I recently got a prepaid Visa card but I am not sure on the terms of service. According to what I've read, there is a monthly charge. Does this mean that I have to keep the credit card with enough balance to pay the $4.95 every month? I already have a balance of only 3.00 so if that is so I guess I'll have to refill it JUST to pay for the monthly charge. Will this affect my credit in any way if I don't pay? Thanks.
2007-03-01 12:42:42 · 5 answers · asked by Siervocal 1 in Business & Finance ➔ Credit
yeap! if you own a pair of scissors and know how to use them... cutting that card up in little pieces is my best advise
2007-03-01 13:01:43 · answer #1 · answered by madmilker 3 · 0⤊ 2⤋
A prepaid card has no connection to you in any way.
What happens is to keep the card from just sitting forever and not being used, they put in "service fees", of around like which you said.
Once the card is exhausted of funds, then you can trash it. The fee only makes the card waste it's funds faster. So if you keep the card, and that time rolls around, it'll just take the rest of your money out of the account and that's it.
You COULD refill it, but why? It'd be better to just use your own money and not have it stolen every month to keep a junk giftcard.
And like I said, it has no connection to you besides having your name on it. You can't really be tracked by it and it has zero bearing on your credit. Because... you don't owe anyone anything. That's money that's already been paid. So there's no debt.
2007-03-01 20:48:38 · answer #2 · answered by Anonymous · 0⤊ 1⤋
A Prepaid card is basically a card that has some $$ values in it. The value is dependent on how much you've put it. The card is as good as CASH. However, with the monthly charge, I don't see why you need a Prepaid card. Should the card be stolen the bearer is able to use it until all the monies are depleted. In my opinion, cash is always the better option!
2007-03-01 21:00:25 · answer #3 · answered by SGElite 7 · 0⤊ 1⤋
I have been using prepaid Visas since they invented them. You pay a fee <$5.00 to put value (up to $500) on it. You use it up then toss it. The ones I've used are NOT reloadable. You can "register" them & will have to to use them online, generally. They only charge fees if the card sits about unused for a certain length of time. It will not affect your credit in any way, shape or form. If there isn't enough money on it to cover the next fee, just use the $3.00 & toss the stupid thing. For that matter, I never even register mine unless I'm using them online. In that case, I register them under a made up name to my "junk mail" email address & an address where I receive deliveries (not where I live or work). This ensures that I do not get e- or snail junk mail from places I shop online. It also provides complete privacy. (Why in God's name does amazon think I need them to recommend products to me, anyway...the nosey bastards?!)
Anyway, I buy prepaid visas at Simon Malls, HEB stores or my bank. Been thinking about getting one from WalMart to try, but I just hate going into that place for anything, so I haven't yet. Btw, my Dad gave me some AmEx prepaids for Christmas. They worked pretty much the same, but I use them quickly, so I don't know about fees.
2007-03-01 21:15:17 · answer #4 · answered by Tom's Mom 4 · 0⤊ 1⤋
No. Since it is prepaid, they will not bill you if you do not carry a balance. If you do not use the card, they will deduct $4.95 each month until the card is used up.
2007-03-01 22:35:48 · answer #5 · answered by Mariposa 7 · 0⤊ 1⤋