Getting a Prepaid MasterCard With No Credit Check

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Many credit card vendors will issue a prepaid Master Card, but it's important to be responsible with these cards so that a good credit rating can be built. Move from prepaid cards into the world of traditional credit cards with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

Many Americans have difficulty getting credit and have had some credit scrapes in their life. It is possible though to carry plastic in your wallet. There are many credit card vendors that will give you a prepaid Master card. In other words you can have a $500 cash limit credit card that you paid the credit card company $500 plus a small fee to have. If you use the credit card and you are really spending down your own $500 that you gave the company so there is no riff as to why people with bad credit can get these cards. However, if the credit card monitors that payment schedule over time and you prove yourself to be a person that is trying to rebuild in a responsible way their credit they will slowly add their own money to the value of the account and therefore you are slowly extracting yourself out of the world of a prepaid card to a world of a traditional credit card. This takes time and it is a very watchful situation. You don't want to miss a payment or whatever the case would be there so this is getting a prepaid Master card or Visa card if you have bad credit. Financial adviser, Patrick Munro.

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