Updated July 15, 2022 – These days reloadable prepaid credit cards have become really popular. From the young ones to the grown-ups, we all know that we are experiencing an economic crisis. The soaring oil and food prices are just causing headaches to millions of American families. The economic crisis has driven us to adopt measures to save.
There are families that, instead of using several cars, are just using one now or are taking public modes of transportation. There are also families that have cut down on their insignificant and trivial purchases. Effective management of money in times like this is key. Good thing, that prepaid credit cards are available to those people.
For many years now, Visa has been considered the leading credit card issuer and debit card in the whole world. Visa cards are honored in millions of establishments around the globe. In tough times just like what we are experiencing right now, they have thought of ways to help us with their pre-paid credit card offers.
THE PHENOMENON OF PREPAID CREDIT CARDS
It has enabled a lot of Americans to still make any transactions of business and purchases in the virtually cashless world still through the use of plastic without the fear of overdraft fees or minimum payments and high-interest rates on debts. The idea of prepaid credit cards is to limit spending by making purchases through the available free direct deposit that have been pre-loaded into the credit card account. Same ease and convenience as typical good credit cards, they can be used anywhere where you can pay as you go from purchases on the Internet to hotels, restaurants, shopping, and airline travel as well.
WHAT ARE THE BENEFITS OF PREPAID CREDIT CARDS?
Each prepaid Visa Card and Mastercard work just like any usual credit card, such as Capital One, American Express, First Premier Bank, National Bank, etc. in the sense that as a customer you will just have to present them to the merchant when you make purchases. Basically, when looking for prepaid Visa credit cards you should know they need to be loaded with money first before they start working but don’t need any monthly fee or balance transfers. And once they have already run out of money, they also stop working. This makes prepaid Visa credit cards and prepaid Mastercards the perfect alternative to making payments by cash or cheques.
Aside from regular purchases, they can be used anywhere Visa or MasterCard is accepted. Each card holder is also enabled to get access to cash through International ATM withdrawal at any time. To apply for prepaid credit cards is really easy. You don’t need a bank account like that of a debit card and no credit history for instant approval, also it’s ok with bad credit history.
Access to transactions and purchases is almost unlimited and true to the idea of prepaid credit cards, the holder need not worry about running into huge debts, there is no activation fee and no overdraft fees or minimum balance transfer per month, no late fees and no credit checks, and acquiring a bad credit because this “debtless credit card” is powered by each person’s own money and the available funds loaded to the card.
There is also no ongoing apr setup fee, annual fee, or regular apr monthly fee and the only things that you have to pay are fees like application, monthly service charge, card renewal, and replacement. Using prepaid credit cards is as convenient as a regular credit and prepaid debit card yet it carrying it is worry and debt risk-free.
VISA IS AMONG THE PIONEERS OF PREPAID DEBIT CARDS AND CREDIT CARDS
Now, Visa credit cards offer different types of them, which are perfect for different kinds of people. There are prepaid credit gift cards, Visa Healthcare, Visa Payroll, Visa Travel Money, Visa Reloadable Prepaid cards, and Visa Buxx specifically for teenagers available.
Teenagers commonly give in to their impulses. They would usually buy superficial stuff because of peer pressure or just to be part of the “in” crowd. There are also times when they would ask for cash from their parents and spend them right away. If you are a parent and this is your problem, then the Visa Buxx, a prepaid credit card for teenagers is the right solution.
This will help you teach your students kids to spend their money wisely because it is not always that they have money to use up. This will also help you teach them responsibility. You can ask them to do household tasks in exchange for the money you will load into their prepaid credit card for teens. Another advantage of such a Visa or Mastercard to cash is that you can keep an eye on the expenditures of your kids by inquiring by phone or receiving updates online.
There are also prepaid Visa gift cards that you can give to the people you love. A Visa prepaid gift card is an interesting present compared to the more common ones like books, neckties, or worst, candles.
If you love to travel, you know that bringing cash is risky. You fear the danger of losing the money to thieves or misplacing it, especially when you are not familiar with the place you are traveling. Then your best travel buddy could just be prepaid Visa travel cards. First-time activation you can make through-loading this plastic before going to your desired destination.
