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Prepaid & Debit Cards FAQs

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What is the best prepaid debit card to build credit and which is reported to three credit bureaus?

[August 18th, 2014]

You won’t be able to build your credit using a prepaid card because prepaid cards are not reported to major credit bureaus. With a prepaid card you use your own money, not the money you lend, so there is no credit activity to report. If you want to build your credit, you should apply for […]

Can I have a debit card?

[September 19th, 2013]

Yes, you can. Look at the prepaid debit cards we offer. Choose the one which you think is the best fit for you. Your credit history won’t be checked, but the activity on the credit card won’t be reported either. So you won’t be able to improve your credit history with debit card. If you […]

Is there a prepaid debit card that you can refill with a credit card?

[November 25th, 2011]

Not directly… and NOT a good idea. You can possibly use a cash advance, or a form of a convenience check, for example, but… you must consider that cash advances have the highest interest rate (well above 20%); do not offer a grace period to repay, before interest rate is applied; and may have other […]

Are prepaid cards considered to be credit cards?

[March 10th, 2011]

No, they aren’t. Prepaid cards are not about extension of credit to you. You can spend what you’ve loaded onto your prepaid card only and these typically do not report to the credit bureaus. If you are interested in prepaid cards, please, click here.

What are reloadable prepaid cards?

[December 18th, 2010]

A reloadable prepaid card means you can replenish the card whenever it runs out of money to use it over and over again. Like any prepaid cards you can spend what’s on your reloadable prepaid card only. Once you’ve reloaded your reloadable prepaid card with money, you can use it to pay your bills online […]

Are prepaid debit cards better for students?

[November 22nd, 2010]

Several college students are hard up in getting personal credit cards. College students who want to have their credit card are now heavily regulated. Aside from the fact that credit card companies check their backgrounds, they are also mandated to have an adult who will co-sign in their application. Thus, college students who are applying […]