Are prepaid credit cards worth it?

Guest 0.10 Dollars($)

I have received a prepaid Credit card offer in my mail. The offer is such that my money will directly deposited to the card from my paycheck. Is it worth going for such cards and legitimate?

jenkin7 · Joined: 04 Jun 2007 Posts: 894 133.63 Dollars($)

Hello Davis,

It is better to get prepaid cards on your own rather than accept offers through mails.

livinginnky · Posted: Fri Sep 14, 2007 3:57 pm Post subject:

A prepaid card can be a great last resort at building credit. But you should get one through your bank.

A prepaid card is just that you give them the balance up front and then pay interest on it. If you can't get credit any other way then this could be a good way to rebuild credit. It doesn't make any sense if you have other options.

And yes don't deal with mail companies. Some will charge you all your prepaid amount in fees and then still make you pay it back with interest.

larry · Joined: 27 Jun 2007 Posts: 3058 429.16 Dollars($)

Hi Davis,

You should not accept any prepaid credit card offer that you receive through mail. Most of the time, you will find them fraud. It is better to take the prepaid credit card through your bank only as said by Livinginnky. Your bank will be more reliable for any transaction.

jerry · Posted: Sat Sep 29, 2007 12:42 am Post subject: RE: prepaid cards are worth it

Hi,

Whether it's a prepaid card or any such offers, its better not to pay any attention to such offers sent by anyone through mails, yes if it's a reputed company then you can think of it.

The best thing I find about prepaid credit cards is, it works just like a debit card wherein you deposit a certain amount and withdraw cash from it whenever required. And, there's nothing like paying an interest on the cash withdrawn. This is how a prepaid card differs from any credit card. So, you aren't in debt while using a prepaid credit card.

Thanks,

Jerry

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