Should I Get a Prepaid Credit Card?
March 31st, 2008 | by HelpingU |Analysts in the credit industry have estimated there may be up to 50 million Americans who are unable to qualify for credit for some reason or another. In the United States and many other countries, not having a credit card or debit card with a Visa or Mastercard logo on it can hold a consumer back from making online purchases, buying a cellphone, opening a Paypal account and many other transactions considered trivial by those who have credit.
Prepaid credit cards can help a consumer perform some or all of these transactions. Credit is not a determining factor when issuing the prepaid credit card. All applicants are accepted, regardless of their credit history. There is no credit check performed with any credit referencing company and the card is therefore available to all. This opens up an opportunity for those who are normally declined mainstream credit card facilities due to adverse credit, low credit score or lack of credit history.
People looking for a prepaid credit card are usually concerned with three factors: annual fee, application fee and participation fee. Annual fee is the cost to use the prepaid service on a yearly basis, whereas participation fee is the cost to use the service on a monthly basis. You will rarely see a prepaid card that charges both an annual fee and a participation fee. Choosing between one or the other is simply a matter of deciding when you want to pay for your usage fees.
If you find yourself in need of a prepaid credit card, several excellent options are :
Western Union® Prepaid MasterCard®
Activation Fee: $9.95
Monthly Fee: $4.95
Wired Plastic™ Prepaid Visa® Card
Activation Fee: $9.95
Monthly Fee: $3.95
Eufora™ Elite Credit Builder Prepaid MasterCard®
Activation Fee: $59.95
Monthly Fee: $6.65
* Adds to your credit score
Prepaid Visa® RushCard™
Activation Fee: $19.95
Monthly Fee: $3.95
AccountNow® Vantage Prepaid MasterCard®
Activation Fee: $0
Monthly Fee: $4.95
