insights you need to know about prepaid debit cards
TRANSCRIPT
Insights You Need to Know About Prepaid
Debit Cards
Discover some basic facts as well as the advantages and disadvantages linked with the use of this prepaid card
program.
A prepaid debit card is a very unique card program.
The reason for this is that this card is actually a combination of a credit card and debit card.
Now what are the advantages of getting
a credit card for bad credit?
And, what about the drawbacks of using
prepaid debit cards?
Benefits and Drawbacks Associated with Prepaid Cards
Advantages
This card is actually a good tool in budgeting and managing your finances.
You will also realize that a prepaid debit card can actually protect you from identity theft and from losing the money you have in your bank account.
After all, your prepaid card is not linked to your bank account and it is PIN-protected.
Disadvantages
Some of the disadvantages
associated with the use of this
credit card for bad credit
include: numerous fees and
charges, no interest earned on
the initial deposit, and its
exclusion from the Consumer
Credit Act.
Consumers with poor credit
ratings cannot use prepaid
debit cards to repair bad credit
history.
So even if you will responsibly manage a prepaid card
account, it will have no impact on your credit profile and it
will not even help you repair a bad credit standing
Still, it is important to note that the beneficial features of prepaid debit
cards normally outweigh their drawbacks.
So, you can still have the assurance that this card will work to your
advantage.
Resources:
http://www.badcreditresources.com/articles/insights-you-need-to-know-
about-prepaid-debit-cards/
Insights You Need to Know About Prepaid Debit
Cards
Manage Spending With Prepaid Debit Cards
http://www.badcreditresources.com/articles/control-spending-with-prepaid-
debit-cards/
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