As part of its ongoing effort to improve access to credit for all, the Better Business Bureau (BBB) is working with several non-profit credit unions, consumer credit unions, and employers’ to create a model that will help consumers improve their payment habits, manage their debt, and receive lower rates of interest.
The BBB plans to establish a new model of credit, known as Prepaid Credit Cards and Savings Accounts that will offer consumers the opportunity to establish their own prepaid credit accounts and deposit directly into their savings accounts.
The advantages of this plan:
‘ When applied to a consumer’s outstanding credit bills, Prepaid Credit Cards and Savings Accounts will give issuers some flexibility over the amount of prepaid money they can spend.
‘ An individual can have up to x dollars charged to his or her account, but with 0% interest rates.
‘ Like other prepaid credit cards, Prepaid Credit Cards and Savings Accounts will create automatic payments to the credit card issuers’ accounts.
‘ The payment decisions can be automated with an added bonus – it offers consumers the option to ‘talk to the bank’ (meaning, talk to the bank, tell them – ‘the’ money’ to the money issuer) – as well as a better deal on easy credit management.
The difference between Prepaid Credit Cards and other cards is the funding they provide.
While the Prepaid Credit Cards model predates the Bureau, the mode of payment they provide, and the interest rates they charge will be similar to other large non-profit credit unions.
To establish both funding models in their favor:
‘ A consumer can take advantage of Prepaid Credit Cards and Savings Accounts to have instant access to money.
‘ A consumer can ask the bank for help, or accept an offer, from a bank to set up the account.
‘ After an initial period of about ’15 months’, all the accounts will be available to you.
The potential customers for gaining access to instant access to money are well established and the pre-approved applications are waiting to be approved. While some issuers will choose not to participate in any pre-approved applications, issuers’ preferred methods of acquiring additional prepaid credit are through their affiliate issuers like MBNA and MBE.
The Bank of America Prepaid credit card and the Select Bank Prepaid credit cards are ideal for small businesses wanting to maximize access to credit to credit worthy employees.
A consumer’s credit history will also aid in establishing them personal credit history including a credit score, as well as a student credit report. Both cards have great introductory APRs that allow the average consumer to stay healthy over an extended period of time.
Prepaid Credit Cards – Contingent Visa Prepaid MasterCard Application
So many options open to you now! What’s the bad that? It’s not that the bad kind of bad just that it has taken you longer to make that choice or whether or not you are an informed pick up from being in debt.
The good news? The way to free yourself from the bad of already faced credit card problems is to apply to an approved merchant account. You can apply by asking about: merchant account; the rate you would have to pay in APR after you have paid the monthly charges for the service; and what kind of customer support you will have available to assist you through this process. Also, if that is too many to handle, take some time to think about what you want to do now and not too long to do now.
The other good news is that you will now have access to your purchasing information after you have successfully applied for a MasterCard and sent it off for approval. By now, if you have a fresh slate to fill with your new, exciting merchant account, applying for a prepaid credit card is the time for you to start looking at that new machine and learning what it will take to keep its price down. The idea here is that if the merchant account has enough demand and if you do all of your research and you do the math, you can be sure that you get the best deal on an approved prepaid credit card.
Prepaid Credit Card – Incomplete? This Is the Warning
In today’s society that means being unable to put yourself in an adequate situation each day, it is a real rarity for the young and healthy to find themselves in the financial mess they want to clean up.