Pre-paid credit cards? 10 points for best answer! THANK YOU!?

Question

OK - I've seen adds talk about credit cards you buy at the store and fill with your own money and they seem pretty much like a debit card, but act like a credit card.

1) am I right? is that what they are? more details would help...

2) Is there a legal age limit? (Have to be 18 to use.. ect.)

3) Would you suggest getting one?

4) How does it work?

5) I know there was a website... can someone direct me to it?

Thanks a bunch!!!

Answer 1

Pre-paid credit cards are just as you explained them to be. They have a debit card functionality. All debit and credit cards are to be issued to persons over the age of 18 or with the permission of someone who is.

The 2 biggest differences are:

1. Unlike regular credit cards, the amount charged on pre-paids is immediately debited from the available balance instead of having a grace period ie) 20 days to pay.

2. Pre-paid card accounts are not reported to credit bureau agencies. So you can't increase or lower your credit score with this type of card

Clink on the download fact sheet link for more information

http://www.mastercard.com/ca/personal/en...

Answer 2

try here

http://www.credit.com/products/credit_ca...

Answer 3

You can b any age to get one. U can buy them at walmart or any stores like that. They usually cost $10, then u load however much u want onto it. You can reload it when u want but u hafta do it at the store u bought it from. Its basically like a debit card, but there's more fees& normally, most websites dont take them so u can't use it online. I hoped that helped & If u have any other questions about, feel free to email me. by the way, yea, u should get one. Its better than carrying cash.

Answer 4

Pre-paid credit cards are like gift cards.  The funds are immediately deducted.