Insights You Need to Know About Prepaid Debit
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Many consumers today are interested to know the basic features and
characteristics of prepaid debit card
programs
Let us discover some basic facts as well as the advantages and disadvantages linked with the use of this
prepaid card program
A prepaid debit card
is a very unique card program.
This card is a combination of a credit card
and debit card.
What are Prepaid Debit Cards?
Before you can use a debit card, you need to make sure that you have loaded sufficient funds onto your
debit account.
Your prepaid debit card can also function like an ordinary credit card. You can use it as a cash
alternative to pay for your groceries, restaurant bills, and even for buying items online.
You can even use a prepaid debit card to make reservations in hotels, car rental services and even in
airlines.
Despite your poor credit rating, you can still gain the features of a standard credit card through your
prepaid debit card.
And this is the main reason why this card is also called a credit card for bad credit.
How is this possible?
This card is actually a good tool in budgeting and
managing your finances.
A prepaid debit card can actually protect you from
identity theft and from losing the money you have in your
bank account.
Your prepaid card is not linked to your bank account
and it is PIN-protected.
Advantages of getting a credit card for bad credit
Disadvantages of using prepaid debit
cards
consumers with poor credit ratings cannot use prepaid debit cards to repair bad credit history.
exclusion from the Consumer Credit Act.
no interest earned on the initial deposit
numerous fees and charges
It is important to note that the beneficial features of
prepaid debit cards normally outweigh their
drawbacks.
So, you can still have the assurance that this card
will work to your advantage.
For more information:
http://www.badcreditresources.com/insights-you-need-to-know-about-prepaid-debit-cards/
Insights You Need to Know About Prepaid Debit Cards