The Skinny On Free Prepaid Credit Cards

June 22nd, 2009 | by real |

If you look around you during the day, you will see a number of advertisements that promote free prepaid visa cards. Does this sound too good to be true? Most people have the impression that credit cards usually come with hefty, not to mention, hidden fees. If you find yourself feeling the pull of these advertisements for free prepaid credit cards, try to read up on them before getting one.

First off, you’ll need to wake up to the reality that with credit cards, free isn’t part of the bargain. While the charges for activation and monthly maintenance may be waived with a free prepaid visacard, you’ll still have to contend with reload and transaction fees. You’ll need to realize that your definition of “free” might not jive with that of the credit card company’s.

Take a look at all the fees and ask about hidden charges. This way you’ll be able to compare credit card rates to find the best one for you. For instance, a free prepaid credit card may not charge you with a set-up fee, but bills you for monthly charge of $4.99 and adds a transaction fee of, say, $1 for each time you use it for purchases. So if you use your credit card a total of 10 times a month, you’ll be charged $14.99 over and above the items you purchased with your card!

So when you do decide to get a free prepaid credit card, compare each different offer and read the fine print. That way, you’ll know exactly what you’re getting into and won’t be caught by surprise.

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