As the name suggests, prepaid credit cards are paid in advance. Instead of purchasing in advance and paying at a later time, a prepaid cardholder is expected to pay first before charging purchases to his/her card.
Today, prepaid credit or debit cards are increasing in popularity. More and more people prefer to get a debit card than a regular credit card to keep away from bad debt. But can you really stay away from bad credit with prepaid debit cards?
Who Needs A Prepaid Card?
Prepaid cards are wonderful tools for teenagers or students who need a cashless mode of payment. Parents can also send monthly allowances for their teens using a prepaid account. These special cards are great for people who cannot qualify for standard credit cards because of a bad credit history. More importantly, prepaid cards can be used to rebuild damaged credit.
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