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Bad Credit? No Problems. Have These Credit Cards

Saturday, June 5th, 2010

muellerduran recently asked:

People with bad credit or poor credit are often face difficulties in obtaining a credit card. The fact is indeed true that their choices are limited when it comes to credit cards but, credit card issuers are increasingly offering financial products that specially cater to bad credit people.

Bad credit problem can be caused due to a number of situations. The credit card choices available to bad credit people allow them to rebuild their credit history. Financial products that help bad credit people are prepaid credit cards or debit cards, secured bad credit cards, unsecured bad credit cards. In this article we take a look at each one of them.

Prepaid or debit cards:

These are the easiest option available for bad credit people. There are no verifications, no credit checks, no employment requirements, and the approval is instant. All they have to do is to deposit a money and a prepaid card is issued. This card has the borrowing or buying capacity equivalent to the funds deposited. The good thing with prepaid credit card is that it promotes financial discipline. Some prepaid card issuers report to various credit rating agencies, thus it helps in rebuilding your credit history.

Secured bad credit credit cards

These credit cards are issued to bad credit people who can offer a collateral. Generally, offered to homeowners, secured bad credit cards help one rebuild his credit history. The interest rates and borrowing limits on these credit cards are good and favorable for bad credit people. Secured credit cards can also be linked to a savings account in which case it will have a credit limit of some percentage of your savings or money in your account. As the credit card issuer gains confidence with you it can increase your credit limit. Again, if you control your finances and spending, repay on time and do not default your credit history will improve.

Unsecured bad credit credit cards

These credit cards have high fees, which makes them a costly proposition to own. But, the bad credit people have limited choices. If a person with bad credit doesn’t have anything to offer as collateral or is unable to buy a prepaid or debit card. This is the only option that remains. However, on a positive note, this unsecured bad credit credit card offers the person a chance to rebuild his credit history.

So, the options are there for bad credit people to have a credit card. But if they don’t learn lessons from their existing situation and do not improve things will get worse with time and become uncontrollable.

Tags: Credit Credit Cards, Debit Cards, Financial Discipline
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Why Choose the Prepaid Credit Card

Monday, May 17th, 2010

Clint Jhonson recently asked:

The Prepaid Credit Cards are becoming more and more popular among the people all over the world. These cards can prevent people from suffering from serious debts that can even endanger their financial situations for good. Some popular advantages of these credit cards include ease of availability, convenience and guaranteed approval. So, these cards are to be regarded as a sort of ideal replacement of various and regular credit cards.

These are some of the advantages provided by the Prepaid Credit Cards: for instance, every person can be eligible for obtaining these types of cards. Even if you have a bad credit history, you are eligible for the Prepaid Credit Cards. You will not need an income proof or credit checks. The Prepaid Credit Card comes along with no employment verification. Approval will always be guaranteed especially if you fill in an online application for obtaining these credit cards. The prepaid credit is obtained thanks to the amount of money deposited in the account.

You will not have to worry about future increasing debts, associated penalties and late payment fees. All the Prepaid Credit Cards will operate in a quite similar way to the traditional debit cards. Still, they are different from the debit cards because they cannot offer you the credit facilities. So, you will be able to spend the exact amount of money that you have deposited in the account. This type of cards is widely accepted; merchant locations all over the world are going to accept your prepaid cards and they can also be used on the phone or internet.

Even the risk of constant overspending can be avoided for good; the prepaid cards are especially designed in order to increase your financial discipline. They can also help you build some good financial habits. These cards are also protected by the well known PIN number. This number secures them in order for your identity not to be stolen. Every transaction made of this type of card can be tracked down in no time; you can track every transaction that is using your card by phone or online.

The prepaid credit reports can be very useful when trying to improve the credit history of every borrower. There are plenty of major companies that are highly interested in offering special rewards and incentives to each of their customers for referrals. Still, there are many benefits that come along with the constant use of the prepaid credit card; the prepaid card can be used by almost every person because you do not need a perfect credit history in order to obtain such a credit card. These cards are also easy to carry; they are convenient too and you will be spared of carrying cash on you.

