Prepaid Credit Cards – Plastic Money for All

The use of plastic money or credit cards has increased dramatically over the years. Compared to cash or check, credit cards are considered to be safer and more convenient way of payment. However, not everyone can qualify for a regular credit card so easily.

Many issuers require good or excellent credit history before granting approval. If you have no credit or bad credit, does that mean you cannot get a credit card at all?

Prepaid Credit or Debit Cards for Everyone

A prepaid debit card is the perfect option for people who do not want to go through a complicated approval process. Whether you have no credit or bad credit history, you can get a prepaid debit card with no hassle. All you have to do is open a debit account, make a deposit and you’re approved.

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Secured Credit Cards: Frequently Asked Questions

For people with low or bad credit scores, it can be difficult to qualify for a traditional credit card. This is the reason why credit card companies thought of offering secured credit cards. Below are some frequently asked questions about this type of credit card:

What is a Secured Credit Card? Unlike a traditional credit card, a person who wants to apply for a secured credit card is required to deposit a certain amount of cash that will serve as guarantee for the debts.

The security deposit will also determine the value of your credit limit. For instance, if you submitted $500 in your account, you may be given a $500 credit line. You may submit a higher amount than the minimum required deposit if you want to enjoy a higher credit limit.

After a few months, the bank may reward you for your good payment and raise your credit line without asking you for additional deposit.

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Secured Credit Card Guide for Consumers

Secured credit cards are perfect for people who want to establish credit or rebuild damaged credit history. What benefits can you get by using a secured credit card? How can choose the right secured card for you? And how can you use it build or rebuild credit? Let’s answer these questions one at time.

What is a Secured Credit Card?

To open a secured credit card account, the applicant must make a deposit in his/her savings account. This serves as a guarantee that in case of default, the credit card issuer can use the cash deposited to pay the unpaid charges. Hence, the value of your security deposit will also determine the amount of credit limit you can enjoy.

Some issuers will match the value of your deposit while other issuers may give a slightly lower or higher credit limit than the value of the security deposit. However, unlike prepaid debit cards, a secured cardholder can be charged with interest rates each time the outstanding balance is not paid in full.

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Secured Credit Cards: Repairing Bad Credit

A credit score is used to determine a person’s credit worthiness. Let us say you are applying for a new credit card or a new loan, your credit score will affect the fees and interest rates the company will offer you.

It also plays a role when you are applying for a job, planning to lease an apartment or office space, etc. A good to excellent credit history will definitely help you in obtaining a more pleasant and positive impression or response.

However, just because a person has bad credit does not mean he/she is not a responsible individual. Aside from overspending, there are other possible reasons why people suffer from bad credit. Unavoidable circumstances and/or wrong decisions can be the culprit. As a famous adage says, “Everybody deserves second chances.” This popular saying proves true for people suffering from bad credit. There are ways you can improve your credit rating.

Secured Credit Cards for People With Bad Credit

One way of improving or rebuilding your credit score is to get a secured credit card. Some people are opposed to this idea thinking that getting another card may only lead to bigger debts. Let us get to know more about secured credit cards.


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Secured Credit Cards: Repairing Bad Credit

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Shopping Safely With A Prepaid Virtual Credit Card

Shopping online is becoming very popular these days mainly because most people are too busy to even go to the mall or their favorite boutiques to purchase items they need and want. Online shopping is almost perfect except that some consumers are hesitant to give their personal and financial information because the risk of having these details stolen and used by others is very high.

Want to know how you can avoid being a victim of Identity Theft and online fraud? The answer is to use prepaid virtual credit cards.

Significance and Functions of a Prepaid Virtual Credit Card

The internet has made almost everything possible and easier. However, even scammers are benefiting from technology. These scammers gain profit by stealing other people’s personal and financial information.

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Shopping Safely With A Prepaid Virtual Credit Card


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