Reloadable Credit Cards – Compare and Save

Teaching Students How to Use Credit Cards Wisely

Posted by Elisa on November 13th, 2009

Students are prime targets for credit card companies. Teaching kids how to use credit cards wisely before they become eligible to apply for credit on their own can be a wise move. Reloadable credit cards can help do that by enforcing one very important rule:

No money? No spending.

True credit cards that provide a credit limit up to which you can spend money without actually having the money of your own, make spending all too easy for many consumers. The Federal Reserve Statistical Release on Consumer Credit dated November 6, 2009, reports that outstanding balances on revolving credit at the end of September totaled $886.6 billion. BILLION. That is really rather scary.

Credit Card Legislation Too Late To Help Many Consumers

Posted by Elisa on November 11th, 2009

On May 22, 2009, President Obama signed into law a package of changes and limitations to curb ever-increasing credit card interest rates and fees. Unfortunately, that credit card legislation will come too late to help many consumers suffering today.

The effective date of the Credit CARD Act of 2009 was set for February 22, 2010. Why this was scheduled so far out puzzles me. Perhaps the intent was to allow banks and credit card issuers to prepare for the changes the legislation required. Instead, the opposite happened.

How to Get No Fee or Low Fee Reloadable Credit Cards

Posted by Elisa on November 11th, 2009

Think prepaid cards are too expensive? Use these tips on how to get no fee or low fee reloadable credit cards and gain access to all the money management tools that are meant to make your life easier.

You might need to pull out your magnifying glass and dig into the fine print, but most cards offer ways for you to save money on the fees for various transactions.

I know, who on earth has the time to read all of the fine print for every card, account, and loan we have? Don’t get me started on the account change notifications that come through, too.

Not reading those materials can make you an unhappy customer.

Which Banks Do Not Use ChexSystems?

Posted by Elisa on November 9th, 2009

Looking for a list of which banks do not use ChexSystems? You can stop looking because here’s why that no longer matters.

ChexSystems is a type of credit report function banks use to determine the worthiness of anyone applying for a checking account. If you have had a problem in the past with overdraft fees or a charged off checking account, that bank probably reported you to ChexSystems and that information is reviewed by any future banks with whom you attempt to open a checking account. If you are in ChexSystems, you will probably be denied a checking account.

In addition, there’s another deposit reporting system out there called Early Warning Services which was started by Bank of America and is now networked with a number of large institutions. Any issues you have had could have been reporting to one or both of these services.

You know what, though?

It doesn’t matter.

Money Management Ideas for Teens

Posted by Elisa on November 7th, 2009

Teens can use reloadable credit cards and prepaid credit cards to manage their money, too. In fact, for teens, virtual money management is probably going to be the way they manage all of their money in adulthood. Carrying cash, certainly checks, is going to change in the future.

What if your teen having a reloadable prepaid credit card made your life EASIER?

Teens are much more internet savvy than teens were even 5 years ago. Their social networks are truly networks – online environments and forums where they interact with their friends.

Even in their early teens, they transact business on the web. Some are involved in online games, or collect items found on eBay, or spend their money on movies and music online. They can’t do this with cash. My guess is I am not the only parent who is often asked to get on the computer and enter her own credit card information in order to cover one of my kids’ online expenses.

How to Really Rebuild Your Credit

Posted by Elisa on November 6th, 2009

You lost your job, or your family experienced a medical emergency, or you simply made a mistake. As a result, you fell behind on your bills and now you have a bad credit report. Can you ever really rebuild? In a word – YES.

It is not, however, easy and there are no quick fixes. It takes time, effort, and may even require a change in your spending habits in order to turn things around. The single determining factor as to whether or not you will be successful in rebuilding your credit history is YOU.

Manage Your Money Without a Checking Account

Posted by Elisa on November 5th, 2009

Reloadable credit cards and prepaid Visa or Mastercard accounts help you manage your money without a checking account. They provide tools like online bill payment and account management, ATM access, and direct deposit just like a checking account without the risk of overdraft fees.

These cards are also much easier to obtain than a checking account. Because banks risk losing money on checking accounts through fraud or misuse, they require certain identification and a ChexSystems check before you can be approved. ChexSystems is a warehouse of information about consumers’ negative checking account activity.

If you overdraw your checking account or have a returned check issue, your bank may report you to ChexSystems. That information is then relied upon by other banks when you go to apply for a new checking account.

Get a Reloadable Credit Card – How to Apply

Posted by Elisa on November 4th, 2009

How do you get a reloadable credit card? To apply, simply fill out an available online offer. It is as easy as it gets when looking for deposit accounts you can use to manage your money. There are a number of low cost cards which can be applied for online and approval is often 100% guaranteed.

The application for the Vision Premier Prepaid Card, for example, consists of no more than a request for your name, email, address, phone numbers, date of birth, social security number, and an indication of whether or not you have direct deposit available to you.

Consumers get a bit concerned when they see the request for their social security number. However, financial institutions are required by law under the Patriot Act to ask for this information. Vision makes it clear that they never check your credit report for their prepaid card and that they are only collecting this information because of the federal requirement to do so.

How Reloadable Credit Cards Work

Posted by Elisa on November 4th, 2009

Reloadable credit cards work much like a checking account except rather than using checks to draw against the amount you have on deposit, you use a Visa or Mastercard branded card.

You deposit your money with the financial institution who has given you the card and then use the card to pay for things at any location that takes Visa or Mastercard. The amount of any purchases you make is deducted from the amount you have on deposit.

You can reload the card with more money at any time. Many banks and card companies offer a number of ways in which you can reload your credit card:

Reloadable Credit Card Fees – What They Mean to You

Posted by Elisa on November 4th, 2009

Reloadable credit cards are Visa or MasterCard branded cards that are pre-loaded with your own money instead of being funded with a line of credit from a financial institution.

Your money can be deposited – or stored – on the card a number of ways – at retail locations and online are two of the most popular methods of loading cash onto these cards.

Using reloadable cards provide the convenience of using a credit card without much of the negative – particularly that of building an unbearable amount of debt that compounds with interest charges and fees.

Reloadable Credit Cards – Compare and Save

Teaching Students How to Use Credit Cards Wisely

Credit Card Legislation Too Late To Help Many Consumers

How to Get No Fee or Low Fee Reloadable Credit Cards

Which Banks Do Not Use ChexSystems?

Money Management Ideas for Teens

How to Really Rebuild Your Credit

Manage Your Money Without a Checking Account

Get a Reloadable Credit Card – How to Apply

How Reloadable Credit Cards Work

Reloadable Credit Card Fees – What They Mean to You

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