Universal Christian Prepaid Debit Cards
Universal Christian prepaid debit cards are a very attractive alternative for people with few other credit options. These accounts allow individuals to deposit an amount of money, usually through check or payroll deposit, and spend the money electronically through a debit card. Consumers can also attach a card to an existing savings account and make withdrawals without having to set up separate accounts. With the electronic nature of our society, people with poor credit who are unable to qualify for other sources of credit feel very limited. Universal prepaid debit cards give them the freedom to make purchases anywhere at any time without carrying around too much cash.
Since universal prepaid debit cards carry a Visa insignia on them, people can use them any place that accepts Visa or MasterCard credit cards. Cash can with be withdrawn any time through ATMs. Consumers can purchase gas, clothing, groceries, or any other product or service in stores all over the world and even online. As long as money is still in the account, it can be used for any purpose 24 hours a day, 7 days a week. Many people prefer to give them as gifts over gift certificates, which are often linked to a specific provider. Businesses who haven't established credit yet, can use them as an effective way to pay vendors or employees. Parents also prefer the prepaid option for teenage children or college student over providing a credit card that could easily get out of hand. . By using universal prepaid debit cards, they can deposit only what they want the student to use and therefore monitor spending habits. The Bible tells us to teach our children healthy habits. "Train up a child in the way he should go: and when he is old, he will not depart from it." (Proverbs 22:6) This is includes how manage money effectively.
For many adult consumers who have been plagued with bad credit, overwhelming debt or bankruptcy, pre-paid credit can actual help them manage their own finances and budget more effectively. Millions of people in the United States don't keep bank accounts or don't have the credit history to be approved for standard credit cards. Carrying large amounts of money is dangerous. Electronic cards are a much safer alternative. Universal prepaid debit cards are a convenient and easy way for these individuals to transfer funds for products or services. Card providers don't usually check financial history or employment, so opening an account is easy for individuals no matter what their credit score. Plus, those with bad credit can request prepaid debit companies to report spending habits to the three major credit bureaus, and therefore increase financial credit scores. This practice enables these individuals to built credit worthiness and eligibility for other credit options in the future.
This unique financial option can also be very affordable. Providers of universal prepaid debit cards generally don't charge interest. They simply take money and give it back to the consumer in a form he or she can readily use. There is virtually no risk involved. Since consumers can only spend what they have in the account, there is no risk of overspending and incurring costly overdrafts fees. However, providers do charge fees for various services. These fees are billed through the consumer's prepaid card and can be costly. It is important to shop around and compare what fees different providers charge. Some charge a simple monthly service fee while others charge for each debit or deposit transaction. Other charges can include an activation fee or a replacement fee if the card is lost. Some allow consumers to reload the card once the funds have been completed while others require individuals to reapply. Most universal prepaid debit card providers do not report transactions to credit bureaus unless requested and, of course, another monthly fee is paid. But they do offer anonymity and convenience for those who need it and an account to schedule a direct deposit from an employer.
Critics argue that universal prepaid debit cards are too easy to get. Careless providers who didn't check proper individual identification have approved illegal immigrants, who use prepaid cards as a form of legal I.D. This option is very appealing to immigrants after being at the mercy of once popular check cashing companies that are very pricy and inconvenient. Financial advisors also warn consumers not to be sucked in by radio or television advertisements that offer flashy attractive cards carrying higher fees. Sometimes, smaller banks and providers who are trying to build up their deposit assets will offer the best deals on prepaid debit cards. Searching the Internet is a great place for consumers to start comparing fees and plans.
Universal prepaid debit cards can offer consumers greater freedom than other credit options at a much lower rate. By providing the funds up front, individuals can better manage their finances and build a more appealing credit file that will be beneficial in the future. It can also provide a vehicle to purchase items otherwise unavailable to those who are unable to qualify for credit lines or cards through a traditional bank or financial institution. As in any form of financial management, consumers must use wisdom in finding the best provider to partner with. Some will prey on individuals desperate for financial alternatives, charging outrageous fees for convenience and simplicity. But consumers who find a legitimate prepaid provider with manageable fees, have much great flexibility with their finances.
