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Home » Finance

Pros and cons of prepaid credit cards

Submitted by on 26 January, 2020 – 4:32 am

There are two disadvantages and benefits associated with prepaid credit cards. It is used in the appropriate situation and for the right reason, prepaid cards can be great. However, if consumers are not aware about how you may unknowingly accumulate additional charges are required to pay, which may end up regretting owning a prepaid credit card. Similarly, if you really want is credit, prepaid cards are not for you.

Advantages of prepaid credit cards

Building a credit score

Are you a virgin credit or have used a credit card unwisely in the past and now may not take part, a prepaid card may be the answer to your difficulty. In both cases described above consumers want to build a good credit score. Without credit you can not make major purchases or even rent a place to live under certain circumstances. A prepaid card, which gives details of their proper use, ongoing credit for the credit bureaus will put you back in business. Not all prepaid credit cards offer this incentive, however, so do check before you get one.

Better than carrying cash

There are times when it is more sensible to take a piece of plastic than it is to have a wad of cash in his pocket. It is easier to conceal a cash card and a prepaid credit card can be canceled in case of theft anyway, before any damage is done. Then you will be issued a replacement card. The same happens if you lose your card. It is 100% better than losing cash.

Students

Parents feel more secure load a prepaid credit card with money to give their money to the children cope with and encouraging them to get a regular credit card can be spent in excess. Students may pay for goods online with a prepaid card, as I could with a regular credit card, and perform other financial transactions. The difference is that they will end up in debt when you use a prepaid card.

Travelers

Travelers can take advantage of prepaid credit card with them, as it gives them most of the benefits of a regular credit card, such as insurance on property acquired, plus you can avoid dealing with checks travelers as an alternative.

Gift Cards

The prepaid credit cards can be given as a gift that is useful in many retail outlets, rather than just one as gift cards normal. Can also be redeemed at any time, so gift recipients can wait until a sale at your favorite store before you use your card to get the maximum benefits.

Cons

No Credit

If you have a regular credit card can spend more than you have on hand until

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