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Thread: PrePaid Credit Cards?

  1. #26
    PhillyDancer1982
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    Default Re: PrePaid Credit Cards?

    Quote Originally Posted by Eques
    There is no such thing as approval for a debit card. Its an auto-matic 'here you go' with your checking account.
    Actually, there ARE some people that do not get approved for a debit card at the time they open a checking account...usually people who have had past credit/bank account problems.

    In the US, bad activity on a checking account can result in the account being involuntarily closed and then a bad mark being put on your ChexSystems report. ChexSystems is a report that shows inquiries and any bad/derogatory bank account activity for the past 5 years. A friend of mine had a Citizens Bank checking account placed on ChexSystems because he overwithdrew it so many times, that with fees, he ended up $300 in the negative and then never paid back the balance to get it up to zero. After he paid off the account to Citizens Bank and got a letter from them stating that the account was now officially "paid as agreed," the local credit union let him open a savings account but restricted him from getting a debit card for minimum 6 months. I believe they approved him for a unsecured credit card before he was even able to get a debit card! But then again, all banks/credit unions are different...

    For anyone who is looking to pay off an overwithdrawan bank account, listen up: DO NOT PAY THE COLLECTIONS AGENCY!! When my guy friend was looking to pay back his overwithdrawan Citizens Bank account, I helped him out by making phone calls and finding out how to get his account in good standing. The ONLY way, was the pay the bank directly IN FULL. If a partial amount was paid, or money paid to the collections agency, of course Citizens Bank would not be seeing the full amount, so they wouldn't write the "paid in full/paid as agreed" letter that my friend needed so badly to open another account; so thus paying a collections agency would be essentially useless. Plus, collections agency reps are rude, deceptive, and a pain in the ass to work with!

  2. #27
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    Default Re: PrePaid Credit Cards?

    I have a prepaid card from one of those check cashing places. just about any little place where u get phone cards,money orders,western union....u get prepaid. i also got one from the Coinstar machine....u know the thing where u dump all ur saved up change and turn it into bills? i got that. its great.

  3. #28
    God/dess Deogol's Avatar
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    Default Re: PrePaid Credit Cards?

    Quote Originally Posted by Xiomara
    I have a prepaid card from one of those check cashing places. just about any little place where u get phone cards,money orders,western union....u get prepaid. i also got one from the Coinstar machine....u know the thing where u dump all ur saved up change and turn it into bills? i got that. its great.
    Except for the up front interest.

    If you can get one from a bank that has a grace period, you can use your card "interest free." Unfortunately often there is a membership fee or the sort.

    You will need to calculate out how much money that membership fee is in coinstar interest or in check cashing interest and decide if you spend that much or less.

    For example, if coinstar wants 8% of your coins and you expect to use it yearly for $1200 (or around 100 bucks a month), your "coin star" cost will be around $96. If you can get a bank secure card for 59 bucks a year you can probably see the savings right there - a couple of lap dances!

    Of course, if you plan on using it to a point where the cost is UNDER the membership fee from the bank - then coinstar/check cashing route would be the best thing to do.

  4. #29
    God/dess Lysondra's Avatar
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    Default Re: PrePaid Credit Cards?

    Quote Originally Posted by Bridgette
    A prepaid credit card isn't a credit card at all. It's basically a debit card. You can only spend what you've previously deposited.

    A secured credit card IS a credit card. It works just like a credit card in every way, except your spending limit will be equal to the amount you deposit in the bank's savings account. They will hold your money in the savings account for a certain amount of time (like 6 months or a year) until you've kept the credit account current for that many months in a row. You increase your spending limit by adding to the savings account. Whatever you charge to the credit card, you'll have to pay back later and the interest rates on those are EXTREMELY high. Can be good for rebuilding credit if you use them right.
    I don't know about Canada but in Australia prepaid credit and debit are TOTALLY different. You can't get a credit card icon on a debit card (like visa or mastercard) and can only get them on credit cards. You can't run debit as credit in a machine. So a prepaid credit card would mean I can buy things online that ONLY take credit and not debit (since it has no mastercard or anything) in certain places.

    So it's not always the same. Just pointing out.

    Edit: Some banks offer Visa debit cards in Australia but it's a VERY new thing and VERY few people (like GCG) have it. So many purchases can't be made places using money already in the bank.
    Last edited by Lysondra; 08-29-2006 at 07:25 PM. Reason: GCG


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  5. #30
    Featured Member Vamp's Avatar
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    Default Re: PrePaid Credit Cards?

    If you have no credit a secured credit card is a good place to start in rebuilding credit. Opening a bank account will not count towards a good credit history. Prepaid credit cards and Debit cards do not show on your credit report either.

    If you have bad credit checking your credit report first would be a better start. If you have bad credit you could still be declined for a secured credit card. www.annualcreditreport.com is a place where you can get a free credit report without enrolling in a monthly program. See if you have collections, late payments, etc. The credit reporting agency website will help you read it. www.myfico.com under the education section will let you know the criteria for your credit score. It will also give you some hints into what you can do to improve your score.

  6. #31
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    Default Re: PrePaid Credit Cards?

    These type of cards are also becoming popular as gift cards. I've seen a lot of people using them and they said their friends gave them a prepaid CC for a gift. What great friends. Another thing too, many people do have a regular credit card and still purchase these because they don't want to worry about their high limit card being stolen and reducing chances of identity theft. Some customers have actually had bartenders trying to steal their information. I have a relative who had a cashier at a department store trying to use the information. You have to be careful anywhere you go--but especially traveling.

    I think all you need to do is just call up any company and ask them if they sell prepaid credit cards. I would call the big companies and check with them.

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