There are many reasons to have a credit card with you at all times. While not everyone can qualify for a credit card, it is not a good idea to walk around with a pocketful of cash. If that cash is to get stolen or lost, you have no recourse whatsoever. On the other hand, if you lose your credit card or it gets stolen, you will not be held liable for fraudulent purchases. Even if you have poor credit or no credit at all, you can still own a credit card. It is called a prepaid credit card and is as easy to buy as a gallon of milk.
Many retail locations such as Wal-Mart and Target have prepaid credit cards at the front of the registers. You will usually find them alongside the gift cards. Many will have a certain denomination like $25 and once you give the cashier the cash, the card is activated. You now have a credit card with a $25 limit on it. You will be able to use that credit card just like a regular credit card except that when the $25 is gone, so is your credit card.
There are also prepaid credit cards that can be purchased online for any amount you like. Once your funds are depleted, you can recharge up your account online as long as you have a bank account. A great place to look online for these types of cards is Vision Premier. This site allows you to get a prepaid Visa card with no credit check. The approval process is quick. Simply fill out the simple online form on the home page that says, “Prepaid and Debit Cards” and you will be taken to a page that will show you available prepaid cards and any and all fees associated with them.
It is important to check all the fees by thoroughly reading the terms of agreements associated with the prepaid card you are considering. Yes, that means reading the fine print. Many prepaid cards will charge fees such as a transaction fee, an annual fee or a re-loading fee.
While prepaid credit cards are great, they will not help you rebuild or establish your credit, but you can go to a number of banks and get another type of prepaid credit card known as a “secured credit card” that will. A secured credit card works just like a regular credit card except the line of credit that you have on it is deposited beforehand by you. If you deposit $500, then that is your credit line. You use it like a credit card and make payments each month with interest like a credit card. While you are doing this, you are building up your credit. Usually if the account is kept in good standing for a period of one to two years – or more depending on your credit situation - your deposit is returned to you and the card then becomes a regular credit card.
Learn how to buy anything at HowToBuyStuff.org, which features the latest consumer advice articles written by experts. You can learn more practical credit card debt reduction techniques at DebtSecret.net.
In a world that revolves around credit cards, it is necessary to have one. But when it comes to prepaid credit cards, it is not necessary to have good credit to get one.