Finance Tips

Have you ever tried visa prepaid debit cards? If so, what do you think about it if you compare it to the traditional one? You need to know that you are able to activate the visa prepaid debit card within 48 hours only after you join it. In addition, there is no ChexSystems for sure. Because of there is no credit check too, hence it must be very hassle free when you open the visa prepaid debit card account. It is very different from the traditional checking account, right? You see, the visa prepaid debit card is very simple and plain.

First of all, I can say that brand is not a simple thing. You must realize that the brand name will make the card holder easier to make transaction for sure. Some brand names like Master card and Visa are very popular among card holders. Both of them are such the best prepaid debit card. With the visa prepaid debit card, you can shop in lots of shops since visa prepaid debit card is accepted in numerous shops. This card is very valuable to take place in your wallet. Both of visa and master card are advisable to take. Furthermore, if you love simplicity, the visa prepaid debit card is really worthy choice. You see, people do not use paper check anymore this day. Everything is done by online checking, instant charge, instant debit, and account updates to the visa prepaid debit card. Therefore, I could say that the traditional paper check is not relevant anymore this day.

The next thing you should know that the prepaid debit cards also allows you to do direct deposit. It is just the same with the traditional bank accounts do. You should know that most of the prepaid debit card requires direct deposit in order to make their account remain free.

We get quite a bit of email asking about the differences between these two categories of credit cards so I decided to write a short article to explain the basics of each category. Each of these cards will require funds to be deposited in advance before using them, so what’s the difference? The truth is there are some distinct differences that may work better for people from different walks of life. I have listed these differences below.

Prepaid Debit Cards – Prepaid debit cards are a descendant of the secured credit cards that you are probably familiar with. Prepaid debit cards are just that, debit cards that have the Mastercard or Visa logo on them and are accepted worldwide. Much like your bank debit cards they deplete funds in your account as you use them, they do not require monthly payments and do not charge interest.

The major difference is how you qualify for one and how much it cost to use the card. Prepaid debit cards are not concerned with having card holders qualify for their cards. Most issuers do not verify employment, credit, addresses or even legal residency. This makes these types of cards very popular with immigrant workers in the United States illegally.

Debit cards are also more fee intensive than traditional secured credit cards. They have fees that are usually measured by transaction. Other fees include, loading fees, transfer fees, check deposit fees, annual fees and more. This is the price people have pay for convenience and anonymity. These cards will not report cardholder transactions to the credit bureaus, which is not ideal for those who are trying to establish credit.

In our society it is virtually impossible to live without some type of visa or Mastercard, debit cards fill this void. They offer a “de facto” banking system for those unable to qualify normally. They offer direct deposits for paychecks and many other features to a segment of society that traditional banks have left out in the cold. All in all, prepaid debit cards are pretty cool for some people.

Secured Credit Cards – are credit cards that are specifically designed for people with bad credit. Most people that apply for these types of credit cards do so to build or rebuild their credit. The other advantages are they appear, look and act exactly like a regular credit card. Most prepaid cards are clearly marked as debit cards with outrageous designs and colors.

The price you pay for rebuilding your credit is interest. The worst thing is that you are paying interest on your own money! Unlike prepaid debit cards, secured cards usually carry pretty steep interest rate, usually around 15%. Secured credit cards are not usually “re-loadable”. Meaning, once you make your initial deposit this becomes your “credit limit”. Your payments will bring down the balance giving you more purchasing power.

Secured credit cards report to the credit bureaus exactly the same way a regular credit card does. Creditors that review your credit for purchases have no idea if your credit card is secured or not. Another thing to watch is that most people will fund their cards with money that they intend to use immediately. Meaning they send in $500 and expect to be able to go out and spend that $500 immediately on receipt of their card. This is not good borrowing practices and will actually bring down your credit score.

Credit cards are viewed as liabilities on your credit bureau once you borrow over half of your credit limit. The credit bureaus see this as a sign of credit dependency and discount your credit score 35%. When this happens you are hurting your credit, paying regular credit card fees, paying interest on your money and carrying around a maxed out credit card.

Our advice to borrowers is to save up enough money so that your initial deposit is large enough to show a decent credit limit on your credit bureau, around $1000. Then leave it alone. It will only cost you the price of the annual fee to keep it in their bank. Most people feel the need to charge something on the card to “prove” they can pay it back. This assumption could not be further than the truth. Credit bureaus do not show monthly payments; they only show the months you have had the account open and any months that you have been delinquent.

When a future creditor sees your $1000 open line of credit, higher credit scores and the financial restraint you have demonstrated you will be much more likely to get the loan. Secured credit cards can significantly help you rebuild your credit and have a positive impact on you overall credit score. Unfortunately most people use them incorrectly and end up hurting their credit more than it was before getting the card.

Nowadays there are many options to carrying cash, and the one choice that is gaining popularity is the Prepaid Debit Card, also known as the Prepaid Credit Card. Although these debit cards are being advertised on television, radio and the internet, their use and purpose is clouded in mystery. We will explain what they are and how to use the prepaid debit card.

