best prepaid credit cards
Best Prepaid Credit Cards
Prepaid credit cards are becoming increasingly popular as, in the post recession periods when the abnormal and fluctuating economic cycles are receding, people are trying to rebuild their credit through the mechanism of these cards.
- The limit of the card is equivalent to the amount that has been deposited into the card's account.
- The credit card company imposes a specified monthly or yearly charge, which is quite negligible, in order to cover up the operational expenses.
- The credit card company reports to all credit rating agencies when the card is recharged with cash deposit and the actual transaction (swipe) is conducted.
- Some specified credit cards have a small overdraft facility which is of course, charged with an APR or interest when used.
- Walmart MoneyCardSM Visa® Prepaid Card is a good one, which has a $3 monthly fee, a 1% cash back on gas and $10 bonus for a Direct Deposit.
- The ACE Elite™ Visa® Prepaid Card has a $9.95 monthly fee, which is subject to regulations and changes, plus this card also comes with a free savings account with a 5% APR, which is again subject to changes.
- Pink ACE Elite™ Visa® Prepaid Card is a philanthropic initiative of Visa where a portion of the proceeds of the account go towards the financing of services related to breast cancer.
- Capital One® Reloadable Prepaid MasterCard® is a regularly used one with a $4.95, monthly fee. This card is a highly insured one which has a FDIC (Federal Deposit Insurance Corporation) Insurance. The monthly fee is exempted in cases where, a minimum $500 are loaded on the card, a month.
- Green Dot® PrePaid MasterCard® is another one which is quite widely used at a $5.95 a month fees. This card has a wide array of services, such as a $10 Direct Deposit, a $4.95 credit on a MoneyPak load, and a no monthly service for 30 purchases, plus free withdrawals from 15,000 different ATMs. On the whole it is a great card.
- Insight MasterCard® Prepaid Card is an example of a card provided by a bank, in this case, the Urban Trust Bank. This card service offers two important features, namely, a $50 bonus on the first Direct Deposit of $200, and an Optional Overdraft Protection facility for emergencies and mistakes.
- EXACT Prepaid MasterCard® is another great one by MetaBank and it is offered against a $9.95 monthly fees. The cash load limit for this card is $5,000 and the card can be recharged at 100,000 locations.