What is a prepaid credit card? You pay in advance to get credit? Nope! It’s a debit card where you first put money on the card and then can spend only as much as is left on the card. You can shop online, book tickets, do your groceries and withdraw cash with a prepaid credit card. It’s really a debit card that works like a credit card. People call them prepaid credit cards because they look like a credit card, act like a credit card and have a visa or mastercard logo on them. Reloadable prepaid credit cards allow you to add money to your card every time you run low.

#1: Safety of not having cash
Prepaid cards are safer than cash. If it’s stolen, you can get a replacement card. And, unless you help the crooks by writing your ATM PIN on the card, no one can steal your money from your card. Both Visa and MasterCard have a zero liability policy, which helps you recover money when there’s an unauthorized charge. And since it’s not tied to your bank account, there’s only so much a crook can get.

#2: Budgeting, no more finance charges
If you can’t control your shopping and rack up fees on your credit card or keep getting hit on the head with NSF fees, you may want to come this way. You can spend only what you put on the card, nothing more.

#3: You can’t get a credit card anymore
It works like a credit card, but without a credit check or checking account. Prepaid credit cards have a Visa logo or MasterCard logo on them. They work just like credit cards. You can shop online, get hotel rooms and gas with them. Since they’re prepaid, it doesn’t matter what your credit is.

#4: Say good bye to check cashing fees
Most prepaid cards allow you to have your pay or government benefits sent directly over to your card. Walk across to an ATM and take out cash. Works much better than standing in line at a check casher! And it doesn’t matter if you’re in chexsystems or don’t have a checking account.

#5: Financial lifeline for your kids
Get your children a prepaid credit card. You’ll be able to restrict how much they spend and will know what they’re spending money on. And if they’re out of town and in a bind, you can load money on the card and they’ll be able withdraw cash from an ATM immediately.

If you think a prepaid credit card is right for, do some research on the different prepaid cards available. You can read reviews of prepaid credit cards, other articles and discuss prepaid cards at prepaidcardforum.com

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