What are Prepaid Cards

Prepaid cards, as the name suggests, can actually be used to purchase something provided it was loaded prior to usage but they cannot be used to access additional funds like most credit cards can provide.  Prepaid cards contain the money you load into them and nothing else.  If you have used all the money in the prepaid card then you need to add funds to the card so you will be able to use it again. There are different providers of prepaid cards that you can choose from and availing the services of such provider will depend on the terms and conditions of the provider.  You can actually consult with the said provider on how you can get the maximum benefit of the prepaid cards especially when you send money to India.  Know that availing a prepaid card comes with a fee and it may vary among different providers.  It is wise to know more about the provider that you have in mind before availing their services.  The good thing about a prepaid card is that anyone can have it and the minimum age that can avail in most providers can be as low as thirteen years old with parental consent.

In availing prepaid cards, there’s no need to check for the credit standing of the applicant just as long as he or she can provide for what are required in the application form like some fees to be paid and perhaps some pertinent documents that the provider will need like some personal information regarding the one applying for the card.  Prepaid cards are available almost anywhere and remittance can be made through the use of these prepaid cards.  The processing is easy and will not take a long time before you can have your own prepaid card.

To send money to India using the card, you simply need to reload the card.  Once the card has been reloaded it will be ready for use.  Choosing a provider that can give you the most benefits will be a wise decision on your part.  In order to make an intelligent decision in choosing the right provider, you can actually read the reviews regarding the providers that you have in mind then choose the right one for you. Some cards allow you to share money with shared balances whereas others allow you to send money from one linked card to the other.

Find out more prepaid credit cards such as the First Premier Prepaid MasterCard and how prepaid cards can be used for money remittance at Prepaid365.

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Such things will not happen to prepaid MasterCard.  When you load some funds on your prepaid card to be used in online purchases, make it a point to load only the needed amount for the purchase so that even if your card is cloned, the culprit won’t be able to get anything from your card because there will be no more funds to withdraw .  The prepaid card is not a credit card that can provide additional funds when needed which will be include in the next billing statement.  Another good thing about a prepaid card is that you won’t be able to go over the limit that you have set for yourself in order to monitor your expenses.

Availing a prepaid MasterCard won’t subject you to a credit check since you will be the one to provide the funds for it prior to its use.  Just make sure that you are availing the correct card for your self and that you did understand very well the terms and conditions set forth by the card company even if it is a prepaid card.

One of the biggest benefits of a prepaid card is that you can purchase at any store (that accepts it) and even buy online using the card without having to worry about over spending.  There will be absolutely no interest that will ever accrue because purchases can only be drawn against your money or the money that the prepaid card still contains.  You can expect that there will be no debt to pay since no credit was extended and availed in the first place.  If the card will be used to avail some cash advances, the transaction will be denied.  There are also no monthly payments since all purchases were deducted directly from the prepaid card’s account. You can also pay bills online using your prepaid card.

Find out more about MasterCard Prepaid Cards such as the First Premier Prepaid MasterCard at Prepaid365 and why these prepaid cards are great for online shopping.

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They allow an average individual to enjoy the benefits offered by a credit or debit card. People having low credit worthiness can depend on these credit cards to perform various types of transactions such as making reservations for car rentals, hotels and purchasing items online.

Prepaid credit cards are now being used for Money Transfer, Travel, Gaming, Online Shopping, Payroll and Expense management, Privacy and Gifting.

Prepaid Cards in the Gambling Arena
Despite the fact that consumers are extremely wary of sharing their credit/debit card details online, over 6 million people indulge in online gambling every month. The main reason for the anxiety around credit or debit cards is that these cards tend to be linked to a bank account which means there is a greater risk of loss to fraudsters. Prepaid cards can be an excellent alternative in these circumstances. As a prepaid credit card, it is not linked to any bank account and a scheme branded (MasterCard or Visa) prepaid card can be used for making purchases on gaming and gambling sites.

The usual age checks apply which is great but one of the biggest advantages in this era of social responsibility is that you can only spend up to the value of money loaded onto the card. This means better control and no overspending even if you want to whilst gambling online. In addition to providing a different secure payment method, prepaid cards also provide online gamers and gamblers with an excellent way of staying in control.

Find the right prepaid card for you
Find out more about the benefits of prepaid cards for gaming and gambling at Prepaid365 or visit our consumer prepaid card comparison section to find the best prepaid card to suit your needs.

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With prepaid cards, you load funds onto your card and use that money to make purchases and get cash – you are not borrowing money from a bank or other financial institution. Read on if you are interested in finding out what prepaid credit cards are all about.

Credit on Prepaid Credit Cards

Also known as a Prepaid Debit Card or just as a Prepaid Card, a prepaid credit card is similar to a regular credit card, except that there is really no credit limit as such and that funds available on the card are actually the funds that you have loaded on to the card. So essentially a prepaid credit card is not really a credit card at all.

