Prepaid Credit Card Reviews

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Prepaid Credit Cards

Prepaid credit cards give you the flexibility of a credit card without the hassle of credit checks, contracts and expensive interest charges. You can use your prepaid credit card to buy anything you would typically pay for with a Visa or MasterCard, such as online purchases, dining out, bill payments, shopping, and more. Prepaid credit cards even make great gifts as they don't tie someone to just one store or a specific gift.

Getting a prepaid credit card is easy. You simply purchase the size of the card you'd like, along with an upfront activation fee. You should be aware that many prepaid cards eventually decline in value after several months of non-use, so you'll want to use your prepaid credit card once you get it.

When shopping for a prepaid credit card, there are several factors you hsould consider. Some of these include:

  • Denomination. Some prepaid credit cards come in predetermined amounts, while others let you choose exactly how much you want to spend. Choose a card that fits your needs and keep shopping if you don't initially find it.
  • Fees and penalties. Most prepaid credit cards charge an initial activation fee. Since these fees can vary widely from card to card, you should be aware of them before signing up. Yoiu should also find out if the card has an expiration date, and what charges might occur if the card is not used within a certain period of time.
  • Type. Prepaid cards come in MasterCard, Visa, American Express and more. Make sure that the prepaid credit card type will work with your spending plans.

TopConsumerReviews.com has reviewed and ranked the best prepaid credit cards available today. We hope these reviews help you find the prepaid credit card that best fits your gift giving or personal use needs!



Advantages of Prepaid Credit Cards

If your credit is imperfect, you have a teenager or young adult that needs access to a Visa or MasterCard or you want to better control your spending a prepaid credit card is a great option. Credit cards not only make for convenient shopping but are also mandatory in many scenarios where a Visa or MasterCard must be made available. For example, shopping online, renting a car, or making reservations all require a credit card and asking someone else to help you out, each and every time, can be embarrassing.

Here are some advantages of a prepaid card:

No Interest
Many prepaid credit cards exist today that look and feel just like a credit or debit card. Withdraw cash at ATM's, upload a payment via the phone, establish direct deposit, speak to a customer service representative and more. But very importantly, there's not interest charges. Fees due exist and must be looked at closely but you'll never be charged interest for using your preloaded credit card.

No Credit Check
If you've had some financial challenges in the recent past or simply don't want another credit check to be reported to the credit agencies - a prepaid card is the place to go. With the balances being prepaid, no line of credit being issued, there's no need for any prepaid credit card company to ask for your social security number or inquire about past credit issues.

No Overspending
Whether you need help sticking to a budget or you're child does, a prepaid card is the card for you. Prepaid cards only have the balance available that you load on the card at the onset. There's no spending more than you should on an impulse buy or running over your credit limit with a prepaid card. Many people use these cards in place of debit and credit cards to stick strictly to their budget. Parents often send prepaid cards to their college students to help them out financially but without the risk of a credit cards and irresponsible spending.

No Contracts
You aren't bound to a prepaid card via a contract. You simply load the card and spend as you so choose. You may reload the card as needed and continue to use in the future.

Gift Giving
If you aren't sure what your friend or family member wants or needs next Christmas or birthday a prepaid card is a great option. Loading the prepaid card with your gift contribution allows them to buy exactly whatever they want. No returning gifts with a prepaid card.

In summary, a prepaid card offers several perks over a traditional credit card. Many appreciate the budgeting aspect while others enjoy no contracts or accrued interest. Either way, prepaid cards offer a lot of flexibility no matter what you need the card for.

 



Prepaid Credit Cards In The News

Dual-Message Interchange for Regulated Debit Card Issuers Declined in 2017, the Fed Reports

Interchange on debit card transactions has changed relatively little in the nearly seven years since the Durbin Amendment to the 2010 Dodd-Frank Act took effect, but a Federal Reserve report notes one ...

Published:  Fri, 17 Aug 2018 09:21:00 GMT



Debit Card

A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase. Debit cards eliminate the need to carry cash or physical checks to make purchases. ...

Published:  Wed, 15 Aug 2018 09:15:00 GMT



Beware payments demanded through prepaid debit or Green Dot cards

Pay the fine or it's jail time. At least that is what experienced con artists have been threatening in a phone scam that has hit Sussex County residents in high numbers since this past weekend, accord...

Published:  Tue, 14 Aug 2018 21:36:00 GMT



Help identify thief who stole $10,000 ring, debit card, checks from resident at retirement home

The Greenville police need help identifying the thief who stole an engagement ring, debit card and checks from someone at a retirement home. Police said an elderly person had a 10-carat diamond and go...

Published:  Wed, 15 Aug 2018 18:40:00 GMT



The Allure of Debit Cards for P2P Payment Companies

In the U.S., debit cards are the most popular method of payment, so it's not surprising that many fintechs are trying to enter the debit card market. For companies focused on P2P payments such as PayP...

Published:  Mon, 13 Aug 2018 09:57:00 GMT



Discover is upgrading its cashback debit card

This story was delivered to Business Insider Intelligence "Payments Briefing" subscribers hours before appearing on Business Insider. To be the first to know, please click here. Discover is adding new ...

Published:  Fri, 10 Aug 2018 06:56:00 GMT



Fayetteville Police Seek Suspect In Debit Card Theft

FAYETTEVILLE (KFSM) - Fayetteville Police are looking for a woman they say used a stolen debit card at a local Walmart. According to police, the woman used the stolen credit/debit card at the Walmart ...

Published:  Thu, 16 Aug 2018 02:35:00 GMT



Put away that credit card. You need to use cash more

Credit card networks don't allow weed-related sales. So far, the banks are playing it safe and not letting marijuana stores and dispensaries open accounts to receive funds from debit card processors. ...

Published:  Wed, 15 Aug 2018 08:28:00 GMT



Edge Crypto Enables Litecoin (LTC) Purchase with Credit, Debit Cards

The multi-coin wallet Edge has released a new version, 1.3.0., which enables Litecoin (LTC) buying with credit and debit cards and expands cryptocurrency offerings with four new coins, Bitcoin Gold (B...

Published:  Wed, 15 Aug 2018 09:00:00 GMT




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