A prepaid card is an excellent solution for people who don’t want to check accounts or simply can’t get a credit card. Prepaid cards can also be gifted as a substitute for cash. However, prepaid cards are different from traditional credit and debit cards. They can cost you a lot of money if you don’t know what you’re getting into.
Read The Fine Print
Prepaid cards come with charges that is never mentioned outright. Before picking up a card read all the terms and conditions that come with it. You can ask the card issuer directly about any questions that you have. Some cards come with monthly fees, some others come with a monthly charge for not using, and some cards even have limitations on the maximum number of ATM withdrawals in a month. Therefore, before getting a card, it’s important that you have read through everything before you make a decision.
Monitor The Activities Of Your Card
Take care of your prepaid card activities since these cards don’t generate statements like regular debit or credit cards. That’s because prepaid cards are nothing like debit cards. Here, you can keep track of your spending another way. If you register your card on the issuer’s website, then you can get email and SMS notifications for every transaction that’s made on the card.
Look For An Alternative
It’s possible to wipe all the money from prepaid and gift cards. That’s because not everyone accepts prepaid cards as regular currency. In that case, a lot of gift cards can be purchased, and that can be used as a way to pay bills, like groceries. It’s convenient and easy since you don’t add any credit to an existing credit card.
Before buying a prepaid card, know everything about them. The fees for a prepaid card should be a minimum at best. Pattern all your expenses and where you spend the most. Therefore, choosing the right card would be finding one that has very minimal fees or no charges at all.
If you use ATMs regularly, try to pick a card which doesn’t set a withdrawal limit. If you use your card for a number of transactions, try to pick a card that doesn’t have an upper limit on the number of transactions.
Prepaid cards can be incredibly helpful if you know how to use them. They’re easy, safe, and you don’t have to worry about going past a credit limit. Even better, they’re good tools to help teach kids about the importance of spending and saving money. If you find yourself with a need for a prepaid card, then look into them and see which one is the right one for you.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.