Tips Before Signing Up for a Secured Credit Card

Secured credit cards can be ideal for those with bad credit and who never had credit before. Before signing up for your own secured card, consider the following pointers:

• Check your lifestyle and your need for credit. First of all, you have to know your spending style and how you will be handling your monthly payments. A secured credit card can be used for rebuilding bad credit but only if you can keep up with your payments.

To make sure that you can pay off your debts before the due date, do not spend more than what your budget permits.

• Understand the terms and conditions of the card company. You need to read and understand the fine print in order to avoid unpleasant surprises later on. Check the credit limit, possible charges, grace period, interest rate, and other details of the offer.


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Advantages of Prepaid Credit Cards

Debit cards are the perfect solution for people who been denied credit card. The list below are the benefits can get from a prepaid credit card.

Simplified Application Process
Anybody, even those who have a poor credit score, can apply for a prepaid card. There are no employment verifications, no checking of your credit history, nor background check done. The process is much easier than applying for a credit card since approval is not based upon your credit score. The debit card company will immediately grant approval as long as you can submit the required deposit in your account.

Bonus
There are some prepaid card companies that offer incentives or perks for those who can successfully refer a friend to apply from the same prepaid card company.


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How a Prepaid Credit Card Can Be Used to Rebuild Bad Credit

It would be hard for those who have poor credit score to apply for a credit card. Credit card issuers may have doubts about your capability to keep up with your payments if you have a history of bad credit. But, it’s not the end of the world for those who have poor credit history. They still have chance to improve their credit rating. How?

One way is by applying for a prepaid credit card. Prepaid card issuers do not conduct credit check so anyone can get approved easily. Since prepaid debit cardholders are not given a credit line, issuers do not have to worry about the risk of defaults.

In fact, even those who are unemployed or are still looking for a job can get approved for a debit card. Students who want to build an early credit history can also get a prepaid card without questions. If you are a parent with kids in college, you can use a prepaid debit card to conveniently send money at anytime.

Prepaid Debit Cards and Bad Credit

Prepaid credit cards can be used for both establishing credit history and rebuilding bad credit.
There are many prepaid cards choose from, so take time in doing research and comparison. Choose a prepaid debit card that will report your payments to the major credit bureaus.

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Tips On Applying For A Guaranteed Approval Credit Card

Application for a guaranteed approval credit card for bad credit is usually done online. As the name suggests, this type of credit card gives instant approval and are especially designed for people who are suffering from bad credit history.

Perhaps you have received offers for instant approval bad credit credit cards in your inbox. If you have bad credit, you may easily to get enticed by these offers. But before you go and sign up that online application, check out these tips:

1. Don’t make decisions hastily.
Don’t be tempted with the first guaranteed approval offer that comes your way. Before you make any decisions to apply, be sure that you’ve checked all your options first and that you’ve chosen the one that best matches your needs. Take the time to compare between different guaranteed approval credit cards in the market. Check out their application procedures.

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Prepaid Debit Cards – The Perfect Credit Card for Teens

Parents are often uncomfortable with the idea of their kids having their own credit cards. But if you have a child who’s about to enter college, this is the perfect time for them to learn about how to handle credit and debt repayment responsibly. More importantly, this is their chance to build their personal credit history so they can be prepared for the financial challenges they will face in the coming years.

In this article, let’s talk about prepaid debit cards and how these cards can be the perfect tools for building early credit history and for teaching kids about proper credit management.

Prepaid Cards – How They Work

Prepaid debit cards are another form of cashless payment. These cards can be used for buying items in stores, supermarket, diners, and other establishments. Prepaid cards can be used to shop online as well. What makes it different from a traditional credit card?

As a prepaid cardholder, you will not be given a credit line. This means, you need to deposit cash into your account before you can start paying with your debit card. When you run out of funds, you will not be able to charge expenses to your card. You must submit a new deposit before you can shop with your debit card.

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