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In essence, a prepaid credit card is a debit card. The cardholder funds the card in advance of a purchase by adding money to the account from which the pre paid card draws money. There are advantages and disadvantages to using a prepaid credit card.

Advantages of Using Prepaid Credit Cards

The number one advantage to prepaid credit cards is that the applicant does not have to undergo a credit check. Just about anyone can open an account to enjoy the benefits of a prepaid credit card. There is no annual fee, zero percent interest and no monthly credit card bills to look forward to.

Prepaid credit cards come in handy when purchasing items online and in person at retail stores. While the prepaid credit card looks and behaves just like a standard credit card in most cases, one big difference is that the cardholder cannot overspend. In other words, the credit limit is bound by the amount of money in the bank account. It’s a nice way to learn to live within one’s means.

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