Guaranteed Christian Credit Card ApprovalA guaranteed credit card approval is possible when applying online as banks advertise to businesses, students, and even for people with bad credit. Terms and interest rates vary by lender and are usually dependent upon financial history. Someone with good to excellent credit will probably not have any difficulty obtaining competitive rates and no annual fees. Some of the current advertised interest rates online start at around 8.99% and go up from there. Some lenders offer cash back on purchases, zero interest for the first year, and low interest on transferred balances from other revolving accounts. A guaranteed credit card approval for people with bad financial history usually means paying a higher interest rate and annual fees. In addition, some of these have other fees associated with them.
Reestablishing credit is a good reason for a person to consider applying for a revolving account. Some consumers have gone through bankruptcy and may be trying to reestablish their financial history. Offers for a guaranteed credit card approval online may be a way to do this. Lenders offer both secured and unsecured accounts. Secured accounts require that the consumer open an account by depositing money into a secured checking account. The balance in the account is the balance on the card. The good thing about this type of account is that the consumer is less likely to charge more than he or she can afford. Lenders that offer secured and unsecured cards will guarantee reporting monthly to the major credit bureaus. An unsecured card is not linked to a checking account but does usually start out with low limits.
People with good to excellent financial history usually have scores from 650 to 800. A guaranteed credit card approval usually starts out with zero interest for at least six months although some offers include zero interest for the first year. Some of the perk offers include zero interest on balance transfers, a percentage of cash back on retail purchases, frequent flyer miles, and free online account management. Most revolving accounts do penalize customers if they are even one day late on payments by raising interest rates and charging late fees. Some lenders will lower the interest rates back down after the customer has made several succeeding payments on time. Lenders have other perks for specific types of accounts. These often offer cash back on gasoline purchases and double rewards for purchasing gift cards.
Accounts that are offered online for small businesses are usually based upon the individual financial history of the owner of the business. Most of these types of offers for guaranteed credit card approval are based upon the applicant having good to excellent financial history. The perks for these types of accounts are often based upon specific retail establishments. Many of the retail establishments are common ones that are used by businesses for rental cars, travel, entertainment, office supplies, and so on. Annual fees may not be applicable but that largely depends upon the bank offering the revolving account. Some wave the annual fee for the first year only. The limits for spending are usually higher on business accounts compared to consumer accounts.
Students can easily find offers online for revolving accounts tailored to their needs. A guaranteed credit card approval offers perks that appeal to college students. Cash back or reward points for purchases on video rentals, record and book stores, restaurants, travel, movie theaters and cash back to shop online. Most lenders that offer student revolving accounts have lower spending limits and higher interest. This is because most students have not been able to establish financial history. Getting one of these cards is a good way to do that. Students need to remember that it is easy to acquire too many accounts and eventually ending up in debt. The best thing to do is to get just one, keep the limit low, be sure to make the payments on time every month, and get one that reports monthly to the major bureaus. "Happy is the man that finds wisdom, and the man that gets understanding" (Proverbs 3:13).
Another type of revolving account that offers a guaranteed credit card approval online is prepaid debit cards that can be used like credit cards. The spending limit is based upon how much cash a user puts on the account. This type of revolving account can be loaded with cash at many retail establishments or by direct deposit through an employer. These are considered an alternative to having a bank account. A user can enroll in a program to help build financial history or repair financial history through some online lenders. If a user opts to pay his or her bills through the prepaid account then the lender will report the payment history to a national credit reporting agency. Setting up direct deposit to the card usually means paying no fees. Not setting up direct deposit will mean paying a small amount each month that is dependent upon which type of account is chosen.
Offers online can be very tempting because of the guarantees that are included. A Christian consumer looking for a revolving account should use caution when choosing the right one. There are some that advertise a guaranteed credit card approval that are loaded with all different types of fees including extremely high late fees, over account line fees, and high interest charges. Those that have annual fees usually charge them immediately to the account. Some have activation fees and monthly maintenance fees. The spending limit may be based upon the current balance owed which means that if an account only has a $200 spending limit and the annual fee is $150 that charging more than $50 could cause a person to end up with over the credit line fees. When shopping for a charge card do some research and remember to read the fine print.