When you think of prepaid credit cards, you may think of the cards that can only be used at specific merchants such as drugstores or supermarkets. While these types of cards are convenient, they also pose some serious issues for those who use them. These problems are compounded by the fact that many prepaid debit cards also charge fees on top of their regular credit card or debit card fees.
There are a number of Downsides to Prepaid Credit Cards One of the biggest disadvantages to prepaid debit cards is the fact that you won't be able to use your card on ATM machines. Many people find this a drawback because they want to be able to withdraw money from their cards without spending extra money. These fees can add up quickly and can consume a significant portion of your balance each month. ATM fees and foreign exchange fee are also common.
The biggest draw back to prepaid credit cards is the fact that they limit the amount of money that you can spend each month. This limits your spending ability, and it may mean that you can only buy things at the stores that accept the card. If you have other cards, you'll not only be limited in how much you spend, but you'll also be limited in the types of things that you can buy. You may also have to accept the credit card at some point because some debit cards will not allow you to carry more than one balance with you.
Another problem is that when you do use a credit card, you will be charged a fee. Some of these fees can add up quickly, especially if you carry a balance on your cards. You may also find that the fees are higher if you carry a balance on your debit card versus using a credit card.
If you decide that you want to start using prepaid debit cards, make sure that you shop around first and do your research to find the best deals. Many cards come with an introductory period, which allows you to build up your account and receive offers.
Make sure that you maintain a good credit score. Many prepaid cards charge fees if you are late, miss a payment, or have a lot of debt. In addition, if you've been turned down for a credit card before, you may be turned down again. Don't forget that you can still apply for another prepaid debit card if you don't qualify.
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