Pre Paid Credit Cards

By on September 27th, 2011

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Fix Bad Credit with Pre-Paid Cards

Should I use a Pre-paid Credit Card for my Children?

Many parents normally use a pre-paid credit card to give their children an allowance or money for clothes or other expenditures. You may be asking yourself if this is a good idea and are there other options? There are a few other options but you should know what each of the answers can do for you.

If you do not check into this beforehand, these fees alone could really use up the money you want to use on the card.

Pre Paid Credit Cards

As you can see these fees can really use up the money if you choose to go that route.
Should I use a Pre-paid Card for my Children?

This is just one part of a plan to help fix bad credit.

You could also be charged a few bucks if you want to make a withdrawal from the card.

Pre Paid Credit Cards

Now you might want to look into getting a student account where you currently do your banking. A lot of times you can set it up so you and your kids have access to the account. This way you can just transfer funds from your account into the account. The monthly fee may be around .00 and there is no fee to transfer funds into your child's account.

So before you decide which route to take, look around at your options. By opting for the regular bank account, you might also be able to use this as an educational tool to teach them about spending money and making good purchasing decisions. This could be the beginning of learning good credit habits. A lot of children without this knowledge might end up having a bad credit history and no way to learn good habits.

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About the author: Ovation was founded by attorneys to help people fix bad credit reports and optimize their credit profiles. Ovation offers awesome credit repair and credit report repair solutions that have helped more than twenty thousand consumers.

Source: http://www.articlesbase.com/credit-articles/fix-bad-credit-with-prepaid-cards-1317467.html


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10 Responses to “Pre Paid Credit Cards”

  1. loving life :) says:
    September 27, 2011 at 11:08 am

    Can I use pre paid credit cards to online purchases overseas?
    When I buy one of those pre paid credit cards from a store such as Kroger/HEB/Wal Greens… Can I use them to make purchases for something that is overseas? Thanks.

  2. Run iTz BrAnDeN says:
    September 28, 2011 at 7:40 pm

    Can you pay for runescape on two different pre paid credit cards?
    my little brothers membership is up and does not have enough money on his pre paid card to pay for it. so can i use some of the money off my card to help extend it?

  3. balique says:
    September 29, 2011 at 2:41 am

    Do those pre-paid credit cards really help you build your credit?
    Do they help you establish credit? I’m 20, and in the past two years I havent been able to get a credit card because I have no credit (which is something that I really dont understand, but thats not the point) would one of these help me?

    Also, if they do help you establish credit, how long after getting a pre-paid card should I wait to apply for a real credit card?
    ok ok ok…so if they dont help you establish credit….how do I establish credit if i cant get a credit card?
    thanks lilise…but I got denied for the capital one “we give this card to anyone” card. I’ve applied for every card under the sun that is offered to people with poor or no credit. I cant get a single one.

  4. Anonymous-D says:
    September 29, 2011 at 9:31 am

    What are the pre-paid credit cards that are most suitable for teenagers or in other words, teenager-friendly?
    I am thinking of getting a credit card but I am thinking, maybe a pre-paid credit card would be more appropriate. What are the pre-paid credit cards that are most suitable for teenagers or in other words, teenager-friendly? What are the benefits of a teenager getting a pre-paid credit card instead of the usual credit card? I am male, 15 years old and I live in Australia by the way.

    Thanks

  5. Nicolee(: says:
    September 29, 2011 at 11:11 am

    I would go with the Visa card, I know when i had a credit card i had a 2,000 limit and i got excited because i thought i was cool and maxed the credit card out. A visa card has a set amount of however much money you put on there so the child could not go over the limit.

  6. mister ed says:
    September 30, 2011 at 1:01 am

    yes if the have a visa logo and the store accepts us credit cards!!!

  7. echo says:
    September 30, 2011 at 6:11 am

    See if you can have someone add you as an authorized user to their cards. (maybe someone in your family) Be sure that the card(s) they add you to have an excellent history and low utilization.

    Doing that should raise your scores. If you are added as an AU, wait for it to start reporting before you start applying again.

    Unfortunately, if you have been constantly applying, your scores have dropped lower due to the inquiries. It usually takes about 6 months for an inq to have less effect on your scores.

    You might look at getting a secured card. Depending on where you get the secured card, it should unsecure in about 9 – 12 months. As long as you have a good history on it.

    You might do the card selectors on Bank of America, HSBC and Orchard Bank sites. The selectors will not pull a hard inq (only soft’s) unless you actually apply for a card, then they will pull a hard.

    Keep in mind that even if a card is recommended to you that it does not insure you will actually be approved for the card.

  8. Victor says:
    September 30, 2011 at 2:05 pm

    Are there any pre-paid credit cards that can be reloaded with money to make purchases online?
    Preferably a pre-paid credit or debit card that can be bought and reloaded with money without giving any of your information (social security number, name, address, etc). If yes do you know any stores that offers these types of credit cards. Thanks in advance.

  9. Micahel Easter says:
    September 30, 2011 at 4:24 pm

    Hey Victor,

    Since September 11, 2001 and the passing of the Patriot Act (which has taken a lot of our civil liberties) you will find it difficult to find any pre-paid cards that don’t require you to properly identify yourself with your name and social security number.

    When I read your question I immediately thought about the pre-paid card I’ve purchased (GreenDot) and it requires you to submit your name and correct social security number for activation.

    If I were you I would purchase gift cards. They allow you to load them and you don’t have to give out your personal info. You can pick up a Gift2Go card at your local Walgreens and load it right there. Or you can get them online at Giftcards.com and Gift2go.net. Oh you might try Vanilla Visa cards too.

  10. I am Queen Cheese! says:
    September 30, 2011 at 6:28 pm

    You could try. Just make sure that when you use it that you select how long you want to extend it for.

    There are runescape prepaid cards at target

    30days is $7.95
    90days is $22.95

    But yes you can use two different prepaid credit cards to extend membership. However if the account already has 60days or more in credit you can not extend it, until it goes below 60days. I tried to extend my account but couldn’t because I had more than 60days left

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