PROS and CONS of Prepaid Credit Cards
It can be quite inconvenient and frustrating if you don’t have a credit card.
If you’re going on a trip, you should make most of the bookings
● from hotels, ● airlines ● or car rental firms right from the web.
So what can you do if you don’t have a credit card?
Many people prefer not to get a credit card UNTIL they've established an excellent credit rating.
If you at present have no credit
or poor credit history
you might consider getting a PREPAID CREDIT CARD instead.
PROS OF PREPAID CREDIT CARD ● Prepaid credit cards simply charge per trade so there’s no need to pay for interest rates or late fee fees. ● You can use a prepaid credit card to create a credit history or reconstruct poor credit. ● Since a prepaid cardholder isn't borrowing against a credit line, the danger of overspending can be prevented.
CONS OF PREPAID CREDIT CARDS ● Prepaid credit cards charge a fee for each trade you make. ● To spend less, you should plan your purchases beforehand to prevent unnecessary trade costs. ● Many prepaid cards do report payments to the major credit bureaus. ● If you need to get a prepaid credit card to construct or rebuild credit history, you should make sure credit reporting is supplied by the prepaid card issuer.
FOR MORE INFORMATION READ http://www.newhorizon.org/credit-info/advantages-and-disadvantages-of-prepaid-credit-cards/
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