Avoid Danger of Debt with Prepaid Cards

06 January 2012 - Which Way to Pay

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Avoid Danger of Debt with Prepaid Cards

Prepaid cards are a very popular financial product because they are easy and safe to use. They are much safer than cash because they are insured so if they get lost or stolen your money is protected. Prepaid cards are great if you have poor credit history as you will not have to undergo a credit check. They are also ideal for anyone who wants to avoid getting into debt and for those who have been refused credit cards before.  They work similarly to credit cards. However, as the money on the card is completely your own the card suppliers are not risking anything. Some prepaid cards will allow you to build and improve your credit rating by charging a monthly fee.

With a prepaid card you will never experience any overdraft or bounced check fees.  A prepaid card ensures that you are in no danger of falling into debt because they do not carry a borrowing facility or an overdraft you are only spending the money that you have uploaded yourself. When the money on it runs out you simply have to top it up to use it again. Because a prepaid card is not linked to a bank account you are not earning any interest which is a major downside

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