TopConsumerReviews.com
      January 20, 2018

Home  >  Prepaid Credit Cards  >  Articles

Your Information Is Secure
Credit Cards: The Lowdown Newsletter

Latest Reviews

Baby Cribs

BBQ Sauce Clubs

Candy Clubs

Credit Card Consolidation

Graduation Invitations

Hair Care Products

Makeup

Reverse Mortgages

Tickets

Web Hosting

 

Related Articles

Comparing Prepaid Credit Card Companies

Credit Card Alternatives for Poor Credit Scores

What to do When Your Credit Is Bad

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Credit Card Alternatives for Poor Credit Scores

Lax credit rules, over spending, a weak economy and a startling number of unemployed workers have many consumers licking their financial wounds. Starting over financially is no walk in the park but is a necessity to get back on your feet and headed in the right direction.

Don't Over Apply
First of all, keep in mind that if you're not having any luck with applying for a credit card with the traditional banks - don’t continue to apply. Each time a credit check occurs you potentially impact your credit score further.

Credit Card Alternatives
This may be easier said than done. Many lenders will reject applications for credit from those with poor credit. But that doesn’t mean you’re completely out of options. Having access to a MasterCard or Visa is necessary in many situations and doing without is nearly impossible for some. Consider these alternatives:

  • Prepaid Cards are one option for those unable to qualify for a credit card. Essentially they work independently from your credit score and do not impact you positively or negatively on your credit history. The basis of a prepaid credit card is that, for a fee, you may “load” the card in advance via a cash payment and then are able to use it as needed. Again, prepaid card companies will not report your responsible spending to reporting agencies but will help you learn to stay within your budget and get you into the habit of only spending what you can afford.
  • Secured Credit Cards are similar to a prepaid card but do work in conjunction with your credit score. Typically a customer is able to obtain a secure credit card via a cash deposit. After several months of making monthly payments and staying within the credit limit, a secured credit card company will often issue a line of credit that is more similar to an unsecured credit card. This is considered a starter credit card to help get you back on your feet.
  • Bad Credit - Credit Cards are specifically designed for those with poor credit history and a low score. Some companies may still be willing to issue a line of credit. HOwever, be prepared for hefty fees and penalties of any credit card you obtain. Credit card companies willing to risk a line of credit to someone who has been historically irresponsible are going to charge fees.. Annual fees can range from $50 to several hundreds of dollars and are hard to avoid. Credit limits on these types of cards are typically very low and may even require collateralization.

Establish a Payment History
Once you’re able to gain access to even a small line of credit treat it with the upmost importance. Demonstrate that you can make monthly payments on time each month and spend only within your credit limit. This practice done consistently will eventually earn you a larger line of credit at cheaper interest rates.

How to Get Your Tax Refund Deposited On a Prepaid Card

You can have the IRS deposit your tax refund on a prepaid credit card. Setting up direct deposit of a tax refund to a prepaid card is simple. It's really no different than setting up direct deposit of a paycheck to a checking account. You'll need two ...

Published:  Thu, 18 Jan 2018 00:00:00 GMT



Best Prepaid Cards

These cards allow users to make online bill payments and other purchases without worrying about cash, interest rates or late fees, and they don't require a credit check for approval. As such, prepaid cards are also a good fit for parents who want to ...

Published:  Tue, 16 Jan 2018 07:14:00 GMT



Important things to know about the security of your ATM card

MANILA, Philippines - You may have recently received a call, text, or e-mail from your bank urging you to shift from your magnetic stripe debit, credit, and prepaid cards to EMV chip cards. But before you brush it off as just one of those routine ...

Published:  Thu, 18 Jan 2018 22:45:00 GMT



The latest evidence Americans prefer debit cards to credit cards

As cash becomes less popular around the world, cards, including debit, credit, prepaid and electronic benefits transfer (EBT) made up nearly 61% of payment volume in 2016, The Nilson Report found. That will grow to more than 69% by 2021. In 2016 ...

Published:  Wed, 10 Jan 2018 00:47:00 GMT



Criminal offenders get credit cards, learn money management in Billings prerelease program

But the card is key. Before the credit card program, Alternatives managed resident finances by simply writing a check, prepaid to a specific store, anytime a resident needed to buy something. The money came from an account controlled by the agency that ...

Published:  Sun, 14 Jan 2018 18:25:00 GMT



Global Prepaid Card Market with Focus on The United States (2016 - 2020)

... A prepaid card is a type of card similar to credit and debit card, but unlike them, a prepaid card does not connect to the bank account of a person and is based ...

Published:  Fri, 12 Jan 2018 08:48:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure