Prepaid Visa Cards and Prepaid Visa Mastercards
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Besides being an alternative way for you to purchase your own items, do not forget that prepaid Visa cards and / or prepaid Visa Mastercards can make a great gift too! Some card issuers even will put a greeting message on the card for you, like "Happy Birthday" or "Merry Christmas" along with other sayings. How about giving one to your college student for the necessities he will buy when away from home? This way he will not be able to run up the balance on a regular credit card. Prepaid Visa cards and prepaid Visa Mastercards can be obtained at bank branches or through the Internet at the bank's web site. But before you decide to apply for one, there are some disadvantages to a prepaid card that you should understand. As mentioned previously, these cards do not generate finance charges. However, they probably will have some other types of fees associated with their use. The fees that may be applied to the card could be application, activation, annual membership, monthly service, ATM and over-the-limit fees. Examine the card's policy on liability protection for lost or stolen cards. Some offer zero liability. Others only provide protection if the transaction was for a signed receipt purchase and not a PIN transaction. Many, but not all (like those used as gift cards) allow reloading with money when the funds run low. There are different methods for transferring money to your card, such as, directly at your bank branch, an ATM machine or the issuer's web site. You can fund your card with cash; check, credit card, electronic funds transfer from a savings or checking account and even payroll. Before acquiring prepaid Visa cards or prepaid Visa MasterCards, be sure you are aware of all the conditions that apply to it. Each prepaid card comes with different terms, benefits and fees. So, carefully compare them. Your personal situation is unique to you. It is your responsibility to ascertain which card, if any, suits your needs. One final point about prepaid Visa cards or prepaid Visa MasterCards is that because of the fact that the card has to be already paid for before you can use it, you need to be in a relatively strong position financially to make it work for you, as you are effectively coming up with your future spending requirements right now, so not only do you need to have sufficient money for living this month, but also next month as well. Thus this would not be at all suitable for people with debt or bad credit problems. |
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