With every prepaid card, you can cancel every illegal transaction. Every type of fraudulent transactions can be cancelled in order not to loose your money. Another benefit that comes along with the prepaid card is the internet; for instance, whenever you are planning to buy items online, you can use this type of card. Shopping online and getting approved has never been so easy and you will have the opportunity to buy everything you need or want. All the prepaid cards can be used globally. These cards are accepted almost at every location where the traditional cards are accepted.

If you are a parent and you want to keep track of all your child’s expenses, you can use the prepaid card in order to get all the information you need. The constant spending can be monitored thanks to this credit card that is reliable enough in order for you to use it at any location without any risks or conditions involved. Actually, the prepaid card is changing the way you spend your money on a daily basis.

The Prepaid Credit Card is to be used regardless of your credit history because it can offer you the total control over your future spending. The spending limits can be established in the case of every prepaid card you get; you will be able to establish these limits by yourself. The prepaid card should become an important part of your life. Having an already established credit can make the difference for your future spending. This prepaid card can also help you to build all the necessary credits you need without exposing you to any risks of falling into severe debts.

Tags: Convenience, Income Proof, People Cards
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Prepaid Cards: the Alternative Plastic Payment Card

Monday, May 17th, 2010

Prepaid101 recently asked:

With the popularity of credit and debit card use, those without are finding it difficult to function in a society that has become increasingly dependent on electronic forms of payment. These people are likely among the estimated 40 million people in the United States without banking accounts, referred to as the unbanked. Fortunately, there is an alternative for these millions of people needing a way to take care of their financial responsibilities. That alternative is prepaid cards.

Prepaid cards may often be referred to as prepaid credit cards or prepaid debit cards. Whichever term you prefer, they are all referring to the same electronic payment card. These cards have become popular among consumers who don’t have a credit card or checking account because many similar benefits are offered.

Prepaid cards are used like a credit and debit card to purchase goods or services by phone, internet or in-person. For in-person purchases, cardholders have two payment options, credit or debit; debit requires a PIN code and credit requires your signature and ID. They can also be used to withdraw cash from ATM machines and select merchants.

Just like a checking account, deposited money is kept safe in a FDIC insured account. When money is added to the account, the prepaid card represents balance available in the account. This differs from a credit card because cardholders can only spend money they add to their account; no credit is issued, which means no interest rates. This can be useful to those who have a problem spending money they don’t have.

One of the reasons people are turning to prepaid cards over debit and credit cards is the ease of getting a card. Credit or bank history reports are checked as part of the application process for credit and debit cards, making it difficult to obtain an account if any negatives show up on the report. With a prepaid card, an applicant can obtain a card without having their credit or bank history checked.

Before prepaid cards, consumers had no other choice than to use check cashing centers to handle their financial needs, such as paying bills and cashing checks. Although these services provide a useful service to people, they also create a lot of drawbacks. Customers are often left waiting in long lines and paying high check cashing fees, which can reach up to 5% of the check amount. Not to mention, customers are often forced to carry around large amounts of money because most check cashing centers only deal in cash.

With a prepaid card, consumers can do just about everything they would be able to at a check casher, and more. Prepaid cards are usually more convenient to use and less expensive too.

Instead of waiting in line at a check casher, cardholders can have their payroll or other income checks directly deposited into their account, usually free of charge. Also, nearly all prepaid cards offer online access, allowing cardholders to pay their bills and check their account activity over the internet.

The best ways to find the prepaid card that’s right for you is to research and compare different cards. Many comparison websites, such as www.prepaid101.com, will help you compare prepaid cards by providing useful information on a variety of different prepaid cards.

If you are seeking an alternative to traditional plastic payment cards, such as ATM cards or credit cards, a prepaid card may be the right choice for you. They are just as secure as using a credit card and easier to open than a checking account.

Tags: Electronic Forms, Fdic Insured Account, Prepaid Card
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Important Fees Associated With Prepaid Cards

Friday, May 14th, 2010

muellerduran recently asked:

Prepaid credit cards are becoming increasingly popular amongst consumer to improve financial discipline and credit history. Though, a prepaid card doesn’t come a with late penalty because there are no repayments to be made, but there are various other fees associated with them, which increase the ownership costs. Having a good knowledge about these fees helps the consumer make an informed decision. Listed below are some important fees levied on prepaid cards.

