Prepaid debit cards are items that are filled electronically with money and then used at various locations. Although they are not, the cards act as real credit cards. They are handy for teenagers and young adults who don't qualify for real ones due to not having an established line of credit or even bad credit. Even for people with good credit, getting a prepaid MasterCard debit card has its benefits.
Once prepaid cards are loaded with your cash they can be used to purchase items at any location you choose. The MasterCard ones are accepted anywhere MasterCard is. They look like debit cards and can be filled with cash easily, either at convenience stores or online from your bank account.
The cards are safer than cash to carry around too. The account comes with its own ATM number which allows the account holder to make cash withdrawals whenever they need to. The pin will have to be entered when purchases are made with the card also, so the prepaid account is fully protected against stolen cards and thieves.
The cards are also very easy to obtain. There is no credit check or income verification involved since the money is all preloaded onto the card. It's a great way for someone with bad or no credit to have their very own credit card for shopping and online purchases.
The MasterCards are great ways to establish lines of credit also. Most companies report the accounts of their customers to the major credit bureaus. Even though it is prepaid, the card gets reported just like a normal one would. They're great ways to build credit.
For young kids and newly wed couples, they are good teaching methods. Because you can only use what is on the card, there are no bills and no rising debt. There is also a total lack of interest rates so the debit cards are good for young people who want to learn about financial control.
Once prepaid cards are loaded with your cash they can be used to purchase items at any location you choose. The MasterCard ones are accepted anywhere MasterCard is. They look like debit cards and can be filled with cash easily, either at convenience stores or online from your bank account.
The cards are safer than cash to carry around too. The account comes with its own ATM number which allows the account holder to make cash withdrawals whenever they need to. The pin will have to be entered when purchases are made with the card also, so the prepaid account is fully protected against stolen cards and thieves.
The cards are also very easy to obtain. There is no credit check or income verification involved since the money is all preloaded onto the card. It's a great way for someone with bad or no credit to have their very own credit card for shopping and online purchases.
The MasterCards are great ways to establish lines of credit also. Most companies report the accounts of their customers to the major credit bureaus. Even though it is prepaid, the card gets reported just like a normal one would. They're great ways to build credit.
For young kids and newly wed couples, they are good teaching methods. Because you can only use what is on the card, there are no bills and no rising debt. There is also a total lack of interest rates so the debit cards are good for young people who want to learn about financial control.
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