People who have a poor credit history though, will have a hard time getting or renewing their credit cards. This is where prepaid credit becomes useful.
There are lenders that offer prepaid MasterCards and/or prepaid Visa Cards. Both these cards can be used like a regular credit card. It is even hard to distinguish which card is prepaid or not, by simply looking at it or even using it.
This is basically how prepaid credit cards work. When an account is opened, the card should be ?pre-loaded? with cash up-front. This is like paying for a pre-paid calling card. Prepaid MasterCards or Visas can be used anywhere as long as these cards are accepted.
The prepaid credit card advantage:
1. Prepaid credit card can be easily obtained. It can be purchased online or in local retail stores. It does not require any credit check or proof of income.
The only thing to do is to fill out an application, pay a small fee for setting-up the account and load the card with cash. The amount of cash loaded will be the ?credit limit?
2. No interest charges.
When a prepaid MasterCard or prepaid Visa is used, there is no interest charge unlike the regular credit card. The reason for this is that the money used is the owner's actual money therefore no interest is needed.
3. Prepaid credit cards are free from financial or credit problems.
4. Prepaid cards can be used almost anywhere. Prepaid MasterCards and Visa cards are almost accepted anywhere in the world.
Disadvantages of Prepaid Credit Cards:
1. Usually a set-up fee of 5 to 50 dollars is needed when an account is opened. Then another fee of $5 or more is paid every time more money is loaded onto the card.
Regular credit cards usually do not charge a set-up fee or annual fees.
2. Cash up front is needed before any purchase could be made with the prepaid card. This could be an advantage since compulsive spending can be avoided.
3. There are some prepaid credit cards that cannot be used to pay regular payments such as monthly electric consumption or online services.
The Conclusion:
The prepaid credit card is a definite help for people who have past credit problems. It is just a matter of choosing the right prepaid credit card that suits ones? needs.
There were card offers from Abbey National in the United Kingdom, Westpac in New Zealand and HDFC bank in India to name a few.
I thought I was getting somewhere when I saw the web address www.titaniumcreditcard.com. You would think that this would be a dead on match for my search term, but no such luck.
This site lists UK and USA Gold cards, prepaid cards and everything else except what it name implies. That was a waste of a click but at least that's 1 calorie less to be burned.
By searching through the review pages in the search engine I was able to link to reviews on the Titanium credit card and was directed to http://www.cardmemberservices.com by two separate review sites that spoke about the First USA/MSN Titanium Credit card.
The main problem with the site is that once you get there, you can't really get any in depth information about the Titanium credit card without signing up for the card member services.
Once you signed up you would then be able to access the product and services section.
There is a service demo on the site and from there I found that the card has a rewards option that allows you to redeem points for the following:
? Cash back ? Gift certificates to popular retailers and restaurants ? Name-brand merchandise ? Travel on major airlines with no blackout dates ? Hotel stays, car rentals and vacation packages
We still need to find a website that would give us the full features and benefits of this Titanium credit card so...
On with the search.
As much as I tried, I just could not find a more detailed website that gives all the information on rates, balance transfer fees, you know?all the relevant information you would need to make an informed decision on whether or not to apply for a credit card.
Maybe the company sends invitations to apply to preferred customers or something, I don't know.
On the plus side there are telephone numbers, email and snail mail addresses on the contact page, so feel free to call and see if you can get any more information on the features of this credit card.
I can't come to a conclusion on the Titanium credit card due to the lack of information so you might want to view different rewards and other credit card offers that are more transparent and forthcoming with all the information you need to make your decision.
Both Nicky Pilkington & Anthony Samuel 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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