Annual Fees

Charged by the prepaid card issuing company for usage of the prepaid card on an annual basis.

Monthly fees

Charge by the prepaid card issuing company for usage of the prepaid card on monthly basis.

Customer Service fees

Charged by the prepaid card company for providing initial customer service to issue the prepaid card.

Activation Fees

This fees is charged by the prepaid card issuing company for activating the prepaid card

Fees per purchase

Every purchase done by your prepaid card can attract a fee per purchase. Some prepaid card companies levy this fees to increase their revenue.

ATM Cash withdrawal fees

Whenever you withdraw money from ATM’s prepaid card company slaps ATM cash withdrawal fees to your account.

Inactivity fees

This fees is charged when your prepaid card is not used for a specified period of time.

Now, you have an idea of the most important fees associated with prepaid cards. To use this information you can compare various prepaid cards and fees associated with them. Comparing this way, you will be able to lower your total ownership cost of prepaid cards.

Tags: Knowledge, Prepaid Card, Repayments
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Getting a Credit Card with a Bad Credit Rating

Thursday, May 6th, 2010

Nicholas Hunt recently asked:

Paying with plastic has become a common part of everyday life, with more people now using credit or debit cards than cash for day to day purchases. The rapid rise of online shopping means that it’s almost essential to have some way of paying by card, but people with poor credit ratings have always struggled to get approved for credit cards. It’s not impossible though, and there are ways for people with even the most impaired credit histories to enjoy the convenience of plastic.

People with mild credit problems or low incomes will probably not be approved for the most heavily advertised credit cards with the most attractive offers, but many companies operate a policy known as Risk Based Pricing. This basically means that their cards will offer a different interest rate depending on the credit score of the applicant. If your credit rating isn’t good enough to be accepted for the card you apply for, you may be offered a different card with similar features but a higher interest rate.

Risk based pricing is a great way for people with some adverse credit history to get a card, but people with more severe problems will need to look elsewhere. Several companies offer a card specifically aimed at people with poor or no credit history, and market them as a ‘first’ or ’starter’ card. The idea is to offer a card with a low credit limit and a comparatively high interest rate, as a way of allowing people to being to develop some positive history on their files.

While these cards are poor value in comparison to more mainstream offers, the acceptance rate is very high and by opening an account and keeping up with your repayments, your credit rating will slowly be improved to the point where you may be able to apply for a cheaper card further down the line.

People with more severe credit problems such as bad debt or a previous bankruptcy may find that even these starter cards are out of their reach, which leaves only one real option : prepaid cards. These cards, also known as secured cards, are not in fact credit cards at all as they need to be ‘loaded’ with funds before you can use them to spend.

After you’ve credited money to your account, the card can be used like any other Mastercard or Visa, with the important difference that you can only spend money that you have in your account - you can’t build up a debt. This means that there is very little risk for the card issuer, and so acceptance is virtually guaranteed. The flipside is that the issuer doesn’t earn money by charging interest on your balance, and so they instead impose a variety of different charges on the cardholder ranging from a small percentage of everything you spend using the card to a monthly or yearly administration fee. You may also be charged a considerable sum for even applying for the card, so shop around and check the small print carefully before signing up.

To sum up, no one would deny that a bad credit rating makes it harder to get a credit card or other plastic payment solution, but with a little searching, there are cards of some kind available for nearly everyone.

Tags: Credit Cards, Credit Histories, Interest Rate Risk
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All Access Prepaid Visa : an Excellent Prepaid Card

Saturday, April 10th, 2010

muellerduran recently asked:

Prepaid cards give you tremendous flexibility and worldwide acceptance. With the financial discipline they promote, prepaid cards have become a popular tool to improve credit history. In this article we take a look at the benefits and fees associated with All Access® Prepaid Visa® Card.

The All Access® Prepaid Visa® Card gives you the simplicity and the convenience you need to manage your finances. All Access is more than just a card - it’s a full service account that takes care of all of your financial needs in just one place.

