Econ Info

Although it acts like a credit card and looks like a credit card, a prepaid card works similar to a debit card. Your purchases are deducted from your total and when you balance gets low, you reload it. Since your card is associated with one of the major card networks, Visa, MasterCard, Discover, American Express, you can use it at all the places those cards are honored which includes eBay, supermarkets and online bill pay. These cards are great for the 80 million people in American who prefer not to deal with banks making it the best credit cards for them.

Possessing account and routing numbers, a direct-deposit paycheck can be added to your card making check cashing issues a thing of the past. Prepaid cards offer features like allowing you to withdraw cash for an ATM by using the Pin number that you are given and you can even set up recurring payments for your monthly bills. Fees are still attached to this card in the way of a one-time “set-up” fee. Some charge you for withdrawing money or even to check you online balance. Some even have a monthly maintenance charge whether you are using the card or not.

Tags: Credit Cards