Many companies are now offering prepaid credit cards to people who have credit problems. For many people, having a prepaid credit card will offer them the same kinds of options that are available to regular credit card holders. In fact, many banks are now offering branded gift cards, which work much the same way as a prepaid credit card, but have other restrictions and costs.

Many prepaid credit cards have fees that rival the regular credit cards issued to applicants with low credit scores. In the biggest advantage of having a branded credit card it is the fact that it is accepted all over the world just as a traditional credit card it is.

Many banks also issue a debit card branded by Visa or MasterCard, but as a debit card it may not be accepted at some locations or merchants. Even bank issued gift cards resembling a credit card, may not be accepted everywhere.

You should be assured of acceptance with prepaid credit cards and there is no interest charge on purchases made; however the fees for certain transactions can be high. Be careful which prepaid credit cards a sign up with. Some of the prepaid credit cards have a cancellation fee when you want to close the account. They also have a monthly service that you have take into consideration too.

Convenience Can Be Costly

For example, one of the best deals found for prepaid credit cards is for an All Access Prepaid Visa, which requires a minimum opening balance of only $9.95. Most online transactions and inquiries are performed at no charge. Taking cash out through an Automated Teller costs $2 and an ATM balance inquiry is fifty cents, free if done online. It has a monthly maintenance fee of $9.95. If the card is lost, there is $5.95 replacement fee as well as a $5.95 charge for inactive accounts.

Western Union offers prepaid credit cards branded by MasterCard with a $5 minimum opening balance and no application fee. ATM withdrawals are $4.95 and transferring money from a bank account to the card costs $3.95, however direct deposit of paychecks to the card are done free of charge. There are several other charges associated with this particular card, but some holders see the benefits of having the convenience of a credit card as worth the price.

For a list of Prepaid Credit Cards Click here

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