Benefits

100% Approved - no credit check and bad credit is okay.

$10,000 Load Capacity - reloadable at retailers nationwide.

No Upfront Payment - and no minimum balance requirements.

FREE Savings Accounts - higher rate than most national banks.

FREE Instant Transfers - send money to other cardholders.

FREE Account Alerts - email or text messages on account activity.

FREE Direct Deposit - make payday faster and safer.

Online Bill Pay - pay bills to anyone at any time, online.

Extra Cards - on the same account for family members or yourself.

Fees associated with All Access® Prepaid Visa® Card

Annual Fee: $0

Cash Advance Fee: $2.00 for U.S. ATM transactions; $4.95 for international ATM

Minimum Deposit: $10

Application Fee: $9.95

Participation Fee: ($9.95 monthly) or optionally pay per transaction

Reload Fee: $0 for direct deposits or PayPal transfers, $4.95 for ACH or credit or debit card transfers; In person retail cash load fees vary by merchant location.

Inactive Fee: $5.95

The fees and benefits associated with All Access® Prepaid Visa® Card are totally at the discretion of issuing company and can change without notice. It is advised to read the terms and conditions carefully from the All Access® Prepaid Visa® Card website while making an application, to get the latest details about the offer.

Tags: Cash Advance Fee, Issuing Company, Merchant Location
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What are Prepaid Credit Cards?

Monday, April 5th, 2010

Clint Jhonson recently asked:

Prepaid Credit Cards are similar to debit cards and to credit cards, but different from them. While a debit card will use the money from your checking account, a credit card will let you spend money you do not yet have in your account provided you will make monthly payments to return the amount used. Of course in the case of a credit card there is also an interest rate that applies to the amount you use. The Prepaid Credit Card is a card that takes money from an account that you open and where you put as much money as you want.

A Prepaid Credit Card is a good options for people who are denied a credit card or people who do not have yet a good enough credit to apply for a credit card. Prepaid Credit Cards can help you apply for a credit card, and they are better because debit cards because they are safer. If you want to get such a card you should know that there is a setup fee when you open the account and then there are fees you have to pay every time you recharge the account. So the first thing to do is select which bank you want to open the account with and which prepaid card you get. Generally you have to be at least 16 years old to be able to have a Prepaid Credit Card, but some banks offer them for children as young as 13. The truth is that the bank does not risk anything since you cannot spend more money that you have in the account.

Prepaid Credit Cards can be used almost anywhere you can use a credit card as long as you have money in the account. A prepaid card can be used successfully to book a flight or to reserve a hotel room. However if you plan to make monthly payments with a prepaid card you might not be able to do it because the company you have to pay too has no guarantee that there will be money in your Prepaid Credit Card when the payment is due. Even though it might seem like a bad deal, a prepaid card is better than a debit card because it is actually safer when you do any kind of transactions. A debit card for example uses money from your checking account and savings account, and these accounts are usually the same ones where your check comes in. Thus a lot of your personal information can be gotten by hackers, and while the credit cards had fraud protection the debit cards usually do not.

As with any type of card there are advantage and disadvantages in having them and using them. The best card to have is most probably a credit card even though a lot of times people get in debt and they cannot manage their payments. A debit card on the other hand is a card that doesn’t usually let you have a negative balance, but doesn’t help you build a good credit history either. A credit card that is a prepaid card is not a real credit card since you can only spend the money available in your account, but it can be a good card in case of emergency and it is a good way to teach your teenagers how to save and spend their savings and how to use the card in a responsible way. These types of credit cards are also similar to the secured credit cards and a lot of people think they are actually the same thing. If you do not necessarily want to have a credit card a prepaid one is a good option to have your funds secured and to be able to control your expenditures.

Tags: Credit Help, Debit Card, Money Card
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Prepaid Cards - Let’s Get Started

Sunday, February 7th, 2010

WhichWayToPay recently asked:

Top it up and go – it’s as easy as that with a Prepaid card. Much like you’d top up a mobile phone (or Oyster card if you’re a Londoner), what you load on the card is what you spend. Once you’ve run out, you just top it up again. It looks more like a credit card than a travel card though, with magnetic strip, credit card provider and Chip and PIN. But the beauty of the Prepaid card is that you don’t need to have an excellent credit history to qualify. With most issuers, you don’t need any credit history – this is because there is no risk as far as they are concerned, because the user can’t get caught in repayments and bills. That’s because there aren’t any! Any fees or transaction charges are deducted from the card so users need to make sure that they have enough funds loaded on the card to cover these too.