Prepaid credit cards typically come with a whole set of fees attached typically relating to issuance, loading, usage and cash withdrawals. Depending on the plan you choose, you can get a pay monthly or pay as you go prepaid credit card. These cards are especially useful for those with bad credit or a non existent credit history and in such cases, the benefits of prepaid credit cards far outweigh any of these potential extra charges.

Getting Prepaid Credit Cards

The important thing to remember is that a prepaid card does not give you access to credit – so you do not really need to undertake and pass any credit checks as such. This also means that even if you have a non existent credit history, bad credit or even have CCJ’s, you are still more than likely to get approved for a prepaid credit card.

However, as with most financial services, you still need to provide details to verify your identity and your address (typically a passport, driving license and a utility bill with your UK address should suffice). Most UK based prepaid card issuers can verify your details online to provide you with instant approval and your prepaid credit card would come through in the post in 7-10 days.

The Benefits of Prepaid Credit Cards

Well, the main benefits are that prepaid credit cards are available to all regardless of their financial status. There are no credit checks or bank accounts necessary in order to apply for these prepay credit cards. Prepaid Credit Cards allow you to spend without the fear of debt or fraud at millions of retailers online or on the high street.

You can even use them to withdraw cash from ATM’s. Prepaid cards can be MasterCard, Maestro or Visa branded. Prepaid cards with the MasterCard brand can be used to make purchases in-store, online and over the phone at over 28.5 million locations worldwide and to make withdrawals at over 1 million ATM’s worldwide

Click here for more detailed information on the benefits of prepaid credit cards.

Using Prepaid Credit Cards

As there is no credit on Prepaid Credit Cards, you cannot get into debt but also there is no interest payable on the card which makes prepaid credit cards an outstanding proposition for all. You can get prepaid credit cards for all kinds of things which include

• Travel
• Shopping
• Money Transfer
• Gaming
• Payroll
• Banking (if you do not have a bank account)

and much much more.

Find out more about Prepaid Cards

Visit Prepaid365 to find out more about prepaid cards and prepaid credit cards and review and compare prepaid cards.

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Typically, you need to add funds on the card before you can access those funds and most prepaid cards usually have some fees attached to them. Furthermore, they really do not provide any credit whatsoever. So if you are looking for a credit facility or access to additional funds, these cards really are not for you. So with the fees, it may almost seem that you are borrowing your own money at a cost – so the overriding question would be – why would anyone really need prepaid credit cards?
Why You May Benefit From Prepaid Credit Cards

1. Prepaid Credit Cards Provide Access: Not everyone qualifies for credit and debit cards because of their credit history or their social status or because of CCJ’s. Prepaid credit cards can provide such individuals with access to electronic payment devices in the form of prepaid credit cards which thus gives them access to services and purchase options which they would not have normally had access to otherwise. This means that these individuals now have access to online shopping, internet purchases, discounts for electronic purchases and other such similar offers.
2. Ability to Improve Credit History using Credit Builder and Credit Booster Tools: Whilst this has been quite prevalent with Prepaid Credit Cards in the US, this is something which is becoming more popular in the UK as well. A few prepaid card providers now have relationship with credit reporting agencies such as Experian and Credit Expert and provide features which allow cardholders to build their credit history. Of course, misuse can result in you actually making it worse too.
3. Prepaid Credit Cards Provide Enhanced Security: Prepaid credit cards usually have lower limits when compared to credit and debit cards and they are not linked to your bank account which means if your card security was comprised, the losses would be limited to the amount that is usually held on the card. So in essence, they do limit your exposure to fraud.
4. Prepaid Cards Can Help With Budgeting: Prepaid Credit Cards can be used as a tool to help teenagers and kids learn to budget and manage their finances responsibly. Also great for avoiding impulse purchases as funds on your card are limited.
5. Prepay Cards are Great for Travel: Foreign Exchange rates on prepaid travel cards are usually 8-10% better than what you could get on the high street or the airport which means 10% more spend money in your pocket.

Why You Do NOT Need a Prepaid Credit Card

Well, if you have an excellent credit history and already have access to electronic payment resources such as credit and debit cards, you may decide that prepaid credit cards is really not for you. Perhaps you are more risk taking and less risk averse than the average individual and given the lack of that need for access, you may just decide that Prepaid Credit Cards simply do not tickle your fancy.

Find out more about the benefits and uses of prepaid credit cards and find the best prepaid credit cards at Prepaid365 – the UK’s leading prepaid card comparison site. Review and compare prepaid cards across the UK.

Find the right prepaid card for you
Visit out consumer prepaid card comparison section to find the best prepaid card to suit your needs. If you wish to use a prepaid card for your business, visit our business prepaid card section.

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Like most card products, there are known advantages and disadvantages of prepay cards.  Not everything (like prepaid credit cards) can be satisfactory for everyone.  There will be individuals who might find prepaid cards not that useful at all and some might find them to be the very thing that they have been looking for.  Not everything can really satisfy what everybody wants and that should be expected because not all people are the same.

