The main advantage of a prepaid credit card is the ability to help the owner control their spending, after all, you cannot spend what you do not have. With this kind of card the consumer can only spend what they have deposited to the card. In this regard, a prepaid credit card is in effect a prepaid debit card.
There are many different types of prepaid credit cards on the market vying for your business, but to get the best card for you, you need to compare the pros and cons about each card. One card may sound attractive with a reward program and cash back, but you may find that they do not report to credit bureaus. A card such as this would not be the best choice for someone trying to establish or re-establish his / her credit rating. So if building credit is the aim, select a prepaid card that reports to the credit bureaus.
Unlike other credit cards, prepaid credit cards do not generally have an APR (Annual Percentage Rate) factored in, but there may be a monthly service fee. When a monthly fee is attached to a prepaid credit card, a comparison of the various fees and what they cover must be used in any comparison between similar cards.
Compare also whether or not there are any transaction fees to use the cards, for example some cards attract a fee when used at ATMs (Automatic Teller Machines).
Are the cards re-loadable? Some prepaid credit cards allow the user to reload money into their card when the deposit has been used up. This gives users much better control over their spending as they tend to know how much they have available and can afford to spend.
These kinds of credit cards are good for those without credit or damaged credit histories, who are trying to get a credit history or repair their credit rating. As such, the ease with which these cards can be applied for is also an important yardstick to use when making comparisons.
There are very few people who enjoy professional networking events. Sure, some people love them because they like to be the life of the party and to meet others in their field who will appreciate this quality about them. But most people find these professional events to be a social obligation that's moderately enjoyable at best. One of the main reasons for this is that many professionals really don't know what to talk about with others during these events. Some people have found that if they compare business credit cards with strangers, the ice is broken and the event goes more smoothly.
Credit Card Conversation Etiquette
If you shied away form the idea of comparing business credit cards in a professional setting, it could be because it's been ingrained into you that it's not polite to talk about money. Remember here that you're not discussing your business debt or the number of credit cards that you own personally. In fact, you should stay away from these topics altogether. But it's not inappropriate to compare cards with others in a general way. This allows people to get information from one another and to give each other business tips that can be useful in the future. And it's something that almost all business people have in common so as long as the conversation is about the business credit card and not about personal credit, it's a conversation that everyone can comfortably participate in.
Benefits of Comparing Credit Cards
You may be wondering why you would even consider making such a comparison at a professional networking event. For one thing, it's a topic of conversation that's different from the standard "what do you do?" that most people are discussing. This means that a business credit card conversation is going to get people's attention and is going to help to make you memorable. In addition, if you know something about the topic, you can offer a service to others by providing them with information that benefits the financial standing of their business. And because business credit cards are something that everyone will have familiarity with, it's something that no one is going to feel inferior about during the discussion. By bringing up a topic that everyone is a mini-expert in, you make everyone feel good about themselves. This is the key to good social networking.
Make Yourself Stand Out
Of course, anyone can talk about credit cards casually but you want to really know what you're talking about if this is the conversation that you're going to use as a professional networking icebreaker. To do this, you'll want to do your homework by doing a card comparison yourself beforehand. See what's out there on the market and what some of the perks are of different cards. Consider the fact that there are credit card trends; for example, green cards are hot right now. Make sure that you have something intelligent to say and some good advice to offer. When you compare cards in this way, you provide something that others benefit from which makes them think of you even after the networking even has come to an end. Leaving a good impression on people in this way can make the networking even worthy of your time. And you might gain some new business credit card tips yourself which can make the networking event more enjoyable than you might have anticipated.
Both Eric Wasselman & Robert Alan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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