Are prepaid credit cards a smart choice?

Question

Just wondering I would like to get a prepaid card with no banks involved. Any experiences?

Answer 1

I see no reason for paying $4.95 or $9 fee for a card. Instead of pre-paid, get a check card with a visa or mastercard logo from your bank. Your credit limit will be what you have in the bank and it isnt a credit card.

Prepaid credit cards are good gift items and nothing else. Personally I see no point in paying an additional $9 for the prevelige to use my own money. If you want to cap your spending, get a check card from the bank.

Answer 2

useful to put a cap on spending, but a pain when you really do need a card for something urgent and you cannot use it.

so have both kinds but only use the one with cap on it for casual spending and impulse buying.

Answer 3

basically prepaid credit cards work just like debit cards, since an amount should be deposited in your account to use it. the main advantage when owning one is it controls your spending. if a prepaid credit card is really for you, check out several cards before getting one. also read the card agreement thoroughly because there are several fees that are quite high, sometimes making the benefits worthless...

Answer 4

Actually the Prepaid Cards are better than a checking account.  One in partcular - Bank Freedom Prepaid MasterCard - cost less than a checking month over month.  For someone who is comparing, the Bank Freedom card is by far the best deal out there.  

I've done a lot of research on this topic (using one myself) and looked at all the fees.  The Bank Freedom prepaid debit card is by far the best and has the lowest fees.  http://www.bankfreedom.com for details.  Good luck!

RC

Answer 5

You can get them in Visa, Mastercard or American Express. I'm a manager at a retail store and people buy 'em here all of the time and use them as well. Don't see to have any problems and there's people that come back often to buy more. The American Express card I believe has a $9 fee (I think) and the Visa/Masterdcard $4.95.  Go with Green Dot and you'll be fine. Pending on your region I'm sure you could find a Walgreens or CVS and purchase one there. I'm not sure where else to go, perhaps a target/walmart.

Let me know if you need any additional information.

Answer 6

Prepaid cards really are not such a great bargain.  You pay fees to put money on the card, monthly fees, and sometimes per transaction fees.

These really are like gift cards.  And would be useful in limited situations but not a good idea for a full time credit card.  Either get a real credit card or go with a debit card tied to your bank account.

Answer 7

Yes, I think so.

http://credcards.bebto.com - I personally use their card for ebay and shopping in Internet. Very easy to deal with.