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Seven Benefits You'll Receive With A Prepaid Green Dot Credit Card

By Steve A Jacobson on July 15, 2011

With interest rates and fees from credit card companies rising every day, many consumers are swearing off plastic for good. While avoiding credit cards is a great way to stay out of debt, doing so can be inconvenient and even impractical. Instead, consider choosing a prepaid credit card. By selecting a prepaid option like the Green Dot credit card, you can receive all the benefits of a normal credit card without the extra baggage. Check out these seven benefits offered by the Green Dot card.

1. Usable Anywhere that Mastercard and Visa are Accepted
Like many prepaid cards, the Green Dot credit card can be used at any retailer or business that accepts Visa or Mastercard credit and debit cards. This makes your shopping experiences much more convenient. You'll never have to ask merchants whether they accept checks again, nor will you have to worry about the safety of carrying around large amounts of cash. With a prepaid credit card readily available in your wallet, you only have to swipe and sign.

2. No Interest Charges
While major credit cards often carry hefty annual interest rates ranging anywhere from 5-30%, prepaid cards have no interest fees. Because you load the money onto your card ahead of time, you'll always have enough to pay for your purchases. Though many people fall into the trap of spending money they don't have, prepaid credit cards can help keep you on your budget. The amount you'll save by avoiding interest fees simply becomes extra money in your pocket.

3. No Overdraft Fees, Penalties or Required Minimum Balance
Another great benefit of prepaid credit cards is that you'll avoid the strict rules and excessive fees that you can incur with other credit cards. With a Green Dot credit card, you'll never have an overdraft fee or penalty charge because the money is added to the card in advance. There's also no required minimum balance, so you can use your card at any time and for any amount.

4. Works Like a Checking Account
In many ways, the Green Dot credit card works just like a checking account. You can easily deposit money onto your card and have it available for use without receiving any fees or deductions. Direct Deposit is free and easy to set up. You can also use the free Online Bill Pay system to keep track of your finances. Using Online Bill Pay with your prepaid credit card helps you to avoid late fees from the companies you're paying. Instead of worrying about mailing in a check before the due date, you can simply log on and use your prepaid card to complete the transaction conveniently.

5. Avoid Overspending
Prepaid credit cards also help you to avoid overspending. When you spend money with credit cards, it's easy to lose track of the amounts you're actually charging. It's only when the bill arrives that you realize exactly how much debt you've gotten yourself into. With a prepaid card, you'll never have to worry about this dangerous phenomenon. Money is already available on your card before you go shopping, so it's just like using cash or a checking account. You can only spend what you have.

6. Free ATM Transactions
To help you save even more, Green Dot also offers free ATM transactions. With their prepaid credit card, you can make cash withdrawals for free from thousands of ATMs across the country. If you've ever needed cash on the spot and found yourself nowhere near a network ATM, you understand how frustrating it can be to have to spend money just to access your own funds. With free ATM withdrawals, it's simple and affordable to get cash whenever you need it.

7. Easy to Get without a Credit Check Though many credit cards require extensive credit checks before approval, the Green Dot credit cards renders this process unnecessary. When you apply for most credit cards, the company requests a report of your credit history.

This inquiry can actually adversely affect your credit score, particularly if the application ends up being denied. By choosing a prepaid card, you avoid the negative mark on your credit history. You also won't have to wait through lengthy approval processes, which can sometimes take several weeks. Instead, you can get a prepaid credit card in just a few minutes by picking one up from a local retailer or from an online store. Prepaid credit cards are a smart option for anyone looking to improve his or her credit score.

Steve Jacobson writes about many different financial topics including, debt, investment, credit cards, Green Dot credit cards and more. Always looking for the best prepaid credit cards and rates, Steve usually uses http://topprepaidvisa.com/green-dot-prepaid-visa-credit-card as a recommendation for those looking for a great alternative to credit cards.

Original article published on SooperArticles.com

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