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A prepaid credit card might sound like a quick solution for people looking for credit cards for bad credit trying to do their shopping online or for anyone who likes to have a control on their spending. Truth about these cards are bad and few customers understand these factors.Are you aware that every prepaid credit cards come with terms and codntions which you should be aware of?
There are lot of reasons you should consider before choosing prepaid credit cards for managing your finance:
- Check to see if your prepaid credit card comes with Monthly Fee. Most companies charge anywhere from £5 to £10 referring them as ‘maintenance’ charge. This goes un-identified as first three months are often waived.
- Check to see their expiration date. Most cards come with shot expiration date (3-6 months) and this means you would be spending few pounds to re-activate them again (if you haven’t used your card in a while).
- Check to see if your bank would allow you to withdraw money. Banking socient don’t let people withdraw all cash from prepaid credit cards.
- Find places that accept these cards. Pre-paid credit card companies advertise they are accepted worldwide although they are not. Prepaid cards can be only with the individual retailers and depends very little on any Visa or MasterCard accepted a business card can be used. Such systems are called open loop and close loop.
You can also consider applying for poor credit credit cards and enjoy the little extra they add being a credit card. They sound expensive to begin with but help you fix your credit history in the short run, starting limit up to £1000. They also have a dedicated customer service to support you on how to improve credit rating.
Bad credit credit cards are often accepted everywhere as they are just like any other credit cards, statements can also be checked instantly. Most credit card applications for people with bad credit history are accepted and come with high interest rates, but you would slowly start to realize the benefits of fixing your bad credit which prepaid credit cards can’t promise. Make a wise move and choose a right credit card.