Credit Card Or Prepaid Card

Discussion in Credit Cards started by mildredtabitha • Aug 29, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    I have both the credit card and a prepaid card. I just applied for them recently but I haven't started using them yet but I will soon. I got the credit card from my local bank after opening an account with them because I needed it for validating my new Paypal account which I have already done.

    I learned online that you should never validate your paypal accout with a debit card because they do not offer any refund incase your bank account gets hacked. What are some of the benefits of a prepaid card? I know it is important to have both of them but I am yet to have my favorite because I don't know which is better.
     
  2. morgoodie

    morgoodieActive Member

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    Prepaid card is pretty much like a debit card. You put the money on there and that is all you spend. There isn't a monthly bill like with a credit card and there isn't any interest. I refuse to have another credit card since I went through bankruptcy and only stick with my debit card. If I don't have the money, then I don't buy anything. Credit cards are okay as long as you pay the full amount each month so that you aren't accruing the interest rates on your balance each month.
     
  3. wallet

    walletActive Member

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    I own both of them as well, and I am using them both. When I finish the money from my prepaid card I start to use the credit card. The only thing that I hate about these cards is that the commission to the bank that issued me the cards is too high, every month I must pay 5 dollars for both.
     
  4. overcast

    overcastActive Member

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    Prepaid card tend to reduce your shopping habits. And people who wish to shop more and have uncontrolled urge on spending. That is something you have to check on when you're into the cards. I am guessing that cards may not always be of use if you are trying to go frugal. In such case credit cards are not useful. Frugal lifestyle demands you spending in less. So one has to choose how to go with less spending using prepaid cards.
     
  5. mildredtabitha

    mildredtabithaActive Member

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    I agree with you. Prepaid cards reduces our shopping habits because we can't spend more than what the card holds. Unlike credit cards where you can spend what you don't even have and pay the debt later.
     
  6. ACEP

    ACEPMember

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    I prefer using prepaid card, it reduces your shopping habit. Prepaid card is just like a debit card.
     
  7. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Both are good, as long as you know your balance. Keep a good watch on your balances so when you're at the cashiers you won't have to face the cashier telling you insufficient funds...if ever you do face it just have a statement like I'll check into it, sorry, and have a credit card for the charges. When the cash is gone from your debit cards, it's gone. Luckily both are free to have, so you'll save money having them on hand.
     
  8. FolkArtist

    FolkArtistActive Member

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    I prefer debit cards over both prepaid and credit cards because the prepaid card usually has a monthly fee to keep them active but debit cards are usually free- and they are limited to how much you have in your bank account of course-but I never get charged any fees because I use the card 15 times a month or more and never spend more than whats in my banking account.
     
  9. NinetyEighty1

    NinetyEighty1Active Member

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    I honestly use a prepaid credit card. With a prepaid I am using money I already have and only have to worry about small fees on it. With a prepaid you can take better care of your financial situation and don't have to worry about spending more money than you are willing to pay back.
     
  10. Martinsx

    MartinsxActive Member

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    That's a very exorbitant fee your bank is charging you for the use of these cards. It's not that costly charged here. What my bank charges here for the use of the card is $20 annually as a service charge. And from all considerations, it's very clear that the $20 fee isn't that expensive. I make use of both prepaid and credit cards, and they serve me 100% satisfactory.
     
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