A prepaid card is nothing like a debit or credit card. A bank debit card can be used to check the balance of the account holder, and you can spend money on the card directly from your account. When it comes to prepaid cards, you’d have to load money onto the card first. After that, the card can be used to make purchases. The prepaid card doesn’t give you the option to spend more money than the loaded amount. This can help in controlling how much you spend.
Choosing The Best Prepaid Card
Before choosing a prepaid card, you need to be sure about why you’re using a prepaid card over a debit or credit card. Sometimes, prepaid cards are used only for shopping from the internet since they function as a wallet. That means the customer doesn’t have to provide any bank details. In most cases, people choose prepaid cards to monitor their expenditure. If you’re looking to do that, then you can get one for the same purpose.
Therefore, you should know the reason why you’re interested in getting a free prepaid card. Then, based on usage, pick up a card which can give benefits for what you’re using them for. The ultimate motto is to save money. That means that you should choose the card that enables maximum usage, without having to pay any hidden charges.
Benefits Of Prepaid Cards
The biggest advantage of prepaid cards is that these cards can be used as an alternative for everyday cash expenses. Not everyone is comfortable with the idea of swiping cards at different merchant outlets. That’s because debit and credit cards are linked with customer bank details. They can also be hacked, which can spell trouble. This is why a lot of people prefer to pay in cash. However, spending a lot of cash isn’t safe either. Prepaid cards mitigate this, and let you access money safely without having to worry about getting hacked or having your money stolen.
Moreover, these cards can be used as traveler cards. So, you can access money all the time, even when abroad. The best thing about prepaid cards is that the issuer can convert local currency to US dollars. That makes it incredibly convenient for people traveling from other countries to the US.
Fees and Top ups
Prepaid cards can be topped up by a variety of ways. But the most popular method is to directly transfer money from the bank. But keep in mind that prepaid cards come with monthly charges. Go through the entire policy and terms and conditions. It can help you find out if you’re paying for something that you don’t really need.
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.