A Prepaid card is a much safer way of carrying money around as it’s all in one place and if you lose or have the card stolen, you can cancel it. It’s also a great way of sharing money as you can get a second card which can be handed to friends or family so that they can access the funds. For this reason, some Prepaid cards are aimed at parents wanting to keep tabs on the spending habits of their teenage offspring – look out for those issuers who allow a lower minimum age of 16. Other cards are aimed at foreign workers in the UK who want loved ones back home to receive their earnings. There are so many types and offers, it’s worth shopping around before making a choice. Just go to a financial comparison site to lay out all the options in one place, and most sites will let you access the provider directly once you have made your choice.

Tags: Credit History, Oyster Card, Repayments
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Secured Credit Cards

Tuesday, January 26th, 2010

The CreditLawGroup recently asked:

What is a secured credit card and how does it differ from regular credit cards and prepaid cards?

A secured credit card is an option for a person to build or rebuild his or her credit. Furthermore, a secured credit card provides the opportunity for consumers to gain access to certain services such as renting a car or hotel room. Secured credit cards differ from traditional credit cards in that a deposit is required to serve as the consumer’s credit line whereas with traditional credit cards, the consumer’s credit line is collateral free and based partly upon their credit and payment history. Secured credit cards differ from prepaid credit cards as well. With prepaid cards, there is no required credit history check and the consumer’s credit line is limited to what the consumer has previously paid, or loaded, on the credit card. On the other hand, a secured credit card requires its user to open a savings account which will serve as his or her credit line. The consumer will then continue utilizing the secured credit card as a traditional credit card; in the event the secured credit card user defaults on his or her credit card payment, the user’s savings account will be used as collateral.

What are the benefits of a secured credit card?

- Access to a credit card = Obtaining a secured credit card may benefit some people who have a tarnished credit history and therefore, have been denied by traditional credit card providers such as Visa®, MasterCard®, and American Express®. By gaining access to a secured credit card, a consumer has a whole variety of purchasing opportunities available to him or her, such as making online purchases, reservations, and features such as automatic bill pay.

- Improve your credit history= Once a secured credit card has been procured, a consumer now has the opportunity to make consistent, on-time payments. Just as important as making timely, in full payments, it is imperative to confirm with the secured credit card provider, prior to opening the secured credit card, that it reports to the 3 major credit bureaus (Equifax, Experian, and TransUnion) and that it does not mark the reports as a secured credit card. Having the secured credit card provider report positive payments to the bureaus without flagging the reports as a secured credit card is the main way that secured credit cards can improve your credit history and probably improve your credit score.

- Save and or earn money= A secured credit card requires its users to open a savings account that serves as collateral in the event the user defaults on his or her payments. If the user makes timely and consistent payments on his or her secured credit card, this savings account will not and cannot be touched. This is beneficial to the user because for the time that their secured credit card account is open and in good standing they will be saving the money. Furthermore, more than likely the money in that savings account will be earning interest, a net gain.

What are the disadvantages of a secured credit card?

- Upfront costs= In order to obtain a secured credit card, one must open a savings account to serve as collateral in case the user defaults on his or her payments. Therefore, funds are required to be available prior to procuring a secured credit card. The amount of money that is required depends on the bank or credit union with which the savings account is opened and the amount of money the secured credit card provider requires to be in the savings account. Additionally, some secured credit card providers have application fees.

- Hidden fees= While secured credit cards offer many benefits, there are fees associated with the usage of secured credit cards such as annual fees. Moreover, secured credit cards almost always have much higher interest rates than traditional credit cards, and thus, it is suggested to utilize them only for as long as needed or until one’s credit has improved. Additionally, some secured credit card providers hold on to the funds in the user’s savings account for a designated period of time after the secured credit card has been cancelled to safeguard themselves against any possible lingering charges. Therefore, it is extremely important to shop around numerous providers for a secured credit card.

