Utilizing Prepaid Credit Cards Properly

April 21, 2012 by  Filed under: Credit 

For many people who have bad credit or poor credit history, being accepted for credit cards can seem like a never ending of “declined” responses. Credit cards offer convenience and safety and should be something that everyone should be able to take advantage of. Even if you have bad credit, or even if you just hate dealing with banks, signing up for a prepaid credit card is the next best thing. Typically no credit checks are needed, and your credit scores or your past payment history will not deter you from being accepted for this type of payment option. The prepaid version allows you to put your money into an account which you can then use as you would a typical card making online purchases, travel reservations, and safety over carry cash available to even those who can’t get accepted for a real credit card.

There are a number of different cards available. Each and every one will offer different features, different fees, and different restrictions so you should do your research and find one that will best suit your personal needs. Here are a few of the top cards on the market and how they stack up against each other:

mPower Card:

This particular card offers something that most prepaid credit cards don’t offer- rewards! Users of this card can get cash back for qualifying purchases when they use this card as a credit card. This card is special because it acts like a credit card and a debit card all-in-one. Use it like a credit card to make online purchases, in stores, or even hotel registrations, or use it like a debit card to pull money from ATMs or setup bill payments.

Vision Premier Card:

This is also a very special card that offers more than just the ability to make purchases anywhere Visa is accepted. First, approval is 100% guaranteed as no credit check or history is needed. You will be able to use it just like a regular credit card, but you will never go in debt because you will never be able to spend more than you have in your account. The best feature about this card- you can open a free savings account which will earn you 5.65% APY AND give you access to roadside assistance if the need arises. Not many features get better than that. If you use this Visa prepaid card to put gas in your car you will earn 1% cash back on your card making it a great choice for college students or younger adults who need practice monitor they’re spending habits while still getting rewards for things they need.

Walmart MoneyCard:

Walmart is already known for low prices and that’s exactly what you will get when it comes to the fees associated with this card. It has one of the lowest fees available on the market making it one of the most popular cards out there. With six different means to reload the card, you will get a bonus for setting up direct deposit of your paychecks making it simple and easy to manage your funds and reload as needed.

Read up on reviews and ratings of the mPower prepaid card, the others mentioned above, and even more that are currently available on the market in order to find one that best suits your needs.

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