Posts Tagged ‘Mastercard’

Credit Card: How to handle them properly

Well, I am not born EXPERT in this field of credit cards but all I can say it didnt take me long to become one after the effects of it(only if you dont use it properly). When I was in US it took me a while to get a credit card because I had none to show for my credit rating score. So after only I got some bills on my name and paid it off on time, I got an offer for credit card from my Bank only. Slowly slowly I started to use it and use it and use it, only to know at the end of the month the minimum I owe to the bank. For most of us its like a prepaid cash gift card. I thought of it as the same.When using a credit card make sure you use it only for the exclusive things and where you don’t have any options. For e.g. paying for daily meal is a strict no no!!! But buying from walmart in bulk, paying bills online or shopping is ok. Credit Card is to make your life comfortable. Do not think of it as a life line to hang on to.It takes one delayed payment to ruin your credit rating and several on time payment to make it better.If you have a bad credit rating then you need to

You can apply for some of the cards which are not from major companies but will help you improve your credit ratings.Don’t just go ahead and apply for all. Just choose the best. Before that check your credit ratings from the same site and apply accordingly.www.streaminglive.weebly.com/my-finance.htmlwww.credit-card.webs.comI wish best of luck to all you credit card holders. I hope I was of somewhat help to your financial life.

Why The Big Switch To Prepaid Debit Cards

A Pre-paid debit card is a reloadable, stored value card similar to a gift or payroll card. PrePaid Debit cards look like credit cards but act like debit cards, and can substitute for cash for everyday purchases such as groceries, small consumer goods, restaurant tabs and gasoline.

Proponents of pre-paid cards say they are safer and more convenient for consumers than carrying cash around, and the costs are lower than check-cashing and payday lending outlets. They are also accessible to those with no or very poor credit histories. In fact, they are ideal for the more than estimated 80 million or so people in the U.S. who lack basic banking accounts.

Nevertheless, the appeal of these cards transcend the unbankable community, and now extends to everyday people who want to take advantage of Prepaid Debit card benefits.

PrePaid Debit Cards over Checking Accounts

Let’s face it; checking accounts have some major benefits. One of the most commonly used benefits from checking accounts is the direct deposit feature. For those who do not write checks, but pay their bills using their check card or debit card, a prepaid debit card may be a better solution.

They are easy to qualify for, and offer the same direct deposit feature. Furthermore, many people can not qualify for a checking account because of a negative ChexSystems report. Therefore, the Prepaid Debit card offers many of the same benefits of a checking account, without the hassles.

For the unbanked who obtain a Prepaid Debit Card, the fees charged at ATMs are lower than those at check-cashing stores, and they are a safer alternative for employees who cash their checks on payday and then carry cash until the next one.

If a card is lost or stolen, most issuers have a toll-free number where the card can be reported and a new one issued, minus a reissue fee. The prepaid card alternative beats losing your hard earned cash.

Using Prepaid Debit Cards for Internet Shopping

Another reason why many have chosen to use Prepaid Debit cards is for the sole purpose of online shopping and bill pay. The cards are ideal for individuals who do not want to use their personal credit cards to do internet shopping.

They can still feel relatively safe because the Prepaid Debit cards are issued by banks and do not have the individual’s personal information available. They are considered a safe and effective alternative for everyone who shops over the internet, even those with a bank account.

Governments now using PrePaid Debit Cards

One of the largest groups switching to Prepaid Debit Cards is government entities. Using the cards, government entities can disperse funds or wages quickly and painlessly to their employees or the general public.

The cards are ideal for recurring transactions, like unemployment benefits. The cost to reload a card is minimal compared to sending a check every week. Because of the huge savings, even the federal government will likely start moving to prepaid cards in the next couple of years.

Think about how many Veterans, Social Security, and Medicare checks they mail each year. Transfering those payments onto a PrePaid debit card will save the government tons of money and benefit the recipients as well.

Prepaid Debit Cards over Credit Cards

Finally, Americans are getting a grip on their trillion-dollar credit card debt.

This is evident by the fact that debit card usage outpaced credit card usage in 2006, which means the credit card companies didn’t make as much money as they did in 2005.

Many people are wising up to the schemes of credit card companies, with their fluctuating interest rates. People are increasingly opting for the ease and convenience of a Prepaid Card, which uses pre-loaded funds and does not get them in more debt.

With a Prepaid debit card, you can budget your money, and actually reduce your expenses instead of increasing your debt with credit cards.

Then take the money you used to give to credit card copmpanies and invest it. If you saved only $100 a month and invested it in an 8% investment over the course of your working life you would recover over $146,812 imagine if you recovered an extra $300 a month.

