While filling in credit card applications can be a long and time consuming process especially if you are not using the online application, the Prepaid Credit Cards are successful replacements of the credit cards especially in emergency situations when you have to book a hotel room or reserve a car.
There are several types of Prepaid Credit Cards as well as regular credit cards. Both of them are offered by different banks of financial companies and come under a variety of names. The most common brand names are Visa, MasterCard, American Express, and Discover. While most of them require you to fill in credit card applications, for some of the prepaid cards available on the market you do not even need to have an account.
Some of the companies offering Prepaid Credit Cards allow buyers to be as young as 13 years old, but anyone 16 and older can get a prepaid card very easily. Some of the Prepaid Credit Cards like for example Eufora Preferred Credit Builder Prepaid MasterCard have an annual fee of $59.95 but offer a way to start building your credit immediately. Other prepaid cards like Wired Plastic Prepaid Visa Card, Account Now Vantage Debit MasterCard, All-Access MasterCard Prepaid Card, Western Union Prepaid MasterCard, and BuyRIGHT Pre-Paid MasterCard do not have an annual fee. While each of them offers different advantages like being excellent cards for online shopping or not needing a credit history or a credit score, they all have zero APR.
No matter of the name of the prepaid card they all function in the same way. The ones that require you to have an account will charge you a setup fee and then you will have to pay fees every time you want to recharge the card. The ones that say you do not need account for having a prepaid card will still have you recharge your card by sending the money and having them recharge the card. The advantages of this type of cards are that they do not require a lot of paperwork and they work almost like a credit card but instead of using the bank’s money you use your money. This means that while you can enjoy going around without cash you can still have your money with you for shopping and you can only shop for a certain amount of money thus never getting in debt. A lot of people prefer this type of prepaid card or a secure credit card which is very similar with the prepaid one.
In the actually credit card category, the types of cards offered is so big that it actually gets to be divided into smaller categories and in different ways. There are credit cards available from people with no credit score to people wit outstanding credit score. Of course the terms and the amount of money that can be credited vary significantly from person to person depending on the credit score and credit history. There are special credit cards available for college and university students. These cards usually have a lower interest rate as well as a wide variety of rewards. There is a rewards credit cards category where you can choose form airline, hotel, gas or cash back rewards depending on your personal needs. There are also low interest credit cards and business credit cards. Thus before actually starting filling credit card applications it is important to know which credit cards suits your needs best.
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