Consumers with no credit or those whose credit has been pummeled over the past few years know that it is virtually impossible for them to land a new credit card. With credit being the tightest anyone has seen in years, your chances of securing new credit has been greatly reduced unless you agree to unfavorable financing terms including a high interest rate and annual fee.
The convenience of having a credit card means not having to carry cash around. Plus, some cards such as VISA and MasterCard are universally accepted, with millions of merchants around the world accepting them.
Prepaid Debit Card Is One Solution
Perhaps the best choice for the consumer besides a credit card is to get a debit card. Most debit cards are attached directly to your checking account, automatically withdrawing funds as needed. Additionally, a prepaid debit card offers the same convenience and safety of a credit card.
With a prepaid debit card you are in charge. No need to scout for change and no worries about bringing a lot of money with you. Most prepaid debit cards do not charge annual fees nor do they charge you to set up an account. Some do not even require a credit check so if you’ve had a problem with credit in the past, it won’t hamper approval.
Easy To Replenish Over And Over Again
Some prepaid debit cards allow for transfers of funds to other cardholders and they can be quickly replenished, with just one click of the mouse to your linked account. Some offer online bill paying and an overdraft safety protection service.
Best of all you can keep track of the prepaid debit cards usage by checking the handy monthly statements available to you online. No worrying about paperwork not arriving in the mail; your account is updated instantly and every transaction is posted online.
Of course, prepaid debit cards do have a downside – every time that you use it, you’ll be spending your money. That, my friend, offers fair warning that even with some many positive attributes, a debit card is no substitute for common sense.
Adv. — Are you looking to refinance your home? Interest rates haven’t been this low in years! If you have very good or excellent credit, you could find a home loan with an interest rate of about 5% for a fixed rate, thirty-year mortgage. Visit SayLending.com for more information!
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