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Archive for the ‘Prepaid Debit Cards’ Category

If you have a less-than-perfect credit history, nothing can be more nerve-wracking than going through a credit check in the hopes of getting approved for a debit card. Although debit cards are usually offered for free along with your checking account, there is still a ChexSystems check required in order to get approved – and if you don’t pass this check, you won’t get your debit card! So what’s a person to do in order to get the debit card without having to go through the process of yet another credit check?

Here’s your answer: Look for debit cards that don’t require any credit checks whatsoever!

Is there such a card? Yes, there are banks out there that don’t require a credit check in order to get you that plastic. For example, some banks will only require an ID check in order to approve you for a debit card. Simply provide your social security number and physical street address and watch how fast that debit card ends up in your hands!

Additionally, if you’re a student with no credit history whatsoever, you can still get a debit card without going through a credit check. Many banks offer bank accounts, debit cards and other services that cater specifically to the student population – and all you’ll need is to fill out a simple application! However, with these accounts, it’s important to read the fine print, as you may be slapped with higher-than-normal fees due to your student status.

If you’re unable to find a local branch that offers a debit card without a credit check, then perhaps a prepaid debit card is your best bet. These convenient cards are easy to obtain and require no credit history or employment verification whatsoever – and more importantly, they’re more secure than ordinary debit or credit cards when it comes to online shopping. Best of all, you can link your checking account to the card so that you can reload the balance with no hassle!

However, if you’ve been denied a checking account due to your credit history, it can be next-to-impossible to obtain a debit card. If this scenario sounds all too familiar to you, then don’t despair: you can still get a bank account without having to submit your credit for approval.

Your credit situation should not hold you back from the convenience of having a debit card for your financial use. Definitely, consider a prepaid debit card for your online purchases, shopping, and travel needs.

It’s very convenient to use a prepaid card to make purchases, pay bills, cash out checks, etc. But do you know which are the best prepaid cards that are available in the market? Here is what our research shows.

1) Low fees. – Get over the fact that there is no such thing as a one hundred percent free debit card. Every card you apply for will have some form of charges somewhere. If the advertisement says that there is no monthly charges, that usually means that you pay to use the facilities. In fact, you may end up paying more than a fixed monthly fee. So the best prepaid cards have fixed monthly fees that are really low (can be as low as $5 a month, depending on the type of card you apply for).

2) Thousands of withdrawal outlets. – If you are using a debit account to cash checks, you want to apply with a card provider that offers thousands of withdrawal outlets. Ideally, the locations should be near your area of residence or where you work. Most card providers offer ATM machines at convenience stores like Walmart or 7-11. So there is bound to be one near you. The best debit card provider has over 100,000 withdrawal outlets.

3) Guaranteed approval. – It should be easy to get an application approved for the card you want because a debit card works differently from a credit card. You don’t owe the bank money when you use the card. So usually, no credit checks are required.

There is nothing new to the concept of a prepaid visa debit card. What is new, however, is the value added to the visa prepaid debit card in that it can be used for almost every transaction possible and any where in the world. The concept of prepaid visa debit cards comes from older concepts of gift cards, prepaid international phone cards and even mobile SIM cards.

These cards look and feel like a credit card and can be used in much the same manner with one main difference – you can spend only how much you have paid for the card and no more. This means that you have to make a payment upfront before you spend, while with a visa credit card you can spend first and pay later and in installments too, albeit with a great deal of interest added.

Using prepaid debit cards is beneficial in many ways. Firstly it prevents you from getting into debt at the same time offers you one more mode of making payments. You can use it for online purchases or at any brick and mortar store anywhere in the world. That is what the ‘VISA’ on the prepaid debit cards means that it is acceptable anywhere Visa is accepted. Another area the prepaid debit cards ensure your well being is in that if it is stolen you are safe guarded against fraud. If a thief gets hold of your credit card, you are at risk of them running up thousands of dollars of debt in your name – but with a debit card the worst they can do is deplete the funds on the card.

Prepaid visa debit cards are useful in another area of business as well. They are great for issuing company funds. No longer does a company accountant or manager have to dole out hard cash and have executives sign a receipt for it and then present a tour bill detailing all the tour expenses and refunding the leftover cash. A prepaid visa debit card will do all that for automatically.

There are two types of prepaid visa debit cards, one is the use-and-throw prepaid visa debit card, and the other is the re-loadable prepaid visa debit cards. The reloadable prepaid visa debit cards should be chosen over single use cards.

