Today it’s almost impossible to get by without having some type of credit card. From being able to make a purchase online to filling up you car with gasoline to checking into a hotel room a credit card is helpful. So what are you supposed to when your credit is not good enough to get a regular credit card and you can’t get a secured credit card. A prepaid debit card could be exactly the thing you need. Now, what are the good and bad things of getting a prepaid debit card?
An advantage of using prepaid debit cards is that you can use them without going into debt. When you use prepaid debit cards you have to pay in advance so there’s no bill at the end. This way, prepaid debit cards are more like cash than like a traditional credit card where you get billed every month.
Another benefit of prepaid debit cards that appeals to many people with bad credit is that you do not have to worry about going into debt.
Another really huge benefit of a prepaid debit card is that you do not need to have good credit to get a card. Just pay the activation fee, deposit money and you’re ready to use your card.
Some bad points of having a prepaid debit card is you need to report if it’s lost or stolen right away since there are stricter guidelines pre prepaid debit cards as opposed to a unsecured credit card. There are also monthly fees that you need to keep a look out for.
Also with pre paid debit cards you more than likely wont be able to rent luxury vehicles or sign up online for different types of websites. Many of the large car rental agencies require a a debit card which is linked to bank account, this is required so they protect themselves and charge your bank account if you owe them money and haven’t paid your bill in cash.