DO YOU HAVE TO PAY ANYTHING UP FRONT?
IS THERE A MINIMUM TOP UP PER MONTH?
IS IT ANY GOOD?
2007-10-25 08:53:06 · 3 answers · asked by Maz 1 in Business & Finance ➔ Credit
It's like a debit card and good for only the amount you put in. They do charge fees (check them out first) which means that for every $1.00 you put in you can only spend about 92cents of it (give or take depending upon the fees)
Also these pre-paid credit cards do not appear on your credit report, so they are no good for establishing credit history.
2007-10-25 10:51:59 · answer #1 · answered by Sgt Big Red 7 · 0⤊ 0⤋
The catch is they are usually very expensive credit in terms of fees and interest charged. The credit limit is also very low to almost unusable. Also its a secured loan you have to give them some money just for the privilege of borrowing money from them. Also "Gold Card" doesn't mean anything anymore.
2007-10-25 20:11:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As with all pre-paid card, you have to put money on the card, like a gift card. There are probably initial fees, fees to add money to the card, and monthly fees. You should read all the fine print associated with the offer.
When you use the card, the charge is deducted from the card balance.
2007-10-25 16:49:07 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