Fast Credit Card Application

Everybody really seems to have fallen in love with prepaid credit cards; many going so far as to use them as an alternative to real credit cards.  Most people think of prepaid credit cards as a sort of extension of retail gift cards and tend to treat them as such.

After all, you really only use your cards when you go out shopping at the same 7-8 locations anyway, so why not invest in a card that only allows you to spend the money you put on it and nothing else?

Because it may not be the best idea for your credit history, and it certainly won’t help you improve your credit score.

Like being stuck at the kid’s table

Those prepaid cards may seem like the right choice for your wallet, especially since anyone can pick one up, as opposed to having to qualify for a regular credit card.  They also come with the same fraud protection as a “real” credit card.

But while it may seem like you’re doing your finances a favor, you’re actually not making any progress at all – especially if you’re trying your hand at credit repair to build your score up.

All prepaid credit cards operate like debit cards, which don’t show up on your credit report and so don’t affect your credit score in any way.  In that sense, you’re essentially foregoing using real credit cards to help rebuild your credit and are planted yourself firmly at the kid’s table, while the rest of us use real credit cards to help rebuild our credit.

Stick to secured

Prepaid cards don’t help your credit rating in any way and are generally useless the minute they run out of cash, so why bother with a one-and-done space-waster in your wallet, when you can use a real credit card to keep paying your accounts and help build up positive credit?

Maybe some of the features of a prepaid card are just too enticing to pass up, or you don’t want to worry about a lot of the trouble credit cards can potentially bring to the table.  If you want to work towards making real strides in your efforts at credit repair or debt relief, but don’t want to deal with some of the hassles of regular credit cards, consider trying a secured credit card.

Much like a prepaid card, a secured credit card requires a deposit before you can start using it, but unlike debit and prepaid cards, the money you use for purchases is loaned to you instead of taken out of a prepaid balance.  The cards also report to the 3 major credit bureaus just like regular credit cards, meaning if your aim is to reestablish or build new credit, a secured credit card can help you do that.

You can inquire about them at any bank or credit union and use them to start building or repairing your credit profile now.

Tags: Credit, Credit Cards, Prepaid Credit, Prepaid Credit Cards

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We’re coming up on tax time again, my most favorite time of the year – after my bi-yearly dental check-up and renewing my car’s registration at the DMV, of course.

I’ve been reading more than a few finance blogs (including tips from the IRS itself) that suggest consumers use their credit cards as a safe and convenient way of paying their taxes.  Well, it might be convenient, it’s not the best way to pay for your taxes especially if you’re working to repair your credit and here’s why:

You’re charged a fee for the “convenience”

Every time you make a tax payment with your credit card, you aren’t actually paying the IRS directly – you’re paying a third party service.  These service providers all charge a “convenience fee” for using their services, typically ranging anywhere from just under 2% to almost 4% of the amount you owe.

So, say you owe around $1500 in taxes, and you go with the service provider that charges 3.93% in interest.  For using your credit card to make the payments, you could end up being charged an extra $59 that you wouldn’t have to pay had you not broken out your card for a charge.

Your card providers don’t like it

Paying for your taxes with your credit card makes you look desperate and hard-up for cash to your credit card providers, which can make you look like more of a credit risk – something you DON’T want to happen.

Paying a large tax bill exclusively with your credit card will decrease your overall utilization ratio, which can lead to a lowered credit score, leaving to worry about credit repair on top of everything else.

This makes you look desperate to your card providers, who may just decide to give your account another look, possibly even going so far as to decrease your limit and increase your interest rates.

You could be charged more in interest

If you just charged a large tax bill to your credit card, you’ve created a ticking time bomb that could blow up in your face if you don’t pay it off in time.

If the card you used to charge your taxes to already has a high APR rate, not only will you have to worry about the added convenience fee, you’ll also be paying interest on the bill if you don’t pay it off in time.

Your card’s Rewards aren’t worth it

“But, my card’s got some pretty sweet Rewards deals; they’ll make it all worth it, right?” I hear you ask.

Wrong.

Even assuming your card has a worthwhile rewards offer, like 2% cash back on all purchases, it won’t be enough to make up for the amount of money you’ve already put down on your taxes.

Simply put, if you’re paying your taxes with credit cards for the rewards, you’re doing it wrong.

The bottom line is…

If you’ve got a large tax bill that needs to be taken care of, don’t put it all on your credit card, if you can; it’ll only add to your worries.