Prepaid credit cards are new twists on the popularity of plastic money. The name says it all. They are cards that function just like credit cards in nearly all aspects, but you have to pay the spending limit upfront. It’s like a prepaid phone card you can use to buy anything at all.
There are a lot of benefits to a prepaid credit card, as well as many different applications for the technology. The most obvious benefit is that you can’t go over your limit. There is no such thing as over drafting from an account. When the account is empty, you simply cannot use the card. You have to refill it before any more purchases can be made. This is very good for people who have poor credit history or impulsive spending habits. It can help people avoid debt and be a good first step in rebuilding a low credit score.
These cards are also good for teenagers whose parents may want a middle step before getting a full service card for their children. Parents can fill the card with an allowance (or teens can put summer job paychecks into the card) whenever they want to, and junior gets to enjoy the freedom and security of credit card spending. Purchases can also be...
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