Why It’s Important to Compare Debit Cards
It’s an odd thing, but some people have a habit of describing all sorts of plastic cards as debit cards. In fact, that’s inaccurate and it may not help you to effectively compare cards and understand their various merits and uses.
What’s in a name?
Potentially, quite a lot!
Just as you wouldn’t call all road vehicles (including lorries, buses and motorbikes) cars, then referring to all plastic cards as debit cards may result in confusion.
This type of card is typically:
· directly linked to your bank account from where payments will be taken;
· may allow an overdraft facility (at cost to you).
By contrast, a credit card typically:
· offers a pre-set spending credit spending limit (i.e. virtually a loan);
· allows you to spend up to your credit limit;
· attracts interest and other charges if the balance is not paid off in full at the end of the month;
· requires a credit check as part of the issue process (people with credit history troubles may not qualify).
The prepaid card is a relative newcomer and offers:
· a fully functional card;
· the facility to load money onto the card;
· spending that cannot exceed the amount you have loaded onto it;
· typically no credit checks required as no credit is involved.
How can one compare debit cards?
The above outlines give some indication as to how different card types may meet your needs.
If you don’t want to run the risk of running-up credit card debt or have issues in your credit history, a conventional credit card typically may not be suitable or available.
A true bank debit card may be useful but only if you have a current bank account and your bank is willing to allocate one.
If you are looking to control your spending or simply wish to have the flexibility and security that plastic cards may bring, then perhaps a prepaid card may be suitable.
Applications
You can find specialist prepaid card providers on the internet. You can view the details of their prepaid cards. This will help you compare debit cards to decide which one is suitable for you.
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Gary Miller-Cheevers is the CEO of Speed-e-card.com, a UK based prepaid debit card provider. The Speed-e-card is like a normal credit or debit card, but with no late fee or interest charges. It is unique in that a speed-e-loans payday loan can be loaded onto the card, once it is activated. Customers also get a free e-bank account, so can use the card as they would a bank account, having their salary loaded on to it and managing bills online. So if you are looking for a prepaid debit card, please visit us. |
The Prepaid Credit Card – Are You Confused?
If you’ve heard the term prepaid credit card, you may have wondered just how this differs from other forms of cards.
In fact, you may even have wondered if this involves some form of different technology.
No, it doesn’t! The differences aren’t visible and the cards – which are more commonly known as prepaid cards – work identically to credit cards in terms of ATMs and other forms of technology.
This comes with what some people refer to as that great mixed blessing – the credit limit.
That’s an amount of money that is available to you to spend in the form of a loan. It is permanently there and you draw down on it every time you use your credit card.
If you don’t pay it off in full at the end of the month, you’ll typically incur interest and possibly other charges.
The role of the credit limit has been controversial and some people may argue that it encourages imprudent spending.
The conventional credit card may also discriminate against those that have issues in their credit history files – even if they arose due to sheer bad luck. To put it bluntly, you may have trouble getting a credit card unless you have a pretty good credit background.
These are fundamentally different and are a relatively recent arrival on the scene.
Functionally they are plastic cards like any credit card, but they have no credit limit.
Instead, you simply load money onto them at a PayPoint outlet and you can only use them to the maximum amount of the funds you have placed on them. Money can also typically be loaded on via a bank transfer.
As no loan or credit is involved, the issuers do not always require a credit check so typically you can obtain one even if you have a very poor credit history.
Why a prepaid card?
A prepaid card may present you with a number of opportunities:
· to control your spending when out and about as you can’t exceed what you’ve loaded onto your card;
· to do the same for children and other family members;
· to provide business people with a controlled facility for funding their business expenses;
· to reduce the risks that come with carrying large amounts of cash around.
You may even be able to use your prepaid card overseas in shops and other outlets and at ATMs etc.
The prepaid credit card is quite different to a credit card – and it may be worth looking into.
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Gary Miller-Cheevers is the CEO of Speed-e-card.com, a UK based prepaid debit card provider. The Speed-e-card is like a normal credit or debit card, but with no late fee or interest charges. It is unique in that a speed-e-loans payday loan can be loaded onto the card, once it is activated. Customers also get a free e-bank account, so can use the card as they would a bank account, having their salary loaded on to it and managing bills online. So if you are looking for a prepaid debit card, please visit us.
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Credit Cards and Air Miles
Filed under: Airline Miles Cards, Articles of Interest, Credit Card Tips
Air mile credit cards give you points or miles with every purchase you make, which you can redeem for traveling related expenses. In most cases, you can use your points or miles to get a free airline ticket to travel to a destination of your choice. Frequent flyers can use those very miles or points to redeem your reward faster.
There are a lot of companies out there that offer air mile cards. You can choose to get one online, through a bank, or even a credit card company. Each one is unique, and offers it’s own unique set of features. Before you select your card, you should always look at different companies and compare them as well. Normally, you will get a point or mile for every dollar you spend. You’ll also want to look at blackout dates as well, as many companies have decided to drop them and their expiration dates completely.
You will also want to find out what type of purchases you make with your card give you reward miles. Some purchases that you make may not be included in your reward incentives, which is why you’ll want to find out what purchases are and aren’t included. The bigger purchase items, such as televisions and furniture may have more miles included, which is why you’ll want to inquire.
Another area of importance is the interest rate. You should look deeper into the air mile credit card that you are interested in and find out how much the interest rates are and if there are any annual fees to using the card. Although your rewards may sound great, you don’t want to pay too much in fees or an annual rate just to reap the benefits.
Even though they have been around for many years, air mile credit cards are very popular for those like to travel. These cards can also help you with rental cars and hotel expenses as well, as long as you use the points you have accumulated by using your card. The get the most out of an air mile credit card, you should use your card on a frequent basis. You can really rack up the points if you purchase everything with your credit card – instead of using cash.
Air mile credit cards are great to have, as long as you don’t end up paying an arm and a leg in fees, and the annual rate isn’t that high. If you check into what each manufacturer offers, you can normally get a great deal. Also, make sure that find out what other rewards are included with the air mile credit card you get as well – as this can help you to make your decision when you finally decide to get the card.
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