Terms to Know

o Branding – Adding Visa or MasterCard logo to a debit card, thereby backing the debit card with the benefits and security of these credit card companies.

o Debit – Deducting from an existing balance.

o Load – Adding money to the balance of the card.

o Reload – Ability to add more money to the balance once the original ‘loaded’ balance has been depleted.

“Prepaid Credit Card” – Debunking the Myth

First, we will clear up the most common misconception with these cards. They are not credit cards in the traditional sense. A “traditional” credit card is a card that draws off a credit line balance with each use/purchase. A prepaid debit card is a card with either a Visa or MasterCard logo and can be used to pay for goods or services anywhere Visa or MasterCard is accepted, however all purchases are drawn from a prepaid balance that you have loaded onto the card. Once the balance has reached $0, you are no longer able to use the card for purchasing until the balance is reloaded.

Evolution of an Industry

In the beginning, in terms of banking, there was an Automated Teller Machine debit card. This type of card allowed the holder to access their bank account balance without having to physically go into the bank. The ATM card holder was able to go to a new type of cash access point (the Automated Teller Machine) usually located outside their bank and get cash out, debiting from the available cash balance of their bank account. As this new type of bank account debiting system evolved, merchants and banks teamed up to allow ATM card holders to access their bank accounts at various locations, such as a grocery store or other kiosk ATM machines located around town.

Through gradual progression of the financial industry, Visa and MasterCard got involved and joined the efforts of banks and merchants to brand the ATM card with either the Visa or MasterCard logo. These new Visa or MasterCard branded ATM debit cards now had the ability to be used to pay for goods and services anywhere a Visa or MasterCard credit card was accepted, while still drawing off the bank account balance the ATM card is associated with.

The next step for Visa and MasterCard was to create standalone “Gift Cards”, which were originally loaded with a prepaid balance and could be used just as a Visa or MasterCard, but purchases were debited from the actual prepaid balance, and required no bank account. These Gift Cards could not have their balance reloaded.

This brings us current to today’s financial landscape, where Visa and MasterCard have introduced prepaid debit cards, which operate like a hybrid ATM card (minus the bank account) and Gift Card (but the balance can be re-added to). The card holder can load money onto the debit card, can access the balance anywhere that Visa and MasterCard is accepted, and can reload money onto the card balance.

The Visa or MasterCard Prepaid Debit Card

Now that you have a good idea of what a prepaid debit card is (and what it isn’t), it’s time to find out what the benefits are of having this new type of debit card.

Features and Benefits

o No Credit Check – A credit check is required when you apply for credit, since you are going to be trusted to pay the debt back. Since you are adding cash onto the card, and since the balance cannot go into the negative, you are not going to be in a situation where you are required to pay anything back, or owe any money from exceeding the balance.

o Safety and Security – Carrying cash nowadays is a risky venture. If you lose cash, you are out that amount of money and cannot conceivably recover the amount. Since you can load or reload the balance of a prepaid card with cash (almost anywhere), and since the cash balance on the card is branded by either the Visa or MasterCard logo, the same security and fraud protection is extended to the prepaid balance. If the card is lost or stolen, the prepaid card holder is not held liable for any fraudulent transactions. Your money is safe and secure.

o Bank Account Features – Most prepaid debit cards have bank account features, such as check writing privileges (the amount of the check is deducted from the card balance). You can also have your employer (although employment is not required to apply for card) directly deposit your payroll check onto the card balance. Since these are very attractive incentives, most prepaid debit cards have these features.

o Reload the Balance Anywhere – Most prepaid debit cards allow you to reload the balance almost anywhere. You can load via PayPal, at most bank branches, any Western Union or MoneyGram location and even by cashiers check or money order.

o Shopping on the Internet – Nowadays, you can’t be too safe when shopping online. Prepaid debit cards are a great choice in this situation because you can determine how much to load onto the card and since the balance cannot go into the negative, the chances of someone accessing your card information and running up a horrendous debt are non-existent.

o Other Benefits and Features – Since prepaid debit cards are branded with either the Visa or MasterCard logs, the prepaid cards have the same perks of regular credit cards. Some of these perks include roadside assistance, auto rental insurance, extensions on original manufacturer warranties, automatic bill pay and even merchandise rewards and cash rebates.

The Bottom Line

The best way to carry cash nowadays is a prepaid debit card. It’s also a great way to give a gift or pay kids an allowance. As a gift, the prepaid card is an excellent choice because the prepaid card is accepted anywhere, and doesn’t limit the recipient to one particular store or service. As a child’s allowance tool its ideal, since the transactions on a prepaid debit card can be tracked and accounted for, down to the last penny. As an online shopping resource, it’s handy because the card balance cannot be exploited. As a straight cash card, it can be used anywhere and just as safe as a credit card.

Good luck and remember to read all the facts and find out all the information before making important financial decisions.

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