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The benefits from owning and using credit cards are obvious. The shopping experience is enhanced as cash is no longer required to pay for our purchases. Internet shopping is an ease as we shop at home, just with our credit cards by our side. However, the challenge is when you don't have a credit record, or if your credit report looks bad. Credit card companies are sticky when it comes to evaluating an individual's credit risk to them. In this sense, getting a prepaid credit card would be a better option for you to enjoy the convenience of credit cards regardless of your credit status. Nevertheless, before you submit your credit card application, there are a few aspects of prepaid credit cards that you should learn about.

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Prepaid cards are electronic cards which allow card holders to access funds deposited to an account. A prepaid card can be used to withdraw money or pay for goods and services. Unlike a credit card, which extends a line of credit, prepaid cards are more similar to debit cards. Prepaid card holders can only spend the money they load on the card. Since no credit is extended to prepaid card holders, interest and overdraft fees are avoided.

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Although labeled as a credit card, prepaid credit cards function more like debit cards. You will need to place a deposit into your credit card account before you can start charging your expenses to it. In this sense, your deposit amount is also your credit, so it is unlikely that you will spend more than what you can afford. The fact that they are backed by major credit card names such as MasterCard and Visa provides them with the security and benefits of any standard credit card.

So as a student, how would a prepaid credit card work for you A prepaid credit card works like a prepay mobile phone. You pay credit in advance of using it. Ita s a great way get the benefits of a credit card, without running up a debt. However, the fees can be expensive, so think carefully about whether ita s worth it. It can be used at shops and online, like a normal credit card.

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Money can be loaded on to your prepaid card by cash, bank transfer or even another credit card, and because it is a Visa or MasterCard you can use it anywhere in the world. Prepaid cards generally have the same uses as a credit card, so much so that they are commonly referred to as ‘prepaid credit cards’. However, there is a difference. A prepaid card is completely powered by your cash and therefore the money you have in your prepaid account is the money you have to spend. This means there is no risk of running into debt. There are no credit checks and no interest to pay. Consequently, rather than referring to it as a prepaid credit card, a better description would be a prepaid debit card, a prepaid Visa card or a prepaid MasterCard.

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One of the disadvantages of prepaid credit cards is that limitations may be imposed by the credit card companies on the maximum amount of deposits that can be loaded into your credit card account. Thus, this becomes a limitation on the amount that you can actually charge to your card, even though you can truly afford it.

For some, prepaid cards can be used as a way to discipline spending habits. Since prepaid cards only use deposited funds, excessive shoppers may see them as a healthier alternative to credit cards. By using a prepaid card instead of a credit card, items are not bought on credit, eliminating the headaches of high interest rates.

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Interest charges are not applicable for prepaid credit card due to the simple fact that you don't actually owe the credit card company anything. All charges to your card are money that you already have, as the credit card company is not extending a credit line to you. Therefore, you won't be charged interests on your purchases and also will not be caught in a web of escalating debt.

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With no interests chargeable to you, credit card companies compromise by imposing other types of charges which are not applicable for standard credit cards. These would include charges for loading your card, monthly membership fees, set up fees or even purchase fees. All of these charges may become quite substantial which increases your cost of using prepaid credit cards.

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As certain credit card companies report your usage and payment history to the credit bureau, having a prepaid credit card can actually help you rebuild a good credit record. With this, you can then revert to a standard credit card after a period of good standing.

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