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Prepaid Credit Cards are the fastest growing segment in the credit card space. Their main appeal is that because they do not extend credit, you will not overspend and get into debt problems. However, most prepaid debit cards do not help you to build or rebuild your credit. Hence, I do not really recommend them as the only Visa or Mastercard you should have. I think if you really want to get one, you should also have a regular credit card which you use sparingly , but pay off fully to build and maintain a good credit.
Recommended Prepaid Cards
The prepaid card we recommend have one things in common. They have low fees. This is very important because most prepaid credit cards charge high one-time application and processing fees that can be over one hundred dollars. You also have to pay monthly maintenance fees anywhere from $3.00 to $9.00. You may also have to pay a fee for loading a card and for any transactions you make.
We recommend the Western Union® Prepaid MasterCard® as it has the lowest cost among all prepaid cards. The one-time stup fee is only $9.95. If you enroll in the Employer Direct Deposit program, you will not have to pay any monthly maintenance fees. Western Union is also very reputable and well known.
You may also want to consider the Wired Plastic™ Prepaid Visa® Card. It offers flexible pricing plans, an innovative Rewards Program and several convenient card loading options including; Free Direct Deposit, Bank Transfers and Instant Cash Loading at over 100,000 retail locations nationwide. With its powerful account management tools, cardholders can; use Click-n-Pay™ to schedule recurring monthly bill payments including rent, car payment, and utilities or use PersonalPay™ to send a check to anyone or transfer money to another account online or over the phone 24/7. They offer FREE customer service, online access, and wireless alerts. Plus you never pay NSF, overdraft or bounced check fees!
Below are other prepaid credit cards that are available to consumers today. Many of these cards have higher costs and fees than our recommended cards. Read the reviews before you apply.
List of Prepaid Visa and Mastercard
Prepaid Credit Card Articles
Understand the Cost and Fees of Prepaid Debit Cards
Unlike regular unsecured credit cards, prepaid credit cards come with a host of fees that are not commonly found in regular cards. It is important to understand them and their fine prints and also to help you look for a card with low cost and fees.
Build or rebuild your credit with prepaid credit cards that has credit builder program
If you are looking to rebuild your credit, make sure your prepaid credit card enrolls in Credit Builder, a program which reports (for a fee) your monthly payments to credit bureaus. This article highlights and compares prepaid cards which has this feature...
How to make money by refering friends to your prepaid credit card?
Referal marketing has invaded the credit card sector and no more is this apparant in the prepaid debit card sector. There are several prepaid cards that pay you a referal fee for refering friends to the card, even paying lifetime commissions or tiered commisions. If you are interested in earning some extra cash with your prepaid card, then compare these prepaid credit cards that pay referal fees.
How to earn cash rebate with Cash Back Debit Cards
To help promote their cards, issuers have turned to cardholders as part of their marketing plan. Some prepaid credit cards pay cardholders who refer their cards to their friends and buddies. In this article, we take a closer look at these cards and their referal payment plans.
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