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Visa Prepaid Credit Card - Benefits Of Visa Prepaid Credit Cards

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With today’s credit market, qualifying for a good credit card is harder and harder. Many people are simply suffering from negatives on their credit report and can’t qualify for a card at all. If you have negative banking history, you might not be able to get a debit card. Aside from being convenient, credit cards are essential in some cases. Many places such as hotels require them if you want to stay there. Fortunately, no matter how poor your credit history, there is an option for you. That option is the prepaid Visa card.

Many companies offer these cards, including Greendot. The cards work like debit cards. You load money on to the card either through direct deposit or buying a ‘money pack’ that allows you to call a number and add the funds. You could also add funds at some ATMs or online depending on the provider of your card. Prepaid cards don’t report to the credit agencies, so they won’t directly help you repair credit. However, they can teach you a lot about handling a credit card.

The Visa prepaid credit card allows you to have access to any merchant that supports Visa, including restaurants, retailers, and hotels. You would use it just as you would a regular credit card. The best benefit of the Visa prepaid credit card is that you won’t have to worry about going in to debt by spending money you don’t have. Since it works like a debit card, you must have those funds available. If you try for a purchase that is more than what you have loaded on the card, it will be declined. That is a good thing if you want to help improve your finances and spending habits.

Visa prepaid credit cards also have modest or in some cases no fees. After your initial purchase of the card, there is usually a monthly service fee. However, many companies wave that fee if you load a certain amount of money on the card each month. In some cases, that’s cheaper than maintaining a monthly bank account. Visa prepaid credit cards also allow you to set up automatic bill payments. The prepaid cards are tied to a bank account, providing you with a routing number if it’s required for payment. While it’s not technically your bank account, it works in the same way.

If you have limited choices, Visa prepaid credit cards are an excellent option. They won’t cost you much, and they will provide you with the security that comes with using credit cards, including fraud protection. You won’t have to ever worry about accruing interest as you would with a regular credit card. You can use your card as much as you’d like and load as much money as you want. Because of the prepaid cards, living without a bank account or credit card is very possible.

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