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Credit Repair

The Best And Worst Prepaid Cards

Some financial advisers encourage their clients to use prepaid cards to control their spending and repair their credit. Other people simply can not qualify for any other type of card. What ever your situation, you have to do a great deal of research in order to find a card that will not eat up an inordinate portion of your cash in fees. Here are the best and worst prepaid cards on the market today.

First the bad news. Any of the RushCards will suck cash out of your pocket like a vacuum cleaner. You can easily pay over $30 a month in fees. The next most expensive card is the AccountNow Gold Visa Prepaid Card. This card is going to cost a minimum of $20 a month in fees unless you load $2,500 a month by direct deposit.

Now, the good news. The American Express family of prepaid cards have the lowest fees and the Bluebird card offers purchase protection and roadside assistance among other perks. Next on this list would be a Green Dot card. You can go totally fee free if you make 30 purchases each month or load $1,000 per month.

If you are forced to use a prepaid card to repair your credit, be sure that you are aware of all of the fees. Read the paperwork carefully because these cards are not regulated by the Card Act that helps to control other types of cards.

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