- Hinder your credit history= Although secured credit cards may be beneficial to some people, if a user defaults on payments, especially past the amount being held as collateral in his or her savings account, it can tarnish their credit history and consequently lower his or her credit score.

In summary, secured credit cards may be very beneficial to its users by opening doors to new purchasing opportunities, improving credit histories, and saving and/or earning money if used appropriately. However, if a user cannot meet the payments of what they charge on the secured credit card, he or she may be worse off than in the beginning. Finally, if a consumer has decided to use a secured credit card it is imperative to shop around for the best deal, including but not limited to: non-flagged reporting to the 3 major credit bureaus, lower interest rates, lower annual fees, and inexpensive or no application fees.

If your serious about improving your credit score Contact CreditlawGroup at (800) 508-0041 our competent legal representation can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other erroneous items from your credit report.

Tags: American Express, Card Access, Secured Credit Cards
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Prepaid Cards

Tuesday, January 5th, 2010

Greendot recently asked:

Prepaid cards are a type debit cards that draws down a balance that is already loaded or deposited on the card. Prepaid cards are commonly called prepaid credit cards. There are different types of Prepaid cards based on the function they serve including gift cards, travel cards, payroll cards, and general purpose prepaid cards. Unlike debit cards, Prepaid cards typically do not require opening of checking account at a bank. The companies that issued the card and allow customer to access their funds by using it to purchase goods and services wherever a visa or MasterCard debit is accepted maintains the card balances. Cardholders can also use the Prepaid Card like a check card by withdrawing cash from their balance at ATM locations worldwide. These cards are designed for long term use and generally FDIC (Federal Deposit Insurance Corporation) insured, which means that if the issue of the card has financial troubles you can get your money back.

· These Signatures based prepaid cards will allow reloading to the card. Like the other prepaid cards, it can be connected to a bank account, and in some cases may allow you to have your payroll check directly deposited into the account.

There are three ways to use a Prepaid Card

· Use it with Signature Purchase: - A prepaid card can be used anywhere Visa or MasterCard is accepted. (E.g. restaurants, movie theaters, clothing stores, drugstores, supermarkets, etc). Like a regular credit card, cardholders simply sign the receipt after swiping the card

There are numerous benefits from Prepaid cards. These include:

· Accessibility – There are no credit checks and no Check System checks to get a Prepaid Card. and can get transaction history. Anyone can get a Prepaid card. Certain state and federal laws does require government issued ID to get a Prepaid Card.

·Easy Reloading. It’s easy to add more money to the card so the card can be used over and over again. Prepaid cards allow direct deposit of Payroll Checks, Commission Checks, Expense Reimbursement, Government Checks (Social Security, IRS, Medicare, Unemployment, Disability, Welfare, Military, etc.). Save on check cashing fee. Save a trip to cash to the check. And get paycheck even if not in the office. Certain Prepaid Cards allow you to add more money at drug stores and grocery stores so you can have 24/7 accesses to your money.

·Safety - If you are buying online or on the phone and your card is used fraudulently you can get your money back. If you lost your card, Visa and MasterCard has lost/stolen protection.

·Control - Prepaid cards are an ideal way to control the spending of children and employees as it gives transaction history and don’t let people spend more than what they have on the card.

·No debt risk: - With a prepaid card there is no chance of spending too much as it is limited to the amount put on the card. There is usually no way to overdraft a prepaid card like a bank account thus customers can avoid overdraft fees that can go up to $40 per overdraft.

·The card for travel: - As well as being able to top up the card, depending on the specific provider, it can be used in ATMs worldwide. If lost, a new prepaid can be issued from the card provider. Some providers even offer 0% foreign exchange fees.

Prepaid Cards are suitable for those who do not have a bank account and who regularly face inconvenience in cashing their paycheck and making routine payments like for utilities and phone bills. This Card is not a credit card. It is prepaid. Because no credit is granted and no payments are required, this Card does not build credit history.

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Tags: Deposit Insurance Corporation, Gift Cards, Payroll Cards
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