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Prepaid Credit Cards and the Credit Crunch
Prepaid credit cards (prepaid debit cards) are changing to meet the needs of today's consumer during America's credit crunch. Should we all be thinking about the value to using prepaid credit cards?
Prepaid Credit Cards Meet Needs
Prepaid credit card issuers have moved quickly to meet the needs of today's consumer. It is becoming more and more common for these prepaid cards to report to the major credit reporting companies and PBRC.
PBRC (Paying Bills Rebuilds Credit) has teamed with FICO for a new type of credit reporting: the FICO Extended Credit Report. (See article list below for more information about Credit Reporting Services.)
With age limits as low as 14, parents can begin teaching children about money management. Young people gain the flexibility of using plastic instead of cash or writing checks. They can also make online purchases: a big "thing" in the world to today's teenagers.
Even the federal government has joined the "convenience of plastic" by issuing prepaid cards to people drawing federal unemployment. The recipient can then go to a bank and withdraw funds using the federal card like an ATM card, or they can go shopping and use it just like a credit card. The worries of the check getting lost in the mail or, worse, stolen from the mailbox is no longer an issue.
That ease of use certainly makes prepaid credit cards something to think about in today's economy. Both parents and young people can deposit funds to the young person's account, providing the same "no worries about the check" issue the federal government has adopted.
Paying bills online is safer than mailing a check. It's quicker, too. Making purchases online using a prepaid credit card is much safer than having your checking account debited (and risking possible identity theft).
A prepaid credit card may be the wave of the future.
PBRC (Paying Bills Rebuilds Credit) has teamed with FICO for a new type of credit reporting: the FICO Extended Credit Report. (See article list below for more information about Credit Reporting Services.)
With age limits as low as 14, parents can begin teaching children about money management. Young people gain the flexibility of using plastic instead of cash or writing checks. They can also make online purchases: a big "thing" in the world to today's teenagers.
Even the federal government has joined the "convenience of plastic" by issuing prepaid cards to people drawing federal unemployment. The recipient can then go to a bank and withdraw funds using the federal card like an ATM card, or they can go shopping and use it just like a credit card. The worries of the check getting lost in the mail or, worse, stolen from the mailbox is no longer an issue.
That ease of use certainly makes prepaid credit cards something to think about in today's economy. Both parents and young people can deposit funds to the young person's account, providing the same "no worries about the check" issue the federal government has adopted.
Paying bills online is safer than mailing a check. It's quicker, too. Making purchases online using a prepaid credit card is much safer than having your checking account debited (and risking possible identity theft).
A prepaid credit card may be the wave of the future.
More Prepaid Credit Card Benefits
High fees associated with prepaid credit cards in the past have made them much less attractive. Unlike regular credit card companies, prepaid card issuers are actually lowering or waiving fees today.
Some have abandoned the annual fee. Some have made significant changes to administrative fees for deposits and withdrawals.
Perhaps the biggest benefit, however, is that you and I can have better control of our spending habits, reduce our outstanding credit debts, and put ourselves on a more solid financial foundation.
Check out Prepaid Credit Card Comparisons
Some have abandoned the annual fee. Some have made significant changes to administrative fees for deposits and withdrawals.
Perhaps the biggest benefit, however, is that you and I can have better control of our spending habits, reduce our outstanding credit debts, and put ourselves on a more solid financial foundation.
Check out Prepaid Credit Card Comparisons
More Information
Please visit these links for more information about credit cards and credit scores.
- Prepaid Credit Cards Article
- Detailed information about prepaid credit cards that can help you rebuild or repair your credit. Most are guaranteed issue.
- What Are Good Credit Scores
- Detailed information about credit scores in the United States, including an easy-to-read credit score chart.
- Free Credit Score Scam Alert
- Free credit score is an advertising ploy that, while not illegal, is very deceptive. Find out how you can protect yourself.
- Credit Report Services for People with Limited or No Credit
- Learn about credit report services for people with limited credit or no credit and how a certain credit card can help.
- Prepaid Credit Card
- Compare and find the best prepaid credit card for your needs. Need one in a hurry? How about 60 second approval in some cases?
More Information from Amazon
How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line
Amazon Price: $13.59 (as of 11/16/2009) 
Credit Card Nation: The Consequences of America's Addiction to Credit
Amazon Price: $10.26 (as of 11/16/2009)
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