There more than 50 million Americans that are unable to qualify for the credit.
Young/students, commonly participants of the minority teams as well as unbanked members… their common question is ” how can I develop my credit score document if no person offers me any debt whatsoever?”
The banks introduce the different type of cards for noncredit card qualified and credit card qualified members
one is “The prepaid bank card ” is indicated for that important section of the people that could not fulfill the certification requirements for a standard bank card, or that certified.
Advantages of Prepaid Credit Cards
- If someone doesn’t have sufficient credit rating or have had it tarnished, pre-paid charge card is a reliable means to develop or gradually reconstruct credit scores.
- you can use a prepaid credit card for similar purchasing activities like a credit card does.
- students can use it,(parents can reload any time )
no need to the afraid limitation lot
- prepaid cards interest rate is less than the normal credit card.
- a prepaid credit card can use while traveling.(but use safe tricks to use when you are using outside,read some few tips to use credit card when out site of Europe)
- You would benefit because prepaid credit cards rebuilding your credit.
Disadvantages of Prepaid Credit Cards
- Prepaid credit cards don’t provide credit for you.
- some time prepaid card has extra charges than a normal credit card.
- it’s monitor your credit behavior.
- Prepaid credit cards need an application fee.
- You also have to pay for transaction fees.
here is live proof of prepaid credit card user and his experience!