Some of the advantages of the prepaid cards are:

• It can be obtained without doing any background check unlike availing a credit card where there will be lots of background checking and necessary documents to secure and many other requirements you have to produce when the credit card provider asks for them
• You can set the limit by funding the card with the amount that you intend to use and you can budget your money this way; just don’t purchase outside of the card if you really want to monitor your expenses.
• It can function well just like an ordinary credit card without monthly bills, interests, or even the fear of unexpected purchases being credited to your card.  The amount that you will be able to spend will be limited to the amount of the funds of the card.

There are also disadvantages of the prepaid cards and some are:

• You won’t be able to get some emergency funding to be put on credit in case a need arises.  You can only rely on the amount that you have loaded unto the card and nothing else.
• If you are used to having a credit card and suddenly switched to prepaid card, you might find that your power to spend will be limited and you might feel annoyed.

Prepay cards can be availed through different providers and you will just need to choose the right provider for you that you think will be able to give you the most benefit.  Not all cards can offer the same thing just like a credit card.  The main difference between the credit card and a prepaid card is the spending power it can give you.

Find out more about the benefits op prepayd cards such as the First Premier Prepay Card at Prepaid365

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Consumers have been quite familiar with the credit card, but they can’t be easily talked into it anymore because they also know the disadvantages a credit card brings – unlimited debt, the capability of people spending outside their means, and irresponsible shopping. What is the next best thing to a credit card that will not lead to problems such as these? Hence, the gowing popularity of prepaid credit cards.

Prepaid credit cards are most likely the best solution to paying bills without sinking account holders deeper into debt. The thing is, they work almost like debit cards where the money used to pay the bills must be previously deposited. This prevents the unwanted debt brought by excessive shopping. The only difference is that the spending limit has been set to a lower level in order to control the account holder’s finances.

Paying Bills With Prepaid Cards

There are a lot of prepaid credit cards available in the UK. People can choose from those that are initially paid, but no monthly fees are required anymore or those that have small monthly fees but have additional discounts in stores where they will usually do their purchases.  Prepaid MasterCard cards are available as pay monthly and pay as you prepaid cards with benefits such as online accounts, a limit balance of £3000 – £15,000, and online statements that helps consumers monitor where the cards are used.  This can also be used as ATM to withdraw money anywhere in the UK. A number of people actually prefer pay monthly cards as compared to pay as you go cards as they like to know actually how much money they have spent or allocated towards card fees each month.

There are also Pay As You Go cards available and these cards charge fees ranging from £1.95-£29.99 paid once with no monthly charges. They also carry establishment discounts, rewards from purchases, customized cards and these can also be used as ATM cards.

There are a lot of options to choose from in the UK, depending on the budget and the benefits needed by the account holder.  Any card chosen will still be a huge help because this can be used to monitor expenditures, unlike credit cards that give people the feeling of having unlimited buying capabilities. Prepaid credit cards not only allow people to spend within their means but to be a little wiser in where they put their money. A number of people actually now prefer paying their bills with prepaid cards.

Find out more about prepaid cards such as the First Premier Prepaid Credit Card are revolutionising the UK payments market at Prepaid365.

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By giving your kids their own prepaid cards, you can actually teach your kids how to monitor and spend their money wisely without these risks.You can also put restrictions on your child’s prepaid credit card such that they cannot use it on unnecessary spending like online gaming and booze.

Prepaid cards for kids emphasize the importance of budgeting and of spending only money that you have instead of borrowing to purchase the things you want but not necessarily need.  Unlike credit cards, you do not face the risk of your children spending more money than you are ready to spend.  They are limited by the amount of money that you load their prepaid cards with.  These prepaid cards for teenagers could also be used as gifts so your children or whoever else you gift with it the chance to purchase what they really want.  Unlike gift cards, you can load cash into these prepaid cards anytime. There are in fact a number of free prepaid cards for kids as the market for prepaid credit cards continues to grow.

The youth segment of the market is undoubtedly one of the most profitable and youth prepaid credit cards are definitely flourishing.  In the past, children would have to have their parents with them to make their purchases.They normally are not able to buy goods and services without their parents.Today, purchases from this market segment have been shown to increase substantially with the proliferation of prepaid credit cards.

As they are allowed to use their prepaid cards themselves, they are able to make their purchases even without their parents.  Note that you cannot use a prepaid card without loading it first.  Your children cannot go on a spending spree on money they do not have. Parents actually use these prepaid credit cards to give their teenagers spending money and pocket money from time to time.  You can test your children’s budgeting skills with these prepaid credit cards if you want.  You will have a good idea of what they would spend on if they are left on their own and be able to gauge the kind of guidance they still need in the area of financial management.

Whatever the reason, teenage prepaid credit cards are here to stay and in addition to the numerous reasons to get them, there are a number of choices which could qualify as the best prepaid cards for kids.

Review and Compare Prepaid Youth Cards at Prepaid365.

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