Reloadable Christian Debit Card
A Christian reloadable debit card can be used like a credit card but the limit a user can spend is based upon his or her own deposits into the account. Lenders that offer prepaid accounts usually wave fees if the user's check is directly deposited into the account and the total amount per month that is deposited totals a minimum amount set by the terms of the agreement. Not having direct deposit will mean paying a monthly service fee. The monthly service fees are normally lower than fees imposed by banks for checking or savings accounts. A user never has to worry about NSF fees, late fees, annual fees, or overdraft fees with a reloadable debit card. Some of the features include easy bill pay, free account alerts by email or text message, and being able to access cash from any ATM machine. Banks normally guarantee approval if the applicant can provide sufficient identification information. This can usually be accomplished with a driver's license number, social security number, or a birth certificate. Most companies will want at least two forms of identification and may ask that the applicant fax documentation for proof.
Users can load cash at a retail location onto a reloadable debit card or they can have their employer directly deposit their paycheck into the account. Sites online have a direct deposit form that can be given to the user's payroll department. The information needed is similar to a regular checking account that uses a routing number for direct deposit. Many retailers allow a person to cash his or her paycheck at the register and at that time can load part or all of the funds onto a prepaid card. In addition, there are some stores that offer a prepaid card to anyone who can supply the necessary identification. "So teach us to number our days, that we may apply our hearts unto wisdom" (Psalm 90:12).
Many people today find using a card instead of carrying cash easier. Cash is a little harder to keep up. The change can be very bulky and can weigh down a pocket or a handbag. In addition, it makes it easier to shop online because most online retailers take credit cards. A reloadable debit card can be used as a credit card. Using the account as a debit is possible as well but the user will have to enter a pin number at the time of checkout. This type of account is very attractive to people who do not have a checking account. Those that have a checking account but do not have direct deposit may want to consider a prepaid account for times when they may be out of town and need to cash a payroll check.
Prepaid accounts can usually be accessed by the issuer online so that the account holder can view an online statement showing all of the transactions made to the reloadable debit card. Some issuers allow online electronic bill pay. One monthly fee is usually due for a specific amount of payments made. Those who would prefer having a paper check mailed to creditors can opt for this service but will normally have to pay a fee that is charged per check issued. An online statement will show all types of transactions made on the account and the statement can be printed out. In addition, a user can find out the balance left on his or her card by accessing the account online.
Using the account as a debit instead of a credit may cost a small fee for each time a pin number is needed. A debit transaction allows a user to get cash back when making a purchase. This fee is usually smaller than an ATM fee would be. Accessing cash on a reloadable debit card can only be done by either going to an ATM or using it as a debit at the grocery store. ATM withdrawals have a daily limit associated with them. Using the card as a credit at any retailer is free including online purchases. Some lenders offer money sharing between members who have accounts with the issuer. This can be done by following instructions that are located on the issuer's site online.
When making gasoline purchases more than the amount purchased may be held by the gasoline merchant. This just means that there needs to be extra funds in the account in case the merchant automatically holds a higher amount until the transaction is completed. Once the transaction is completed the extra funds held will be available in the reloadable debit card account. The prepaid account can also be used to make reservations for hotels and rental cars but again the merchant may place more funds on hold than the actual charge will end up being so there should be extra funds available to cover this extra amount.
After making a contribution to a reloadable debit card the funds are normally available within 30 minutes after the amount is loaded. Other features include no credit check needed for approval, guaranteed approval, and free unlimited purchase transactions. Thousands of retailers participate in the program making it easy for a user to find a place to reload funds. Issuers provide customer service via online or by containing a representative through a toll free number. Prepaid cards can be used at any place that takes debit and credit cards which includes millions of locations including catalog purchases.
Pre Approved Christian Credit CardsPre approved credit cards come in the mail like rain from a monsoon and if a person does not act to stop them, the offers will keep arriving through the mail almost daily. No one should feel flattered that so many offers for pre approved credit cards come through the mail; after all, even those with recent bankruptcies can get a few offers for very high interest cards. The "pre approved" name implies that if a person says yes, he is assured that the card will be in the mail within a few days. In actuality, the pre approval means that you might be approved if the information the plastic card loan company has is up to date. Because borrowed money is so easy to get, a borrower's debt could rise dramatically almost overnight so in most cases, pre approval really means "we're dangling this card in front of you and if you pass our test you can have one and by the way, what color would you like?"
Pre approved credit cards and their distribution is based on a person's credit score and debt to income ratio. However, unlike many lending agreement types, pre approved credit cards can often go to those who have quite low credit scores. The catch is that the cards will have very high interest rates. The reason for receiving so many offers in the mail is that banks are constantly looking for new card holders to replace the ones they have lost through attrition or moving on to other companies with better offers. Often a person with a good history of paying on time can move balances around to new cards with very low introductory offers, thus being able to pay the balance down without having to pay very much interest. Banks often flood the mail with offers for new cards because the response rate to the offers is very low. Thus it becomes a numbers game for the banks, who know that less than three percent of all those on a mailing list respond so the mailings must be monsoon-like in numbers.
Since these offers can often clog a mailbox, they can become quite a nuisance. A person can call 1-888-567-8688 to have their name taken off the banks sweeps that often take place. These sweeps are used by banks to identify those with fair credit scores who might be willing to pay higher interest rates to have pre approved credit cards in hand or better yet, in wallet. In many cases, the pre approval tag simply means that the interest rate that is offered in the mailing will not be the rate that is finally offered. Many experts actually suggest that a customer who really needs a credit card and receives a preapproval invitation cut the mailing up and send it back to the bank asking for an even lower rate. Often times a bank will respond accordingly and approve a lower rate.
Most Americans are living pay check to paycheck because of high credit debt. In fact, seventy percent of Americans are doing so and much of this debt is through unsecured high interest pre approved credit cards. As a result, when an emergency arises and there is no discretionary income and no savings, financial disaster can quickly swallow the most strident of bill payers. The problem has been the greed of Americans to live above their income by means of easy credit with high interest rates. And the tidal wave of pre approved credit cards that swamp the mailbox almost daily are one of the reasons why the national debt is so high. Perhaps more people would be less inclined to be so far in debt for things that will one day decay and rot away if they took the advice of the apostle Paul. "Set your affection on things above, not on things on the earth." (Colossians 3:2)
The pre approved plastic card offers that most people receive are invitations to high interest borrowed money. It is a fairly well known fact that a plastic card balance is structured in such a way that when only the minimum amount is paid each month, pay off of the loan can be as long as thirty years. There cannot be a good way to handle any plastic card accounts except to pay them off each month after using them. In that manner, the user can remain out of the stinging pain of seeing balances continue to rise each month, sometime meteorically.
Any plastic borrowing card, whether they are pre approved credit cards or ones that a Christian person applies for, are extremely tempting to use because there is so much to buy! Many people use these wallet windows to the world for items that would be out of reach otherwise. Instead of doing the wise thing and saying no until the cash is available for the purchase, the unwise person uses the plastic to reward their desire for the immediate, but in so many cases, three months after the purchase is made the question arises, "Why did I do that?" Opening up a number of department store revolving loan accounts to get that extra ten percent or so off an item and never using them can also be a very credit damaging habit in which to get entangled. FICO scores or borrowing ratings can take a tumble when this sort of random open account activity is pursued.