Pre paid credit cards - any recommendations

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June 22, 2017, 08:59 PM

katndog

Pre paid credit cards - any recommendations

My niece is looking to establish her credit. She was asking about pre-paid credit cards. I've been doing some research, but wondering if anyone has any recommendations.

Thanks!

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June 23, 2017, 12:00 AM

Nickelsig229

look in to secured credit cards. They are the one of the primary ways for people who have no credit or even bankruptcies to recover their credit.

I know wells fargo reports their secured credit cards to the credit bureau.

You give them 500 dollars, or whatever amount, and they hold it. After a year or so of no credit issues, they refund you the money and it turns into a standard credit card.

June 23, 2017, 12:18 AM

DetonicsMk6

Went through this with one of my kids trying to establish her credit. USAA offers secured cards and reports them to the 3 credit bureaus with no notation they're secured.

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June 23, 2017, 01:03 AM

Aeteocles

quote:
Originally posted by joel9507:
Do pre-paid credit cards have any effect on credit ratings?

Yes, same effect as a regular credit card.

It's just a credit card, same as any other. The only difference is that your limit is fixed to the amount that you deposit in advance. Your money just sits somewhere until you establish your credit history.

I opened one through my bank, then Washington Mutual, when I was 18.

June 23, 2017, 03:17 AM

still_bill

What I did was purchased a CD at my bank. Then put the CD up as collateral for a loan.

Bill