Where Can You Get Prepaid Credit Cards?

Many people today are looking for an alternative to credit cards. The reason is because a lot of merchants and major companies today prefer plastic payment over cash. However, banks and credit card issuers usually have strict standards and if you have less than perfect score or no credit history, your application can be instantly rejected. Do you have other options?

If you cannot qualify for a regular credit card, you may consider acquiring a secured credit card. Secured credit cards do require a security deposit which will only be used when the cardholder fails to pay off charges or becomes delinquent. Security deposits can range from $300 to $500 but if you prefer not to submit any deposit, you may get a prepaid credit card instead.

Prepaid credit cards do not require the submission of a security deposit. Nevertheless, it also does not provide its holder with a credit line. You can only spend the money you deposited in your prepaid account. Once the balance runs out, you must reload your prepaid card before you can use it for new transactions. Hence, some people refer to prepaid credit cards as reloadable prepaid cards.

Where Can You Get A Prepaid Credit Card?

Anyone can get a prepaid credit card without hassle. You can find different prepaid credit card issuers online. Application forms are readily available from the issuer’s website so you can fill-out and submit from the comfort of your home.

Since no credit check is conducted, you can be sure that your application will get approved. Most issuers do charge a one-time set-up fee which can be anywhere from $5 to $10. Processing can be completed within a few minutes and once approved, you can expect to receive your prepaid credit card via post mail or you can pick it up from the issuer’s location.

Some prepaid credit cards are linked to a bank account so you can directly deposit money from your savings or checking account. However, prepaid credit cards also allow other options so you may choose to reload your account from any accepted money transfer service store location. Take note that you may be charged with a fee if you choose this option which can range from $3.95 to $4.95 depending on the reloading station.

Prepaid credit cards do offer a lot of convenience but consumers are strongly advised to spend some time evaluating their options. Although you don’t need to worry about interest rate charges, prepaid credit card fees can also be a burden, once you made the wrong choice. There are prepaid card issuers that charge a monthly fee ranging from $3 to as much as $15, aside from the yearly fee to keep your account activation. Monthly maintenance fees can range from $3 to as much as $15 on some cards.

Furthermore, the penalties can be just as costly. For instance, not using your prepaid credit card for a certain period may cost you a fee. The overdraft fees for transactions where your bill is a greater than your available balance may tip-off your budget.

About the Author
Tara Tiemann is the credit specialist for http://go-prepaid.com.  Which is a resource site for people who want to live debt free! If you are on a budget, using a prepaid credit cards and secured credit cards can save you big money!

About Liz Roberts

Liz Roberts is the new credit specialist for Go-Prepaid. If you are on a budget, we can get you discounted cell phone service from Sprint, Verizon and T-Mobile! NO CREDIT CHECK ! Using a prepaid services can save you a TON of money! Follow our blog to find out how!

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