What You Need To Know About Prepaid Debit Cards
You may have heard of it but don’t know exactly what it is. Prepaid debit cards are like traditional credit cards or debit cards but are not linked to any bank account. They are the best options to people who travel and want to prevent losing cold cash while travelling. They are best for short term finances and not to be considered as a permanent alternative to cash. They can be availed of by people who suffer from bad credit scores.
Before getting a prepaid debit card be sure to first learn more about it below as they have been too positively advertised that they turn out too good to be true.
Pay The Price For Convenience
People are made to believe that prepaid debit cards don’t have hidden fees or charges making them practical alternatives to credit cards and savings account. But the truth of the matter is prepaid credit cards get charged for every transaction. While the fees might not seem much, if you will add them all up you will realize how much money you are wasting.
Not All Prepaid Debit Cards Are Safe
Unlike cards which are backed up by banks or credit unions, some prepaid debit cards don’t provide protection to customers who are victims of theft. So in case you will lose your card, you will less likely have the opportunity to get your money back.
It Does Not Improve Your Credit Score
Unlike credit cards which are linked to credit bureaus, prepaid debit cards are not. So no matter how many times to use it to show your financial capacity improvement, it won’t do any change to your credit score.
In case you are not amenable to the above-mentioned facts on prepaid debit cards, might as well turn to some of the best Bradford West Gwillimbury bad credit personal loans.
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