How to Find The Best Prepaid Credit Cards

Both prepaid credit cards and prepaid debit cards are growing in popularity and more consumers are beginning to use them as an alternative to traditional checking accounts.
Prepaid credit cards have some nice advantages over regular bank debit cards that are attached to a checking account.

With a prepaid credit card or prepaid debit card, you simply load cash onto the card and then use it like any other debit or credit card. Prepaid credit cards and prepaid debit cards can be used to purchase anything from gas to groceries. Unlike regular debit cards attached to a checking account, prepaid debit cards are rejected if you try to spend more money than what is currently in your account.

By using a prepaid card rather than a checking account, it allows you to immediately take control of your finances and never have to worry about overdrafts or bounced checks. Prepaid credit cards are safer than carrying around large amounts of cash and you are fully protected from unauthorized charges made to your prepaid credit card account in the event that your card is lost or stolen.

Although prepaid credit cards have some nice advantages, they do also come with fees. Virtually all prepaid debit cards and prepaid credit cards will have fees when you use them and they can be expensive. Follow these steps to find the best prepaid credit cards and debit cards.

Instructions

1. 

   Search the internet for prepaid credit cards that do not have transaction fees. Reject any prepaid debit card that charges a transaction fee which can be anywhere from $1 or $2 for every purchase. If you plan on using the prepaid credit card regularly, transaction fees could end up being pretty expensive.

2. 

   Find prepaid credit cards that have a monthly maintenance fee of $5 or less. Some prepaid cards have charges as much as $9.95 a month. Check out fees for a prepaid visa card and a prepaid mastercard and compare the numbers.

3. 

   Find prepaid cards that have a loading fee of $5 or less. Some prepaid cards will drop this fee if you have your paycheck being direct-deposited into your account. You should inquire about that before you apply for the card.

4. 

   Pay a visit to some discount stores to find prepaid credit cards with low fees. Walmart offers some prepaid credit cards with very low fees. You can visit them online instead of driving to the store.

5. 

   Search for a prepaid credit card that does not have an annual fee.

6. 

   Find out what the activation fee is for the prepaid card you're interested in. This can range from $3 to $50, but sometimes the fee can be waived if you sign up for direct-deposit.

7. 

   Determine how soon you will be approved for the prepaid card. Some places can approve your application and provide a temporary prepaid card and PIN right away. Other places will take a couple of weeks to get a prepaid card and PIN in the mail.

8. 

   Apply for prepaid credit cards that have referral programs. This is becoming more popular nowadays in the credit card world. Some prepaid credit cards will offer lifetime commissions for referring other people to the card. If you're going to own a prepaid card, that would be a nice incentive.

Tips & Warnings

• Research several prepaid cards before making a decision

• Choose a prepaid card that has low fees and and no transaction fees

• Make money with prepaid credit cards and prepaid debit cards that have referral programs

• Do not apply for prepaid credit cards or prepaid debit cards without reading all the terms and conditions