When you can’t get approved for a credit card because you don’t have a credit history, you have bad credit, or you have filed for bankruptcy in the past, both prepaid and debit cards are a good alternative. Prepaid and debit cards work differently than credit cards. You can only use them for the amount that is in your bank account or the amount you load onto a prepaid card.
They are not reported to the credit bureau as such so they won’t affect your credit score. Consider a secured credit card for that purpose. However, prepaid and debit cards offer some of the same privileges of a credit card. If you have a prepaid card, you can use it when securing a membership at a rental store or for online purchases. You can make reservations with theses types of cards or pay bills. Here are some options for prepaid and debit cards.
AccountNow Prepaid MasterCard
The AccountNow Prepaid MasterCard has a 100% guaranteed approval when you meet their criteria. You can use this card to pay bills for free and when you use direct deposit to load your card, there is no activation fee. You can load the card for up to $10,000 but there is no minimum balance that you must keep on the card. This card also gives you the option to build towards a credit card by proving that you are able to manage you account. There is a $9.95 monthly fee for this card.
NetSpend Visa Prepaid Card
The NetSpend Visa Prepaid Card has many similar features already mentioned above. There is no credit check and 100% approval when correct information is given. There are no minimum balances, no overdraft fees, and paying bills online is free. But one of the features that make this card stand out is the 5% APY Savings Account that is automatically set up. If you so desire 5% of every amount that you load onto the card will be placed into a savings account. This card is also convenient providing over 65,000 locations to go and load money onto the card.
Vision Premier Prepaid Visa Card
The Vision Card was designed to be used specifically for direct deposits, although you can load money onto the card at Western Union, MoneyGram, and ACE locations. It offers free online bill pay with no credit check required. Vision also offers free e-mail alerts to protect you and let you know your balance. If you use this card for direct deposit there is no activation fee or weekly fee. Without direct deposit, the weekly fee is .95.
Facecard Prepaid MasterCard
The Facecard Prepaid MasterCard has a free activation fee, no annual fee, and no monthly fee. Your paycheck can be directly loaded onto the card so no checking account is required. You can use Facecard for bill pay and you can set up automatic withdraw to help make sure you bills are paid on time. If you need to pay a friend or family member personally, you can do that as well through the internet or you cell phone. You can use Facecard at any ATM that accepts MasterCard and this card gives you rewards such as coupons put directly onto your card.
Current By Discover Card
Current is a truly unique prepaid debit card. It was designed specifically for teens with a parent’s approval and account control. Parents can set spending limits within the card. These limits can be daily, weekly, or monthly. Parents can also choose what types of stores to block from accepting the card such as hotels or liquor stores.
Parents and teens both can load the card through direct deposit or deposits from another credit card or bank account for free. Cash can be withdrawn from an ATM that accepts Discover and exclusive discounts are given at popular teen retailers. This is a great way to get teens on the road to handling credit, without worrying that they will get in over their heads.
Prepaid MasterCard Gift Card
Another way to use a prepaid card is to give one as a gift. The Prepaid MasterCard Gift Card can be given for any occasion from a wedding to a graduation to a birthday. The card can be used anywhere that a MasterCard debit card would be accepted and that means there are millions of places worldwide. If you choose to send this card, it will be protected anywhere in the world where MasterCard is accepted. You can also put a message on the card and load a picture to make it more personal.
Selecting A Prepaid Or Debit Card
If you decide to get a prepaid or debit card then you will need to see what cards are available for you. You can do this by using the free credit card chaser on this page. This allows you to compare features from different cards so you can decide which card you would like to apply for. You can see features and benefits of popular cards side by side to help you make the best choice. Get started now!
