prepaid Credit Cards?

punamytsikeJuly 15, 2008

Can anyone shed some light into those animals? What are the things to look for when choosing provider.

Thanks.

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nycefarm_gw

They keep a percent every month the card is unused that comes off the balance

    Bookmark   July 16, 2008 at 2:39PM
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cube1067

I was just looking into these cards yesterday. I was thinking about using it for internet shopping at unfamiliar sites. My thinking was that a low limit would reduce my vulnerability.

However I read that some sites won't let you shop with a secured card because they are concerned that you may exhaust your limit. Also, a secured card can damage your credit score if it is reported as a secured card. I don't want to screw with my FICO.

Yes, I read they all have fees and to shop around because fees vary greatly.

    Bookmark   July 18, 2008 at 3:09PM
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joyfulguy

That smells quite a bit like the "gift cards" that have a fee related to initial use, or per transaction ... or inactivity fee, etc.

Do they keep some staff folks up late nights figuring how they can charge a fee for providing ...

... **nothing**??

Rats!!

ole joyful

    Bookmark   July 18, 2008 at 3:12PM
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bethesdamadman

nycefarm: "They keep a percent every month the card is unused that comes off the balance"

You're confusing prepaid credit cards (which are actually referred to as secured credit cards) with prepaid gift cards. And as a point of fact, even most gift card merchants have gone away from charging an inactivity fee if the cards are not used within a certain period of time.

    Bookmark   July 19, 2008 at 7:43AM
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mike_kaiser_gw

If you're looking for added security for online shopping, you might consider what options you're existing credit card companies offer. I have a Citibank card and they offer "virtual" numbers for online shopping. You can even limit the maximum dollar amount and length of time the number is good for -- all before the transaction even takes place.

    Bookmark   July 20, 2008 at 9:19AM
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