What you need to know about prepaid credit cards
Do you need a prepaid credit card?
In today's
credit-based society, it's hard to get by without a major credit card.
Just try renting a car or making a purchase online without one and
you'll see what I mean.
But for people with past credit problems, they can be very difficult to get. The answer? Prepaid credit cards.
What are prepaid credit cards?
Many lenders now
offer prepaid MasterCards and/or prepaid Visa cards. These cards work
exactly like a regular credit card. In fact, neither you or the store
will be able to tell you're using a prepaid credit card simply by
looking at it or using it.
The concept of
prepaid credit cards is really very simple. You open an account and
"pre-load" the card with cash up-front, similar to a pre-paid calling
card. Then you use your prepaid MasterCard or Visa anywhere these cards
are accepted.
Advantages of prepaid credit cards:
* They're
extremely easy to get. You can purchase a prepaid credit card online or
at many local retail stores with no credit check or income
requirements.
* All you have
to do is fill out a short application, pay a small set-up fee, and load
the card with cash (this amount will be your "credit limit").
* There are no interest charges. When you use your prepaid MasterCard
or prepaid Visa, you're not borrowing any money. The fact is you're
using your own money so you pay no interest!
* Prepaid credit cards can't get you into financial trouble or lead to
credit problems, which is probably why you need a prepaid card in the
first place. Since you aren't borrowing any money, you can't go into
debt.
* You can use them almost anywhere. A prepaid MasterCard or VISA can be
used virtually anywhere VISA and MasterCard are accepted.
Disadvantages of prepaid credit cards:
* They're
expensive. You'll usually pay a set-up fee (typically $5 - $50) when
you first open the account. After that, you'll have to pay a fee of $5
or more each and every time you "load" more money onto the card.
* Compare this
to today's regular credit cards which rarely charge a set-up fee or
annual fees. Of course, not having to pay interest can help offset
these charges a bit.
* You have to have cash up front to load the card before you can make a
purchase with it. Of course this can actually be considered an
advantage depending upon your perspective.
* Some prepaid credit cards cannot be used to make automatically
recurring payments, such as a monthly subscription to an online
service.
Conclusion
A prepaid credit
card can be an excellent solution if you have had past credit problems
or have difficulty getting a regular card for some reason. In fact, a
prepaid card might be the only solution!
If you decide to
get one, compare several offers and select the prepaid credit card that
most closely matches your needs and special circumstances.
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First Vineyard - Prepaid Mastercards
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 Make Money with the First Vineyard prepaid MasterCard
More and more people
are using prepaid cards as their purchasing card of choice. A prepaid
MasterCard makes sense because it provides the power of a major branded
credit card, but offers the control and account management features
more commonly found in bank accounts. First Vineyard is the premier
prepaid card in the industry. It is simple, powerful, and offers
freedom like no other card on the market today.
Simple – With
so many cards in circulation today, it can be difficult to find a card
that’s right for you. For those considering First Vineyard the choice
is simple. First Vineyard provides the power of a MasterCard, without
the costly interest rates and fees. It provides all the tools necessary
to manage one’s financial life, and offers the best compensation on the
market. Beyond that, First Vineyard MasterCard provides guaranteed
approval*. There are no cumbersome credit checks, no employment
verifications; you don’t even need a bank account. Enroll today using
the form above to receive your membership. It's really that simple.
Powerful – Do
you earn cash back when you write a check or use cash? Do you get paid
when you use your Visa check or Debit card? Do you like paying finance
or interest charges on your “credit” card? If not, First Vineyard is
for you. With a full First Vineyard membership you will be able to make
money in the form of cash back each month on everyday spending, $25
referral bonuses for each card holder you refer who funds and activates
their card, an additional 1% cash back for purchases made in the First
Vineyard marketplace (coming soon), and have access to the most
powerful account management tools available. First Vineyard is simply
the most powerful incentive card on the market.
Freedom -
With the First Vineyard Prepaid Card you don't need to change what you
buy, simply change the way you pay. Instead of using your checkbook at
the grocery store, use your Fist Vineyard MasterCard. Instead of using
your current debit or credit card at the gas pump, use your First
Vineyard Card and because First Vineyard is a prepaid MasterCard you
are not burdened with and are free from consumer debt. This leaves you
free from interest charges, free from bounced check or NSF charges, and
free to make money using your card wherever MasterCard is accepted. All
this combined with monthly compensation brings you Simple, Powerful,
Freedom.
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