Let’s face it; it’s tough to operate in today’s world without plastic. Credit cards have become the norm when it comes to purchasing everything from hotel rooms, to rental cars, to fast food. Having some form of plastic as a payment option is almost a necessity these days. However, depending on your credit history, you may not be able to qualify for a traditional credit card but that doesn’t mean that you can’t enjoy the benefits of paying with plastic. Two options worth considering are prepaid credit cards and debit cards. I’ve spoken with several people who assumed that there really isn’t any difference between the two and that’s simply not the case. I wanted to write this brief article to clarify the differences and offer some tips on how to know which one is best for your situation.

Though debit cards and prepaid cards have pretty much the same purchasing power as a regular credit card, they usually don’t require a credit check at all. The credit limit on debit cards as well as prepaid cards is based on the amount of money the cardholder has placed on account. In the case of a debit card, the deposit is made to a checking account at a bank and funds are drawn directly from the account to pay for purchases. Probably the biggest downfall of a debit card is that they can result in heavy overdraft fees if you spend more than you have on deposit. Also, debit cards can’t help rebuild your credit score if that’s part of your reason for having it.

In my mind, one of the biggest benefits of a prepaid card is that most will report to the major credit bureaus and, if used responsibly, can actually help improve your credit score rather quickly. If this is what you’re looking for, you’ll need to be careful to avoid charging more than 50% of your available credit limit. If you’re serious about making a positive difference to your credit score, follow these three easy steps:

Search for a prepaid card with the lowest fees. Only deposit an amount that you’re comfortable you really don’t need. Use your card as little as possible. And pay the entire amount on time, every time.

If you follow this program and are careful not to incur additional charges or fall behind on any of your other monthly obligations, there is a very good chance that you’ll find your credit score much improved in just a matter of months.

In our highly technological and very fast society we are like a sitting duck without having a debit card. But the one draw back for some people is that most people find there selves in a critical credit situation at times who in turn make it hard to get a credit card. The first good thing to do is to be going online and look for all the various people who issue cards to people who have bad credit.

These cards range from secured cards to prepaid cards alike and they all seem to be the same. First thing to do is to know what kind of features you are looking for in a card, the preference of not having to carry cash. Plus it is also something that will improve your credit score. The next best thing to do is to compare all the benefits of most cards before you choose one.

The first fact is that prepaid cards are also like debit cards you would just put money in an account and then draw it when you are ready. Prepaid cards are accepted worldwide much like a normal credit card. Most of the times there is instant approval and also no interest on the money you spend but there are other fees. Secured car5ds look and operate just as a real debit card would; you make a deposit to an account which is also your credit limit. Next is that there are high interest balances, these are reported to the relevant tax agencies to help boost your credit score.

You may have heard prepaid cards described as pre pay credit cards. However, strictly speaking, credit and prepaid cards are not the same things.

How they are similar

Both pre pay and regular credit cards may be widely accepted, which means that typically they are convenient methods of payment to have in your wallet and carry around with you. You may be able to use them online as well as in shops, restaurants and petrol stations.

They may also be a relatively secure method of spending. If someone steals cash that you have on you, there is little hope of getting it back. However, if someone steals a traditional or a pre pay card, you may be able to cancel it immediately and stop the thief from stealing your money.

How they are different

Whilst there may be costs involved in setting up and topping up a pre pay credit card, a significant advantage that they have over “traditional”  cards is the fact that no interest may be payable. With a regular credit card, the card provider charges interest for as long as the amount remains on your card balance. So if it takes you a couple of years to pay the balance off, you may end up paying interest on the amount for that time.

With prepay credit cards, on other hand, the card provider does not actually lend you any money, so there is no interest to pay. Whilst you may have to pay a fee when you top up the card, withdraw cash or spend an amount, (charges may differ depending on the provider) that fee is paid at that point, and does not come back to haunt you month after month in the same way that a credit card interest amount may do.

Another main difference between the two types of card may be that pre pay cards may not offer the same temptation to get into debt. You may find that your spending may be easier to manage with a prepaid card because:

when your money has run out, the card will not work; credit cards let you keep spending until you have reached your credit limit; Pre pay cards may be used to “save up” for a particular purchase. You may wish to credit a card with a few pounds each week until you have reached the amount necessary for the purchase price.