Tag Archive | "Prepaid Credit Cards"

Where to Get No Credit Check Credit Cards?

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If you are searching for credit cards with bad credit rating that do not require credit checking, then you can easily find them out via searching the market. According to the Bank of America, the charge-off rate peaked in August 2009 when a change from 13.81 to 14.54 was recorded in these rates. In past recent years, lending institutions and lenders have become more careful regarding lending money to borrowers. If you are facing earlier bank default then bad credit rating credit cards are perfect for you. These credit cards enable you to pay freely for the services and other items you buy. Moreover, these credit cards also help you to raise your credit rating.

Credit Cards without Credit Checking

Credit Cards without Credit Checking

You can take out bad credit rating credit cards that are available without credit checking only if lender can provide protection to its legal business interest. In the current economic recession, lenders do not provide unsecured credit cards without credit checking. This is because the risk of not getting repayments is very high. When it comes to guaranteed bad credit rating cards then it mean secured credit cards and other prepaid credit cards. The worth of these cards depends upon the retailers concern to these cards. However, the ways by which these cards are funded are quite different from normal cards.

Secured Bad Credit Rating Cards

These credit cards are of great help of earlier defaulters, as these credit cards offer a considerable credit limit that depends on the provision of the type of collateral. This condition allows lenders to recover the lending money from the borrower who becomes default. Cash deposit or property, these two are the commonest types of collateral that are most widely used.

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Pre-paid Credit Cards And Secured Credit Cards

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Consumers having bad credit history often look to rebuilding their credit score or they try to avoid monthly credit cards bills and for this reason they consider taking out prepaid credit cards or secured credit cards.  In such condition, consumers must be aware of the fact that prepaid credit cards and secured credit cards cannot be interchanged. They have to understand the basic difference between these two cards before applying for either of these cards.

Facts about Prepaid Credit Cards

Prepaid Credit Card

 

A prepaid credit card is actually a debit card. To get it, you have to open an account in a bank and request them to issue you a debit ATM card. Many banks issue debit cards automatically when the customer opens an account. Prepaid credit cards are very much similar to the typical credit cards. These cards can be used for any purpose where credit cards are used, as these prepaid cards either spots Visa or the MasterCard logo.

Benefits of Prepaid Credit Cards

The plus point of prepaid credit card is that it does not require users to show up their credit history. Another benefit of prepaid credit card is that there is no fee for annual membership. There are no monthly bills and interest charges on prepaid credit cards.

Lost/Stolen Policy of a Prepaid Credit Card

Customers should it immediately to the bank when the prepaid credit card is lost or stolen. It will save customers from paying off any fraudulent charges.

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Low Credit Score? Not a Worry Anymore

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Maintaining an appropriate credit score is very important for every individual. The reason for this is that credit score serves as the basis of how your applications for loans are reviewed and whether you are eligible for credit cards or not. The credit score also goes onto play a vital role if you apply for a mortgage or auto loan. Due to this reason there has been increased demand for guaranteed acceptance credit cards.

Credit Cards

The most common reason for this is that U.S. citizens are not being able to manage a decent credit score and meeting their credit obligations.

Declining Credit Scores

Credit scores have recently decreased as mentioned above, as during the third quarter of 2008 and the first quarter of 2009, the average Trans Union credit score fell by 6 points to 651 points. In places such as Arizona and California, the credit score fell by 11 points and 10 points respectively. The most common reason for could be late payments or not paying off your previous balances. Therefore, an offer such as the guaranteed approval credit cards would mean that any person could now be eligible despite having a low credit score.

Low Credit Score? Not a Worry Anymore

If you have a low credit score and are worried about your future expenses, then you would either be required to hand in a collateral to the lender or they would charge you a very high interest rate. This means that even if you do not make the payments on time, the lender would have the collateral as a security or high amounts of debt could be accumulating in their books which you might have to pay later on.

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The Good And Bad Of Credit Cards

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Prepaid Credit Cards have been used for a long time by people who are conscious about their expenditures and have a considerable credit history. There are no such limits arranged in the use since the cash is what the user loads on it him/herself. Despite there are certain differences between the prepaid credit and other cards but it counts same as a credit card for a retailer at times of bad credit.  Based on the differences how credit is being handled off-screen and the regular use among customers, certain advantages and disadvantages have been columned which are as follows:

Prepaid Visa Debit Card

Pros of Prepaid Credit Card:

  • The best part is one can maintain a monthly budgeting. User can load certain amount of money for expenditure and credit facility can be used for extra money used.
  • Since there is no credit limit, there is no tension of credit scoring as well. It is for sure that the application will be approved, no matter how worse the credit score is of the user.
  • One more great facility of reservations is realized when the user needs a hotel reservation or repairing of car, this prepaid credit card is helps most, by no credit check.
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Avoid Debt with Prepaid Credit Cards

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If with the availability of credit a customer can be assisted to have a short term financial solution; it is like putting further financial burden on him/her. As per experts in this field, a normal customer by and large has to face thirteen credit liabilities. These comprise of 9 charged card agreements and 4 are debt payment plans.  The acquisition of a prepaid credit card supports individuals to stay away from the loan, as they can only spend their personal cash. Concurrently, there are fees for setting up and insertion of card. You will not be shocked by unsolicited charges.

debit card

Working of Prepaid Credit Cards

o   Make an application for a credit card that will not be evaluated. It is definite that every applicant will get the card.

o   Normally set-up charges are levied to the account balance

o   The consumer put in his/her her personal cash on the card, but it can be accessed instantaneously.

o   After clearing the balance, a customer can use his/her cash for purchasing other merchandise and amenities.

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What to Look for in Prepaid Credit Cards?

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Fundamentally, a prepaid credit card is synonymous to that of a debit card. For both these cards, owner of card loads the finances prior to making any buying. He/she deposits the cash in the account from where the money could be pulled out by the prepaid card. There are certain pros and cons of making use of a prepaid card:

 Prepaid credit card

Prepaid Cards Benefits

The foremost benefit of using prepaid credit card is that the candidate who applies for card does not have to go through a credit evaluation. Everybody who owns an account can be befitted with the prepaid credit card. There are no monthly or yearly charges and it is without any rate of interest. Besides that, individuals will also not receive any credit card bill.

When you make buying of merchandise on internet and personally at various retail shops, the use of prepaid credit card is very convenient and practical. Though the prepaid card is akin to a conventional credit card in many aspects, but there is a major divergence; the owner of card is not able to spend more than loaded amount in card. Hence, it keeps one within his budget constraints.

Cons of Using Prepaid Credit Cards

These cannot really do anything in perking up the credit position of the owner of card. In view of the fact that use of prepaid credit card details are not advised to credit referencing agencies, hence those people who aspire to revamp their credit followed by liquidation must look for other options.

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Using Prepaid Credit Cards as Business Promotions

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As consumers are cutting off their spending and trying to save more, in order to boost up their businesses, businessmen are trying different ideas so that they can attract consumers and encourage spending in their stores or on their websites. To give away something too good to pass up is one of the more effective methods of getting customers to check out what you are offering them.

For this reason many retailers have turned to prepaid credit cards to promote their business. The offers of giving away a “credit card” have a more professional appearance rather than to give out cash or offer rebates for purchases.

Inernational Business

In addition to the offers of prepaid credit cards as promotions to attract people towards their stores, businesses are using them as contest giveaways, rewards and incentives to employees in order to meet certain sales criteria or exceeding job expectations or they are also used as incentives to customers to listen to business presentations (think timeshares).

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April 2012
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