The idea of a prepaid credit card has been around for a number of years, but it’s only now, with the level of personal debt soaring, that it has really started to take off.
But what is a prepaid credit card? How does it work? And most importantly, can it help you avoid getting any deeper into debt?
The Basic Idea
If you’re familiar with the idea of a prepaid phone card or a prepaid gift card, the idea won’t be new to you. It’s basically just a credit card without the credit. You load money into your card account and can then spend it using your plastic card as you would with a normal credit card.
These prepaid credit cards are accepted by hundreds of thousands of retailers and online merchants.
Dozens of financial institutions offer prepaid accounts backed by either Visa and Mastercard so they can be used globally. In fact, anyone who accepts credit cards will be able to accept your prepaid card.
And the uses are almost endless;
Top up your cell phone
Pay your bills
Buy groceries and petrol
Shop online
Book flights, hotels, tickets
Hire cars
Transfer money to...
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