Prepaid Credit Cards that Report to Credit BureauPosted on February 15th, 2011 | admin
What Are the Best Prepaid Credit Cards that Report to Credit Bureau Companies?
New Prepaid Offers Coming Soon….
If you’ve got bad credit and want to rebuild your credit rating there’s good news, you can get prepaid credit card that report to the credit bureaus. Typically you’ll have to pay a monthly fee in order to get the benefit of credit bureau reporting with your prepaid MasterCard or Visa card however it’s an easy way to establish or restore your credit score.
Unlike regular unsecured credit cards, the nice thing about prepaid credit cards is you can get your card faster because there are no credit checks. Let’s have a look at the best prepaid credit card offers that report to the credit bureau.
The first offer we recommend you apply for one of the RushCard offers because they give you a FREE credit builder plus there are no activation fees plus you get all kinds of bonuses when you get a RushCard prepaid credit card that includes cool freebies such as a prescription discount card.
Another really cool thing about the RushCard prepaid credit cards that report to credit bureau companies is you get your choice of really cool designs.
There’s the stylish Baby Phat design for women and for you guys there’s the manly option of getting the Prepaid Visa® Black Diamond RushCard
The offer is the same with the Prepaid Visa® Black Diamond RushCard, it’s another one of the best prepaid credit cards that report to credit bureau companies however it’s not pink like the Baby Phat Prepaid Visa® RushCard, it’s got a manly man design going on, so guys this is the card for you!
Other Credit Card Options that Report to the Credit Bureaus
While prepaid credit cards that report to credit bureau companies can help you rebuild or get you set up to establish a credit score or rebuild bad credit, there’s another option that will help you build or restore your credit faster and that’s possible if you apply online now for a secured credit card offer.
However the downside to getting a secured credit card is you are going to have to layout more cash for the security deposit that a secured credit card offer requires and unlike a prepaid debit Visa or MasterCard you will not have access to the security deposit you place on a secured credit card.
Here’s the facts you need to know about getting a secured credit card versus a prepaid credit card, while both offer credit reporting to help you build or restore your credit rating you are going to need to decide how fast do you want to get your credit on track
Secured Credit Card Versus Prepaid Credit Cards
About Secured Credit Cards
Applying for a secured credit card is the fastest and really the best way to start building or rebuilding your credit score but the fact is when you apply for a secured card offer you’ll need to make a security deposit on your credit card that you have no access to.
The security deposit you put down on a secured credit card offer is just that, it’s security for the credit card company that if you default on your payments they’ve got recourse and will take the security deposit to pay off the amount owing on the card.
So don’t fool yourself into believing that the deposit you place on a secured credit card can be used to pay your minimum balance owing, it won’t be.
About Prepaid Credit Cards
When you apply for prepaid credit cards that report to credit bureau companies you’ll be getting a tool to build your credit score and it’s likely going to be a slower credit build or rebuild process than if you signed up for a secured credit card offer however the upside to getting a prepaid credit card offer that reports to credit bureaus is there is NO security deposit on the card.
That means that whatever cash you deposit on your prepaid credit card you have instant access to when you need it versus a secured credit card where you likely won’t see the security deposit cash back in your hands for anywhere from a year to 3 years or more in some cases.
So if you want to build your credit faster I recommend applying for a secured credit card offer however if your cash in pocket and you bank account sucks right now then you can start rebuilding with a prepaid credit card offer that reports to the credit bureaus but if you can stand to have your money sit as a security deposit for a year or more then jump in and you’ll be building credit faster.
What secured credit card offer do I recommend?
You are going to need to submit your question on this blog to find about because it seems to me that you should go apply for one of the prepaid credit cards that report to credit bureau companies before you take the next step and get a prepaid credit card with a credit rebuilding option attached to the card offer…
Let’s talk, submit your questions, concerns or your own reviews of your experiences with prepaid credit card companies that have served you well or screwed you over, your opinion matters