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Prepaid Reloadable Credit Cards What Are They

By Jacobey Larstons on December 12, 2011

There is a new type of credit card for bad credit that has emerged onto the market and is increasingly gaining popularity. These cards are known as reloadable, prepaid, debit, bank, money, and cash cards.

They are issued as a Visa or MasterCard and can be used all over the world, including online and even over the phone. It will be accepted everywhere you see the Visa or MasterCard logo displayed. There is no credit check or check systems check and your guaranteed approval.

Using this card you'll never run the risk of going into debt, as you can only spend the money that you have already deposited onto your account. Many consumers have found this to be very helpful as they are not wasting their money on high interest fees, overdraft fees, bounced check fees, or late fees.

These offers are created for those with a less than perfect credit history or individuals without access to a checking account. This is because often you will be give free direct deposit and an online bill pay feature that will allow you to send payments to pay your bills without a charge. Online bill pay and direct deposit can save you a tremendous amount of money if you are paying for check cashing fees or purchasing money orders. Further it will be much more convenient to not have to go wait in line and pay check-cashing fee.

The same is true with online bill pay you can do this from the comfort of your home and without even having to pay for postage. These cards are FDIC insured and are also covered under a zero liability policy, this will ensure that if your card is ever lost or stolen your money is still protected. Your card will be accepted online and over the phone. You can also use it to rent a car, reserve a hotel room, and purchase airfare...

These cards are increasing with popularity as a result of two factors. The first being government legislation a crackdown on what bad credit cards could charge their customers. The second reason being that we have seen many banks merge and there is now much less available credit than when the beginning of the credit crisis or mortgage collapse began. In other words due to our economy and new government regulation the bad credit lending industry has been changed dramatically.

While these cards will provide you with the purchasing power of a major Visa or MasterCard, they will still carry some fees. Many will charge an activation fee, a monthly maintenance fee, and other minor fees. However some of the best cards will give you free activation, free online bill payment, and some will even provide you no monthly fees, and free direct deposit. This typically will require you to deposit about $500 a month into your account. If you are living with the expense of buying money orders and paying check cashing fees these cards are great alternatives and worthy of some further investigation.

For more about pre-paid reloadable credit cards visit us or for a review of the popular prepaid Bank Freedom Card visit us

Original article published on SooperArticles.com

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