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I have recentally had my CC hijacked and went on quite an expierence getting everything resolved. Before I make anymore online purchases, I was wondering if a pre-paid CC may be in order.
I guess my main questions are, where do you get them, and what is the fee. Also, are there any drawbacks to using a pre-paid
80% of credit card thefts occur offline. The real way most credit cards are stolen is by the waiter at a restaurant, or the attendant at a gas station writing down your number.
Absolutely be careful with online purchases, but watch what you do with the card in real life even closer.
Do you use a debit card? If so, this is a pre-paid credit card in a sense. With a pre-paid or secured credit card, you are being asked to give the bank the money that you saved. In return, the bank let's you borrow your own money and then charges you a fee to do so?
Isn't the downside painfully obvious here?
If you are diligent enough to save money, just keep it for a rainy day. Use your debit card, pay your obligations on time and in most cases, if you do this, securing a loan when you need one is not very difficult.
I have recentally had my CC hijacked and went on quite an expierence getting everything resolved. Before I make anymore online purchases, I was wondering if a pre-paid CC may be in order.
I guess my main questions are, where do you get them, and what is the fee. Also, are there any drawbacks to using a pre-paid
Thank you for your time.
Regards,
(901)
If you do decide to buy a prepaid CC then do not get it from that rack in a department store or grocery store because the fees are high. I would suggest getting one from your local bank instead because the fees should be lower. Also, when making online purchases, check and see if your CC company offers a virtual card number for you to use. A virtual card CC number is a temporary credit card number that you can use online or over the phone with an expiration date of one month, plus, it is FREE! And the virtual cc number cannot be used to hijack your real card, it is designed to protect you. I hope that this helps.
Contact your bank for a "pre-paid" credit card. these aren't "pre-paid" in the sense that you don't have a monthly payment but you put down x dollars on a card to use and you use it like a regular credit card - the x dollars you put down though isn't a substitute for not paying on it though - its like a deposit.. The fees are the same as for regular credit cards and so is the interest.
Greenciti made an excellent point about a virtual credit card - those work wonders, but again most credit cards are not stolen online they are stolen when you make an instore purchase somewhere where the associate steals your information... also they have ways of plugging into the atm/gas pump swipers that steal your information... Use a LOW LOW balance card for these - as in a $500 card and don't let them up your credit limit.
I forgot which one it is, but I read about it in Consumer Report. There is a prepaid card that you can use for 18 months, and after that it converts to a regular credit card that doesn't need to be prepaid anymore.
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