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Do Prepaid Credit Cards Help
to Build or Rebuild Credit?


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In this episode of Money Creation Explained we are going to cover Do Prepaid Credit Cards Help to Build or Rebuild Credit?

Prepaid credit cards work a lot like a gift card and acts as a cash substitute. The user determines the amount of funds that they want, and buys the prepaid credit card with that amount stored (For example $50, or $100). The user can also buy a reloadable prepaid card where they can add more funds to it as needed. Users cannot fall into debt or an overdraft like they can with credit or debit cards, because only funds stored on it can be used. Benefits of Prepaid cards include the utility of credit and debit cards without setting up an account with a bank or financial institution. Also, users cannot spend more then what is on the card so it helps those worried about over spending.

Prepaid credit cards do have expensive fees to use them such as a monthly fee even if you do not use the card, transaction fees every time you use the card, in-network and out-of-network atm withdrawal fee, cash reload fee, inactivity fee, and other fees. Some of these fees are waived if certain conditions are met. In addition, Prepaid credit card transaction activities do not get reported to the credit bureaus, so they offer no help in building or rebuilding the individualís credit score.

An alternative solution would be Secure Loans which is a service offered by IOU Notes. It allows users to leverage their own funds to obtain small loans for personal and business use as needed and never pay more than 5% interest per year on those funds. Using our service a user can have a dependable emergency loan option, help build or rebuild their credit, budget their money better, and stop paying high interest fees from other loans. This service was created because of the need for affordable small loans.

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