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I'm thinking about getting on of the Pre Paid credit/debit cards from work. Since I have no bank accounts or credit cards, this is a possibility I've been thinking about.

Says no credit check needed. Would be direct depositing biweekly paychecks into said account. But, my biggest concern right now is, can a credit agency attack this type of account? And since credit check not required, would they even know I signed up for such an account?

Currently, I pay any local bills in cash, or get a Money Order from either work or the Post Office.

Just trying to find information that'll help me decide if I should proceed or not. Info appreciated.
Thanks,

Guest · Posted: Thu Jul 05, 2007 7:00 am Subject:

i have had a prepaid debit card for about a year now and it works perfectly my paychecks are deposited right into the account with no problems at all ( i have account now prepaid debit card) as far as a credit agency attacking your account i would say no (i haved the same concern) it is not reported to the credit bureau, which is how they even know about the account.

Posted: Thu Jul 05, 2007 8:43 am Subject:

I think it would be better for you to deposit money into a savings account at a bank and then get a secured card through them. This will estblish credit with a banking institution that will be reported to the credit bureaus. before you know it you will start getting offers for unsecured cards. BEWARE of the interest traps. They promise low interest and in the fine print they are poised to screw you big time if you are one day late on one payment or after a grace period you rate will jump to 25 percent. Usually six months or a year. Work with your bank and develop a relationship with them first.

Posted: Thu Jul 05, 2007 11:17 am Subject:

Before signing up for a Pre-paid card, you should read the fine print very carefully. I know that Rushcard adds all kinds of fees for any activity that you conduct on the card. I agree with frogpatch's suggestion. A savings account and a secured card is probably the safest way to go.

Guest · Posted: Thu Jul 05, 2007 8:03 pm Subject:

Unfortunately, I CAN'T trust the banking system any longer. I've been screwed big time by last bank I had.
I warned them about it, they did nothing, so I closed account(s) and left. Have not had a bank account of any sort since then. About 4 years now.

Very seriously doubt I'll go back. Even then, they're gonna have to PROVE to me, that they are capable of handling my money correctly. Top notch customer service etc.......All of which I have not seen with any bank account I've had. But, that's MY opinion only.

Posted: Fri Jul 06, 2007 4:29 am Subject:

I use two small hometown banks for this very reason.The customer service is not as top notch as big banks,but the personal service and access to management is something I have not been able to match anywhere.

Posted: Fri Jul 06, 2007 7:50 am Subject:

Figure I'd better clear up a couple of things real quick!

1. The card I'm looking into is a Pre Paid Visa.
In this case, it's being offered through the local Wal Mart superstore. There's online information regarding said card.

2. Since I also work at Wal Mart, right now, when I get paid, I cash my check the night I get it and pay whatever needs to be paid at the time.

However, I can also set things up so I have my paycheck directly deposited into card account every payday. I think I can also direct deposit a percentage of each check. Gotta find info again and gather more info!

3. Since I'd be set up with Direct Deposit, I won't have late fees etc...to deal with. Unless I overspend myself. Would make certain purchases so much easier for me!

More info can be found at either Walmart . com or
through MSNBC . com.

Posted: Fri Jul 06, 2007 5:49 pm Subject:

I have read some very positive things about this latest move by Wal-Mart by financial experts. It carries an $8.95 fee and from what I have read, it is doing to financial services market what Wal-Mart has already done to the retail market - brings down prices of competitors, and puts many of the way overpriced ones out of business. They say that in some of the markets where Wal-Mart has been piloting this project, check cashing fees have been slashed by as much as 50% at local check cashing shops, banks and money transfer businesses (Moneygram, Western Union). If it brings some honesty and better prices into play for the working class people, I say go for it.

Posted: Sat Jul 07, 2007 11:57 am Subject:

Another thought, but you do have to have an account with a "brick & mortar" bank, is an ING checking or savings account. They both pay pretty high interest, around 4 1/2% or so, and you can direct deposit right into it, the checking has a debit card also, and if you have an overdraft (which of course none of us wants) they only charge an interest percentage on the actual amount until you pay it back (instead of a $29 fee on a $12 check, it would be 5% on it) I know you said you don't care for banks, but it was just another thought for you. They do have all the info online.

Posted: Sat Jul 07, 2007 11:59 am Subject: PS

I too also read an informative aricle on the Wal-MArt cars, as HeretoHelp said - saying that it is the wave of the future along with the online banks.

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