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Are Prepaid Credit Cards Good?

by Isabella Craig on 2013/12/05

Are Prepaid Credit Cards Good?

‘Are prepaid credit cards good for you?’ You might want to ask this question first before getting one because like any other type of credit card, it can easily contribute to your budget woes if you are not thoughtful about what you spend.

Prepaid credit cards are advantageous for the right kind of people, so before you decide to get one, make sure to consider various factors such as your salary and paying capacity as well as your spending habits.

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Prepaid credit cards may be reloaded up to a certain limit, which you can entirely spend until you reload the card again. If you need credit card services but you are on a tight budget, then a prepaid credit card may be your best option.

Here are some of the answers to ‘why are prepaid credit cards a good idea?’

    Credit card services without being buried in debt. Using a prepaid credit card will allow you to enjoy credit card services but you won’t run the risk of having debt issues because essentially, you would be spending your own money.

    Easy application.Credit card companies make it easy for everyone to apply for a prepaid credit card. Your credit won’t even be checked before you can be issued a card.

    Easy usage and account management. Like a credit- or a debit card, a prepaid credit card can be managed online. You can use it to buy anywhere your card issuer is accepted and you don’t have to link it to a bank account to function.You may also use it to pay creditors, enroll online bills for payment, etc.

These are only some of the answers to the question, ‘is a prepaid credit card good?’ Some cards may even offer rewards for frequent use.

Also, prepaid credit cards may be used to withdraw money from ATMs. However, it is also important to choose a prepaid credit card that has relatively manageable fees as some cards can really cause you to pay more than you ordinarily should.

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