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Are prepaid credit cards best for people with bad credit?

Asked by yadav over 2 years ago, 2 answers.

hi, my friend has no credit and want to apply for credit card. Some body suggest him to apply for prepaid credit card. Is it possible to he will get approved for prepaid credit card and is it beneficial for him?

Answered by freud99 on Aug 17, 2007, 01:56AM
142 answers

If you have no credit or poor credit using a prepaid card is your best shot at a Visa or MasterCard. Green Dot (http://www.getmygreen.com) is a pretty unique service I've seen around where you can get a prepaid MasterCard or Visa card. You can get them anywhere from Radio Shack to Walgreens and there's a flat fee I believe of just under $5 to load the card with money. I have a BOA Visa card and a bank/debit MasterCard so I'm sure Green Dot works something like a debit card--you can't go over a limit, worry about overdraft fees (oddly enough a Green Dot commercial just came on TV, LOL!) you load the card with however much money you want and spend. I've never used Green Dot, hopefully some folks around here can offer some more advice on it that may have one or used it before. Take care. :-) -S

Answered by seanyboy on Aug 18, 2007, 11:24PM

I'd agree that a prepaid card may be a good alternative. I'd be careful and look closely at the fees the card charge, some will charge a fee every time you the card. One that a friend of mine has that seems pretty good and inexpensive (no transaction fees) is a Visa prepaid card called Readydebit. Their website is http://www.readydebit.com, you can sign up for the card on the website. Oh, you can also use the Green Dot network to load money in addition to other ways like direct deposit and PayPal. Hope this helps. WS

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