Despite the popularity of prepaid credit cards, there are still a few cards that may not fit your needs, but they can still be an option for you if you have an excellent credit history. An example of a truly excellent prepaid card with which to begin is the Discover Platinum Visa Card. This card offers an amazing introductory 0% APR for the first twelve months of use. After that the APR jumps up to 27.99%, which adds up to quite a chunk. This is the best prepaid credit card to get if you plan to carry a balance from month to month.
In today’s competitive credit market, prepaid credit cards become more and more necessary to meet your growing budget needs and other commitments.
Unlike other credit cards, which can often cost you a small prepayment fee for a year of use, prepaid credit cards are normally free of charge. The convenience of this may prove to be a bit of a drawback though, as you are generally required to provide more than your stated financial obligations, as these numbers rise.
However, the prepaid credit cards offered by Discover and other leading credit card companies are all about convenience and value. They provide you with the opportunity to simply spend as you desire. The basic card for a person can be used at a cash register and a small amount of your own money can be added to the card in increments of just dollars.
Having prepaid credit cards can be helpful in getting along with your spouse and children, since they can access other funds in the same way you can.
The Discover Platinum Visa Card from American Express is an excellent prepaid card. It offers customers the opportunity to get the most of their credit card with a low interest rate, no annual fee and an offer to payoff for the money charged to your prepaid credit card.
Even with the high interest rates and high fees you will still provide much needed financial flexibility.
Prepaid Credit Cards: Are They Worth It?
If you are a homeowner who is looking into prepaid credit cards, you’ve likely received pre-paid cards or other forms of credit cards in the mail that you think you think you will never use. And, for those who don’t know, these prepaid debit cards are other ‘card’s with magnetic strips that you can ‘charge’ them on, and then later later on they charge you a certain amount from where you put them up. In these instances, you can not’t use the card in case you do use it in those instances.
The reality is that there really aren’t any prepaid cards that are better than anything you currently have. In fact, there are only two types of ‘card’ that you really have – prepaid credit card or debit card. There are any number of types – debit card, credit card, or prepaid credit card. You should not get confused by any of them, except for the type that you think is the best.
Prepaid credit cards are not a substitute for your regular credit card. In fact, prepaid credit cards can be one of the best options available for keeping yourself out of debt. You should check into everything that depends on such before you apply. For example, is there any way you can pay off an entire balance without breaking your budget? What is the maximum amount you can charge each month? You should consider all of these matters. While the fact is that you are not obligated to pay them by the time your credit card bill comes in, you are under no obligation to do so.
Here’s some more information about prepaid credit cards that can help you get the best from prepaid credit cards.
‘ Most Americans do not carry a credit card balance of over $10,000. That’s not a typo. If you add $2,500 to your interest bracket each month, you are responsible for around 20% of those balances.
‘ You will also pay over $1,000 per month in late charges.
‘ This charge will be on top of what you paid over the next year in interest.
Prepaid credit cards can be effective because there is a grace period, but the interest is usually waived off for a specified amount of time.
Though prepaid credit cards are a great option, you must consider the cost of these cards.
Most users of these cards will get a $50 credit card, or even less. However, most of the company credit card users will even have to fork over $5 for a wireless wireless prepaid credit card. Of course, it is a big cost if you want to go all-in on eliminating your debt.
Also keep in mind that you should make sure that your prepaid credit cards have the greatest benefit for you.