Virtual Credit Cards: A Guide

If you are someone who enjoys shopping online but are concerned about the safety of your credit card details, then you should consider getting a virtual credit card. This new type of card is designed specifically for making purchases online, and aims to keep your credit card details safe. If you want to know more about virtual credit cards, then here are some tips about their relative benefits and drawbacks.
What are virtual credit cards?
Virtual credit cards are similar to real credit cards in that they you use the card to make purchases. However, they differ from normal credit cards by being simply usable online and disposable. With a virtual credit card, you use a number only once, which expires within one or two months. Each time you shop online you are given a different number to use.
Who offers virtual cards?
Most major credit card issuers will offer virtual cards. They work like other prepaid cards, and the limit is set by how much money you put on the card. In this way it works similar to a gift voucher or other online payment tool. Names for the cards differ, with MasterCard calling them MasterCard Gift Cards and Visa calling them Virtual Visa Gift Cards.
Not worth it for hackers
The biggest advantage of these virtual cards is that obtaining the details of the card are not worth their time, because the number can only be used for one specific purchase and the number expires very quickly. This makes virtual credit cards much more secure than normal cards, and deters hackers from trying to steal your number. In the unlikely event that your number is stolen, you are covered for unauthorised purchases just as you would be with a normal credit card.
Convenience
Obviously, another advantage is that these cards are convenient to use, because everything is stored online. There is no need to run around looking for your card number to input the details. All you need to do is click the mouse a few times and you will have completed your purchase.
Limited use
Although these cards are very secure and convenient, they are of very limited use. Although they are not meant for offline use, there are also online services that they cannot be used for. Booking concert or airline tickets is of no use, as is pre-ordering items such as CDs or books. This is because you need to have a physical card to carry out some of these tasks, or a card number that does not expire quickly. Although some virtual card issuers do offer longer expiry dates, the cards are still very limited in their scope.
Are they worth it?
Although virtual credit cards are limited in their scope, if you regularly purchase items online then they are a more secure way of shopping. If you do not want to risk your regular card online, then get a virtual card for safer online shopping.

Prepaid Debit Cards For A Tough Economy

The concept of prepaid cards is not a new idea in itself. It has existed in one form or another for a number of years through gift cards and phone cards. Applying the concept to a Visa or MasterCard has brought about opportunities that can benefit many people.
With most companies offering a 100% approval rating, a prepaid card is easily obtained and will not have any impact on your credit rating. This will help people who need to make purchases for goods or services on the internet, but are not able to apply for a credit card.
There are many possible ways a prepaid card can be used for internet purchases or offline purchases. If a retail outlet accepts a Visa card or MasterCard, the chances are it also accepts payment from a prepaid card.
How can a prepaid card benefit you?
The main benefit for all prepaid card owners is the fact debt cannot be accumulated. It enables people to shop freely with the amount of money they have loaded onto the card. Once the balance has been used up, there is no possibility to spend more unless additional funds are added.
Parents will be able to add money to a card for their children and not have to worry about them carrying cash or falling into debt. If the card does get used fraudulently, the cardholder is normally protected and would need to contact the card issuer to resolve any issues.
By using a card, a teenager will be able to learn to effectively manage their finances and improve their budgeting skills. The card may be used to top-up mobile phones, pay for travel expenses or even paying for the latest chart-topping CD or DVD. As long as there is a balance on the card, a teenager will be able to have full control over how they spend it.
“Prepaid cards have a number of benefits to parents and consumers. Control over spending is the largest benefit,” says Peter Klamka, (http://www.myspace.com/peterklamka) an Ann Arbor, Michigan based consultant to the payment industry.
An additional benefit is that parents can authorize any relative or friend to add funds, so there is no need to send cash through the mail when wanting to send birthday money.
On top of this, no interest charges are applied to card balances and no penalties for late payment. People are free to top-up the card anytime they need additional money for a purchase.
There are two popular types of cards. The single use card which is also known as a gift card has a preset dollar figure at the time of purchase. One may or may not be able to reload these cards. The second type of card is a reloadable spending card. In many cases, these cards are purchased with no value at the initial purchase. Consumers are then able to add money to it. For the youth market, these cards can be tied to a parent’s bank account. For the unbanked, most use Western Union or MoneyGram to add funds to their personal spending card.
Overall, although a prepaid card offers a convenient method of paying for things, it should be used responsibly and due care should be taken to store it even when all funds are used. If you have paid for something using the card, it may be required as proof of purchase.