More Residents are Using Prepaid Credit Cards

In Ireland more and more residents are using prepaid credit cards. This is due to the overwhelming amount of debt that these individuals have. The debts have increased to the point that they are causing a detriment to their credit history. Either in an attempt to correct this issue or as a way of having more control the prepaid cards are being sought.

Prepaid cards offer a variety of benefits other credit cards don’t have. The main option is control. The user of prepaid cards can state when they will use the card and for how much, but it is more than that. The credit card will have a specific limit designated by the user rather than the credit card company. A regular card is offered a certain limit to use that must be paid back over time. Prepaid cards can only be used if there is money in the account. The amount of money in the account to use is the limit on the card.

For example if you place 500 Euros on the card that is all you can use until you place more in the account. There are fees for starting the account as well as reloading the card. There is also a transaction fee of 1 percent on most cards. Right now there are specials for the prepaid credit cards. Many companies in an attempt to get more users are waiving the start up fee as well as one or two reload fees during the course of the first 2 years of the account being opened.

This is part of the reason more residents in Ireland are using the prepaid cards over other credit card options. Another reason is the ability to give the card to students. Students who are 14 or older can get the prepaid card for convenience purposes helping out parents.

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This entry was posted on Friday, August 22nd, 2008 at 7:28 am and is filed under Types of Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.