is lost or stolen it cannot be used without that number.
You do not have to worry about the validity and acceptability of your card as they are available world wide due to the fact that they are issued through popular and dominate companies such as Visa and Mastercard. This is important because most people use a type of card for almost everything they purchase, whether it be booking or holiday or buying some online shopping. A lot of purchases are made online today and obviously you can not pay for goods with cash via a computer, therefore if you are not accepted for a credit card how can you possibly pay? This is where the prepaid card comes into play.
In addition to safety arguably the other most important thing is that your spending is disciplined and there is little room to go financially out of control. As you put the money into your account you can only spend what you have thus no debt can be accumulated, interest is not a worry and there are no bills for you to pay. This is particularly good for those who have to be careful with their money or those who have trouble watching what they spend.
Most prepaid credit cards have a 24 hour enquiry phone line so you can check your balance and manage your account whenever you need to. There are also many Payzone outlets at which you can top up your account, or if you would prefer you can also have your wages paid directly into your new prepaid paradise.
Many of you may be thinking that a prepaid card is exactly the same as a debit card, however this is not the case. A debit card is linked to a bank account, a pre-paid card is not. Also, with a debit card you have an overdraft facility which can often be the path to excess debt. There is no overdraft option available with the best prepaid credit cards.
Therefore, if you are looking for a convenient stress free way of looking after your money and paying for things securely then it is certainly worthwhile taking the time to consider a prepaid credit card.
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About the Author:
Hank Coleman is a financial planner who has written extensively for many financial websites and publications in addition to his own blog, Money Q&A. Hank holds a Master’s Degree in Finance and is currently studying to take the Certified Financial Planner exam.
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