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What is a prepaid card? It is same as a secured credit card?




A prepaid card is not tied to your bank account. It's preloaded. You're only spending what is loaded in the card. The best part of this prepaid credit card is that you can't overspend even if you want to. You can't fall into debt.

The biggest difference between a prepaid credit card and secured credit card is that a secured card can help you build credit but a prepaid won't help you to do that.

Sub: #1 posted on Thu, 12/20/2018 - 23:35

Nick Jonas Nick Jonas

(Posts: 240 | Credits: )

I agree with Nick Jonas that a prepaid or secured credit card helps you to stay within your means. But as per I know a secured or prepaid card also helps the consumer to build a credit history. If the person manages the secured credit card responsibly, then he/she can also be able to improve the credit health. This type of credit card is good for people who want to build or rebuild the credit. This card is also advisable for a person who has no credit history at all.

However, to get a secured credit card, the person should have a bank account. The person needs to meet some other criteria based on the bank from where he is trying to get the card.

Sub: #2 posted on Fri, 12/21/2018 - 23:59

sanderspatricia29 sanderspatricia29

(Posts: 981 | Credits: )

Prepaid debit cards do have some advantages over the traditional credit and debit cards. If the card gets lost, your total amount of loss will be limited. It is because the amount on the card is limited. Apart from that, prepaid cards can be used as a tool to teach your kids how to budget their money.

Sub: #3 posted on Sat, 12/22/2018 - 02:30

tiarajoseph11 tiarajoseph11

(Posts: 418 | Credits: )

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