Card Credit Instant Prepaid - What You Need to Know - Part Two

Hello everyone,

As promised, here is Part Two of "Card Credit Card Instant Prepaid - What You Need to Know".

Today, I wanted to show you a brief comparison of prepaid cards, bank debit cards and credit cards:

Prepaid Debit Cards:

No credit checks
No line of credit (so no borrowing and no debt).
No interest charges
No employment verification.
Fees may be charged depending on the type of card.
(Read T and Cs carefully where they will be clearly explained.)
Only require basic customer information.
under 18's
Can be used worldwide,wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card.
Can be used at an ATM
Usually, includes free bill payment service meaning that you can pay anyone
online or over the phone.
Can be cancelled/blocked if lost or stolen.
Many also offer free rewards programs


Bank Debit Cards:

Credit check to open the bank account to which the card is linked.
Account can have an overdraft facility.
Interest charges on money borrowed against an overdraft and with no interest free period.
Fees if you exceed an agreed overdraft.
Require full customer information.
Can be used wherever Visa - MasterCard and/or Maestro are accepted,
depending on the brand mark on your card.
Can be used at an ATM
Can be cancelled/blocked if lost or stolen.


Credit Cards:

Credit check to approve card, decide credit limit and set interest rate.
Line of credit that can be increased over time
Interest charges on money borrowed against the credit limit,
if there is an outstanding balance after the interest-free period.
Charges such as late payment fees, over-limit fees, cash advance fees,
foreign exchange charges, duplicate statement fees and non-activity fees.
These are explained in the T and Cs for each card product.
Require full customer information.
over 18
Can be used anywhere Visa or MasterCard is accepted.
Can be used at an ATM
Can be cancelled/blocked if lost or stolen.

Ok, I hope you found the above information useful.

Do you know "who" would benefit from prepaid cards the most?

The answer will be revealed soon. Check my next posting.

Until then, keep safe,

Eli Elst - Editor
The Best Credit Card Site.com