Cards Can Be Replaced If Lost Or Stolen

Category: Finance, Credit.

Prepaid credit cards are for those individuals who might face some hardship getting approved for an unsecured line of credit but would still like to have all the functionalities and conveniences of a regular charge card.

This variety of credit cards work like regular debit or charge cards. While some particular features will be in varying form depending on scheme and program, in general, a prepaid card, requires the user to deposit cash or a which will then be used as a secured source of funds for the user to drawn against for so long as a positive balance is maintained. The user can use them at any location that accepts MasterCard or Visa and some will even issue them a personal identification number( PIN) to use to withdraw cash at any ATM, anytime, anywhere. Annual fees are charges to those who use the prepaid service on yearly basis whereas participation fees are charged to use the service on monthly basis. People who seek to apply for prepaid credit cards are, concerned about three, as usual major determining factors that include the application fee, annual fee and the participation fee. People will rarely see a prepaid card that charges both an annual fee and a participation fee. Many people with their family members mainly teens and college students choose prepaid cards because it offers right balance of parental controls and independent decision- making.

So choosing between one and the other is simply a matter of deciding factor. Some of the benefits are: Independent spending- Prepaid credit cards can be used just like regular credit cards. Get a copy of the receipt and your card back- -and you have no further concern with this process. What you need to do is that just hand your card to the clerk with signature of your name on the receipt. Convenience- Prepaid credit cards can be used any time, everywhere because Visa or MasterCard is accepted at stores, restaurants, gas stations, theaters, in the shopping mall and online. Spending can be managed and controlled by how much money is loaded. Budgeting- You understand very well in advance how much you re spending.

Additionally, prepaid credit cards offer a very simple way to keep track of your money versus carrying cash. Cards can be replaced if lost or stolen. Safer than cash- Unlike losing that fifty- dollar bill, prepaid credit cards offers protection from unauthorized transactions if the card is stolen or lost by chance. Teaching tool- Prepaid credit cards help you or your teens understand financial responsibility and learn good money management skills. You can monitor the balance and track location where the card is used. This card contains a hands- on tool that teaches teens about controlling finances and managing it. It is possible either by going to your password- protected Web site and reviewing the transaction history and online statement in detail or by telephone.

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