PayDay Loans - Money Mart has prepaid credit cards - EXPENSIVE - Canada

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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby denniss » Tue Jan 20, 2009 10:20:05 PM

Also when you get a secured credit card and pay you balance on time it positively affects you credit rating and usually 1 year after on time payments banks release security deposits (of cause if you do not have collections items or recent bankruptcy on your credit file).
Payday Loan is a cash advance until your payday.
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby denniss » Tue Jan 20, 2009 10:17:17 PM

I agree it is better to get a secured credit card if you do not qualify to a regular one. Prepaid credit cards charge you monthly fees, plus additional fees if you use ATM. The reason why people get prepaid credit cards is because they do not qualify even for a secured credit card, or they simply do not want the hassle of applying for a secured one.
Payday Loan is a cash advance until your payday.
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby average_joe » Tue Jan 13, 2009 07:07:33 AM

I can see your point and smart, why take chances with your regular credit card on the internet with all the fraud that’s going on.

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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby ChrissyG25 » Mon Jan 12, 2009 09:51:26 PM

The prepaid one is just one that I use for purchasing on the internet. I don't use it like a credit card more like a debit card for the internet. We have regular credit cards and lines of credit for establishing and repairing our credit
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby average_joe » Mon Jan 12, 2009 02:37:05 PM

Why not get a secured credit card instead of a prepaid one, it will be cheaper and your getting your credit established at the same time?

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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby ChrissyG25 » Mon Jan 12, 2009 02:05:06 PM

Money Mart's prepaid mastercard does have your name on it. I have one that I use only for internet purchases
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby Bill K. Lecter » Thu Jan 08, 2009 01:35:48 PM

Yea, I was confusing it for secured. Prepaid ones don't even have your name on 'em, do they?
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby angella » Thu Jan 08, 2009 12:25:18 PM

No, prepaid cards never report to the credit bureau. They can't. You aren't acquiring credit from them. You are loading money onto the card and spending it.

My kids have Much Music prepaid cards for their internet purchases. They don't need (nor have) credit cards. What they have is a mastercard.

Secured cards report to the bureau.
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby Bill K. Lecter » Thu Jan 08, 2009 12:21:50 PM

They might be ordering something off the Internet...

Depending on how the card is reported on the credit bureau, it may help the person to (re-)establish credit.
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RE: Money Mart has prepaid credit cards - EXPENSIVE

Postby dred0507 » Thu Jan 01, 2009 10:41:20 PM

The only benefit I have seen for prepaid credit cards are for a service or something specific you are signing up for. In that case you can use them once and may never have to again.
Enjoy Your Day, Rachel
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