For a few people, having an access to the credit card will lead to the overspending, poor credit and debt that are some scary things. But, a simple fact is some people are not very responsible to have the credit card as well as are better in sticking with the debit, and leaving their credit cards alone. Fortunately, there are the prepaid credit card out there for anybody who does not trust themselves with (cannot get approved) the credit card.
Does prepaid credit card really work?
Prepaid Card is very much similar to the gift cards, and balances on such cards can be paid in advance prior to you can use this for any purchases. With the prepaid balances, you can make any kind of purchases you want with the normal credit card –over amount of the balance. You will find 2 primary kinds of the vanilla MasterCard.
Store-bought credit cards
The store-bought cards are the simplest to get the hands on. Such cards are only for one-time use and have got set amounts like $25 or $50 or $100 and more. They are bought at most of the grocery shops as well as gas stations or make for the good gift options.
Bank-issued credit cards
The bank-issued cards are harder to get. To get these cards, you will have to “apply” through the bank and website. Balance on the cards may depend upon how much you would like to put on it (to some limit).
Vanilla Prepaid Card
Vanilla Visas are same as prepaid Vanilla Mastercard. They are generally bought in the preset amounts as well as come with the activation fees that will range from $4 – $7. They are used on internet like other prepaid card, but there are a few things you need to know when using them:
- they must not get used for any recurring bills,
- they must not get used at the ATMs and refunded for the cash back,
- Suppose your card gets stolen or lost, an only way you will get the replacement is when you have the card number written or memorized,