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Prepaid credit cards are for those those who might face some hardship getting approved for an unsecured credit line but would still like to have all of the functionalities and conveniences of a regular bank card. While some particular features will maintain varying form depending on scheme as well as program, a prepaid card, in common, requires the user to deposit cash or perhaps a which will then be used like a secured source of funds for the consumer to drawn against for as long as a positive balance is maintained. This number of credit cards work like regular debit or bank cards; the user can use them from any location that accepts MasterCard or Visa plus some will even issue them a personal identification number (PIN) to make use of to withdraw cash at any ATM, anyplace, anytime. People who seek to make an application for prepaid credit cards are, as typical, concerned about three major determining factors including the application fee, annual fee and also the participation fee. Annual fees are charges to people who use the prepaid service on annual basis whereas participation fees are charged to make use of the service on monthly basis. People will rarely visit a prepaid card that charges both an annual fee along with a participation fee. So choosing between one and also the other is simply a matter associated with deciding factor. Many people with their own family members mainly teens and university students choose prepaid cards because it provides right balance of parental controls as well as independent decision-making. Some of the advantages are: oIndependent spending - Prepaid credit cards may be used just like regular credit cards. What you ought to do is that just hand your card towards the clerk with signature of your name about the receipt. Get a copy of the receipt as well as your card back--and you have no further anxiety about this process. oConvenience - Prepaid credit cards may be used any time, everywhere because Visa or even MasterCard is accepted at stores, gasoline stations, restaurants, theaters, in the shopping shopping mall and online. oBudgeting - You understand perfectly in advance how much you're investing. Spending can be managed and controlled by how much cash is loaded. Additionally, prepaid credit cards offer a simple way to keep track of your hard earned money versus carrying cash. oSafer than money - Unlike losing that fifty-dollar expenses, prepaid credit cards offers protection from unauthorized transactions when the card is stolen or lost through chance. Cards can be replaced in the event that lost or stolen. oTeaching tool - Prepaid charge cards help you or your teens realize financial responsibility and learn good cash management skills. This card contains the hands-on tool that teaches teens regarding controlling finances and managing it. You are able to monitor the balance and track location in which the card is used. It is possible either when you go to your password-protected Web site and critiquing the transaction history and online statement at length or by telephone.






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