How to Buy and Use a Prepaid Credit Card
If you are thinking about buying a prepaid credit card in the US, you are not alone. You will be joining more than 65 million Americans who already made that choice. Prepaid Credit Cards, unlike Credit Cards, doesn’t offer a credit line; and unlike debit cards, they are not linked to your personal bank account. They are, therefore, safer since your SSN is not linked to them. Further, prepaid credit cards do not require a bank account!
With a prepaid credit card, you cannot spend more than you have; hence they help you attain financial discipline. They are widely acceptable in stores and online. Regarding the use of prepaid credit cards, there are two important questions to ask.
How do I buy a prepaid credit card?
It is quite easy to buy a prepaid credit card:
Online
There is a variety of prepaid credit cards available on the internet. Here, you can use your normal credit card to make a purchase. You may even use a prepaid credit card if already have one (it’s alright to own more than one prepaid card). Like in most cases, the internet is cheaper than in stores.
At a store
You may visit a store and buy your card using cash or a credit card. Activation fee may be required.
At a bank
Banks and other financial institutions offer prepaid credit cards.
Before buying, check the terms of use. Some cards charge relatively high fees. Prepaid credit cards with no activation fee and minimal deposit and maintenance fee should be sought.
How do I use a prepaid credit card?
There are numerous ways your new prepaid credit card is of use. You can easily use the card in the following ways:
In-store purchases
Many stores accept prepaid credit cards in the US. After buying a product like the Cisne Bedspread Set, hand the card to an attendant to allow for payments. It’s easy and safer than using a normal credit card.
Online purchases
Prepaid credit cards have received massive acceptance from the internet family. Just like normal internet purchases, fill in your card number and the date it expires then press enter. With the prepaid credit card, beautiful products like the Formal and Casual dresses are just a click away.
To make withdrawals
You can use your prepaid credit card to make ATM withdrawals. When this happens, you are given a PIN for security purposes.
To make reservations
Making reservations in hotels as well as booking flights get easier with the prepaid credit card. Some companies even allow holders to rent cars.
Loading your prepaid credit card
Before using a card, check what amounts have remained on it. You may check online, on your phone or at the ATM at a fee. Since prepaid credit cards do not offer credit, you must reload money once you spend all the initial monies deposited. To reload, you may deposit money through:
- An ATM
- Your bank account
- A paycheck (Direct deposit)
- A retail store- an attendant will help you with this.
- An online account such as PayPal
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