If you're shopping for a prepaid debt card , pay particular attention to its fees. Also consider convenience. For example, if the card is free to use at an ATM as many of the best cards are , how large an ATM network will you have access to, and is there one close to where you live or work?
If your goal is to repair your credit rating, consider a secured credit card instead of a prepaid debit card. If the reason you want a prepaid debit card is that you have a bad credit history or no credit history and are unable to get a conventional credit card, you might consider a secured credit card instead.
Secured cards are easier to qualify for because they require you to put down a refundable security deposit that serves as collateral for the lender. The advantage of a secured credit card is that your monthly payments can be reported to the three major credit bureaus and help build your credit history. Debit cards, either prepaid or the regular kind, don't report transactions to the credit bureaus and will do nothing to improve your credit.
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These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. How do I activate my Visa Gift Card? Your card is already activated and ready to use, just remember to sign the back of the card immediately after receiving it. Can I add more money to my Visa Gift Card?
Can change be given on Visa Gift Card transactions? No, the card is only used for payments through an eftpos terminal, online or over the phone and can be used until the balance reaches zero or expires. How long can I use the Visa Gift Card? When the Visa Gift Card expires, the card account will be closed and any unused balance will be forfeited. Remember, prepaid cards may look like debit cards, credit cards, or gift cards, but they are often quite different.
In time, the card packaging will include a chart that contains certain key fees and other information about the prepaid account, to comparison shop between cards at the store. The packaging will also list a website with similar information regarding fees and other key information about the card.
You may want to go online to review this additional information. You can buy prepaid cards at retail locations such as grocery stores and drug stores , online, over the phone, or from some banks and credit unions. If you buy the card online , you may then be issued a virtual card, or you may receive a physical card in the mail at a later time.
Some cards require a minimum initial load. Some prepaid card providers require you to register your card upon, or just after purchase, by asking you to provide certain personal information, such as:. Prepaid Debit Card. There are many prepaid debit card issuers, and they have different rules, fees and places their card is accepted.
Some individual companies also offer prepaid cards, such as Walgreens and other brick-and-mortar retail merchants. When you load your card, most prepaid debit card issuers will deduct a fee from the amount. Payment cards offer a convenient way to pay for your purchases both in a store and online. Many people consider them an alternative to carrying cash. Let's look at the four different payment card types and how they are used.
A credit card allows you to make purchases on borrowed money. When you make purchases the balance accrues, and you will pay interest unless you pay off your balance in the first month. Each month you pay a portion of the balance owed plus interest.
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