This way, you are confident that you will have control of your expenses when traveling. You also do not have to worry about losing it because you can easily call or report the loss to the issuing company and keep anyone from using the money in it.
WHY PREPAID MASTERCARD AND VISA CARDS HAVE BECOME SO POPULAR
The main reason why prepaid credit cards have become a very popular alternative is that they are safer than cash and there is no credit check required. It works much like regular debit and business credit cards as instead of cash, they are used to make purchases and for online bill pay. It differs with the use of debit cards as debit cards are not accepted in certain businesses and whose funds are withdrawn from a bank account as soon as payment has been made.
A prepaid card also offers a great opportunity in controlling and limiting spending since you will only be able to use the funds you’ve reloaded into them. It is a most valuable tool for parents in instilling financial discipline on children as they can monitor purchases used through the card and set a pre-agreed limit of spending through a certain period through the amount loaded. And of course, parents would not like to put their children at high risk by allowing them to carry huge cash amounts all the time.
The best credit card news is that pre-paid Mastercard and Visa can be used as an alternative to regular credit cards. They are valuable in these hard times as it provides safety, are budget-friendly, and are efficient. It is cashless and there are no interest charges and no credit bureau reporting credit required. This is why pre-paid card issuers offer guaranteed approval. And last but not least it is convenient because prepaid credit cards can be used at any place where Visa or MasterCard are accepted.
To compare prepaid Master Cards and most prepaid credit cards offered by Vision Premier Prepaid Visa Card, Silver Card Prepaid Mastercard, Visa Green Dot or any other company come back regularly to our credit card information site, where we’ll share more tips and advice about Visa and Mastercard prepaid credit cards including savings account, credit builder, low-interest credit cards and some more.
Tips to Buy Best Prepaid Credit Cards Online
You will definitely find prepaid credit cards have become very popular these days. More and more people are using them as an alternative to traditional credit cards. With the best-prepaid credit card, you just load cash into the card and they are ready to use. The best-prepaid credit card can be used to purchase from gas to groceries. Most important you can use the best-prepaid credit card when you travel where you can book your flight and hotel using these cards.
It is a great way to go anywhere without bringing cash with you. All it takes is to carry your pre-paid credit or debit card with you. You don’t even have to worry about overspending since you can only spend what you load into your card account. You don’t have to worry about paying interest rates and overdraft fees or monthly statements of debts to pay. You are free to worry about such things.
However, prepaid credit cards have their own advantages but they also come with fees. Almost all of these prepaid credit cards and debit cards will have fees in every transaction that you make so it can be pretty much expensive to own one in the long run. So how can you find the best one online?
How can Find the Best Prepaid Credit Cards online?
- Search for a prepaid credit card online that does not have transaction fees. Do away with offers that charge a transaction fee from $1 to $2 for every purchase. Just imagine if you are going to use it very often, transaction fees can be pretty much expensive.
- Try to find one that has a monthly maintenance charge of max. $5 or less so check out fees for prepaid Visa or MasterCard and compare which one offers low fees.
- Find offers that charge a loading fee of $5 or less. Some of them even waive this fee if you direct deposit your paycheck to your account.
- Apply for prepaid credit cards online that do not have an annual fee.
- Try to find one that will offer very low fees
- Check how long you will be approved for the piece of plastic. Some issuers offer immediate approval and provide you with a temporary virtual card and PIN right away. Others take one week or more until you get your plastic and PIN in the mail.
- The most popular today is the referral program. Find one that offers a referral program and you will get commissions from referring other people to it. That will be a nice incentive.
So if you are planning to have a prepaid credit card then make sure that you research several offers before making a decision. Select the best-prepaid credit card that comes with low fees and no transaction fees.
Since you are going to apply for one then choose the one where you can make money. Choose the one that offers a referral program and most important of all, do not apply for any prepaid credit or debit card without reading its terms and conditions.
Prepaid cards function much like debit cards issued by banks. Each transaction lowers the balance of your cash, however, unlike traditional debit cards, it does not require a bank account. It is possible to use some cards to withdraw cash from ATMs, but you are only able to withdraw up to the amount that you have loaded onto the card.
Prepaid debit cards differ in cost. Some are completely free, others require upfront fees, and others have monthly charges. The typical customer will pay between 1$ to $9.95 for the upfront card purchase cost.