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Prepaid Credit Cards |
Prepaid credit cards are designed for individuals who might have difficulty getting approved for an unsecured line of credit but would still like all the functionality and convenience of a regular charge card. While specific features will vary from program to program, a prepaid card generally requires the user to deposit cash or a paycheck (also known as “loading” the card) which will then be used as a secured source of funds for the owner to drawn against for as long as a positive balance is maintained. Prepaid credit cards work just like regular debit or charge cards; you can use them at any location that accepts Visa or MasterCard and some will even issue you a PIN number to use to withdraw cash at any ATM, anytime, anywhere.
People looking to apply for a prepaid credit card are usually concerned about three major determining factors: the annual fee, the application fee, and the participation fee. Annual fees are charges to use the prepaid service on a per-year basis, whereas participation fees are a charge to use the service on a per-month basis. You will rarely see a prepaid card that charges both an annual fee and a participation fee, so choosing between one or the other is simply a matter of deciding where you want your fees paid for in one lump sum (annually) or on more of a pay-as-you-go system.
Please see our library of recommended reading materials on the right for more information & additional assistance with prepaid credit card terminology and selection.
| Wired Plastic® Prepaid Visa® Card |
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The Wired Plastic® Prepaid Visa® Card, issued by The Bancorp Bank, is a stored value card designed for those who may have difficulty in obtaining an unsecured credit card.
Although the card does not require a security deposit, it does require payments in advance, which are then used to offset future purchases made with the card.
There is no interest applied on the account, no annual fee, and none of the other charges similarly found with most unsecured credit cards. There are also fewer credentials required in comparison to common unsecured credit cards, such as a no credit check policy, no employment verification, and so forth.
Nevertheless, it is important to note that there are some fees associated with this card, such as a one-time application fee of $9.95, a monthly maintenance fee of $5.95, and a minimum initial load amount of $10. So in the first year alone, a cardholder can expect to pay a total of $57.35 in fees. This is very reasonable for this type of card.
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Annual Fee: $0
Application Fee: $9.95
Participation Fee: $71.40 ($5.95 monthly)
Features: Various Internet account related services.
Automatic bill payment.
Free direct deposit load option.
Access to the Wired Points Rewards program.
See website for additional benefits.
[Click Here for a Full Review] |
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| Vision Premier® Prepaid Visa® Card |
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The Vision Premier® Prepaid Visa® Card is a prepaid Visa debit card issued by the Bancorp Bank. It's not a bank account, or a credit card it is however, a way to set yourself free from costly interest charges and overdraft fees.
To start with, there is no embarrassing credit check required to obtain a Vision Premier® Prepaid Visa® Card. All you have to do is fill out the easy online form after a simple verification of your identity (required by law) you will be mailed you very own Visa prepaid debit card.
The Vision Premier® Prepaid Visa® Card gives you perks, privileges and rewards that are virtually never found on prepaid debit cards: you'll earn 1% cash back on gasoline purchases a rebate which is added directly onto your Vision Premier® Prepaid Visa® Card balance. Plus, you'll receive FREE roadside assistance as long as your card remains active each month.
Some prepaid debit cards charge a fee when you use them to make purchases. With
Annual Fee: $0
Application Fee: $9.95
Participation Fee: $7.95 - $9.95 monthly
Features: Free Savings Account at 5.65% APY
Free Direct Deposit
Visa® Zero Liability policy
Free roadside assistance
See website for additional benefits.
[Click Here for a Full Review] |
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