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My Credit is Horrible, Which Credit Cards For Me?

By Deidre Shirley

My Credit is Horrible, Which Credit Cards For Me?

Some people have come across hard times lately. For them, they may not know what to do. If your credit score is poor, under 600, well, you won't get approved for conventional credit cards. But there are guaranteed approval pre-paid credit cards that will accept anyone.

Prepaid credits cards are new to the recent years and they are very much like debit cards. However, they have their differences as well. They are alike because you use both of them to draw money from an already existing account. They are different because a debit card draws money from your own checking account whereas a prepaid credit card draws money from an account that you have opened and deposited as much money as you want to use on this card. Prepaid credit cards are also more widely accepted than debit cards. You can use a debit card most places, but there are still some establishments that will not accept them.

If you have poor credit, a prepaid credit card is a great alternative to a credit card. If you have applied for a credit card and were turned down, you have the option of getting a prepaid credit card, which can do just as well for you as a credit card would. Some strongly believe that these prepaid credit cards are much better than regular credit cards, even if you have good enough credit to qualify for a credit card. This is because prepaid credit cards do not come with the high interest rates that regular credit cards come with. Prepaid credit cards are actually safer to use than both credit cards and debit cards. However, if you are ready to apply online for a prepaid credit card, you should know that there is a set up fee. You will have to pay this fee every time you recharge your account. To set up an account, you will have to choose a bank to open the account with and then decide which prepaid credit card you prefer. This account will be a risk-free account because you will not be able to spend more money than what you deposit into your account.

As fore mentioned, you can use a prepaid credit card anywhere you can use a credit card or debit card, so long as you have money in your account. You can use these cards to order things from the internet, on a vacation, at any store and many other venues. Although, if you decide to make a monthly plan agreement with one of these prepaid credit card companies, you may not be able to do things like reserve hotel rooms or book flights because the company will have no guarantee that the money will be in your account when the time comes. Other than this fault, however, prepaid credit cards are a great tool to utilize.

Published: Saturday 15th of November 2008 07:04:40 AM

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Comments to date: 1. Page 1 of 1.

Sasha Turnipe Uknown URL	1:02pm on Wednesday, December 3rd, 2008
I had never heard of these cards, I got approved and have horrible credit, I hope this works to fix all my problems!! We'll see.