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Lunchtime

Joined: 29 Dec 2007
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Posts: 127

-25 Magic Points

Subject: Prepaid vs company card

Tue Jan 01, 2008 12:06 pm

I was waiting in the customer service line yesterday at walmart and notice a sign that said, prepaid cared $8.95. I had a really long wait since everyone was there returning their gifts for money, so if you bought anyone gifts at walmart, they were there returning them yesterday! Just kidding, your friends and family would not do that. Any way, back on track here. I was pondering why some one would want one of these cards in the first place, as I read the brochure, they do not sound like a bad idea after all, if you just have to have that plastic in your wallet.

1. They are prepaid by you, so you don't have to worry about going over the limit. No more nasty fees or over the limit charges from the credit card companies.

2. You can recharge them right there at the store, so no more check cashing fees, you just have them put it all on your card.

3. Brochure stated that it is accepted at most atm machines, that I did not understand, but there is always an atm near walmart, so problem solved. You can use them at pratically any gas station, grocery or retail store. There you go, walmart is 2 or the 3.

4. This is a safe alternative for younger people, you can set limits and boundaries on their spending and if they get the "summer job" they can recharge it themselves as long as they have id.

I did have a few concerns though,

1. Am I losing money at the atm machines since it is not really a bank card, but then again, I would loose that money on a normal credit card and be charge intrest on that $2.50 fee to boot, so prepaid wins on this too.

2. There are no maintenance fees or over the limit fees so the pre paid wins here, but I am spending my own money, isn't the point of a credit card to spend some one elses money and then pay it back and then some? So I learn to be a more frugal shopper this way, I am not into the future as much as I would be with a credit card, I am only purchasing what I can afford now, win, win, the prepaid gets my vote here too!

In my oppinion, if you just have to have the plastic, the prepaid is the better option, in my world and alot of those close to me with the online shopping arena and other venues that will only take or demand the plastic, like hotel reservations for travel, this would be a great alternative. I honestly had to reset my way of thinking on this card, so my time spent in the line waiting was well spent on some critical thinking, instead of irritation and frustration. So while you are waiting in line some where and it is taking an awfully long time, ponder something, you may recharge your way of thinking about something!

goodnatured

Joined: 03 Nov 2007
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Posts: 3172

1093 Magic Points

Tue Jan 01, 2008 2:44 pm

I have seen these prepaid cards and never gave them much thought, always thought the prepaid phone cards were a good idea, seemed like you could get them quite cheaply and save on your long distance. Now there are cards like this that almost act as your bank account, I guess when you look at all the pros that you have listed kind of hard to say that they are a bad idea, as you mentioned I think they would be a good idea for the younger people. I have a mac that goes with my checking so I really don't have a need for a prepaid credit card. Besides might bring back some bad memories for me, LOL.

Thanks for a really informative post, seems like you spent alot of time in the customer service line huh, at least it was not wasted time.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

SunDevilsFan

Joined: 09 Nov 2007
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Tue Jan 01, 2008 6:16 pm

Well, is there a monthy/year maintance fee with the prepaid card. I was going to get a prepaid Mastercard for my brother for Christmas. However, once I saw the intial fees etc. I decided against it. Instead, I gave him a gift card from one of his favorite sporting stores.

I realize that all cards are not the same. Just curious if the ones you saw Lunchtime had sigificant fees tied into the activating the card?

erb1953

Joined: 31 Dec 2007
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Fri Jan 04, 2008 2:08 am

I think these are good for people who don't want the hassle of a credit card and don't want to carry cash around, They would also be good for younger people too. I would purchase one if I did not have a checking account, but I have one with a mac card that works everywhere I need it too. This was a good post though.

Laura

Joined: 21 Jun 2007
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Sat Jan 05, 2008 8:37 am

Personally prepaid card has worked for me. I have been contemplating on giving my sister a card but Now I think I will focus on the prepaid ones. DO you guys thin it is okay to give her one? Will this teach her as much as a credit card can?
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goodnatured

Joined: 03 Nov 2007
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Sat Jan 05, 2008 10:17 pm

I think it will teach her that there limits on cards, if you give her one and then have her replinish what she uses it would be just like using a real credit card, she would be paying the bill more or less but it would not be a bill, get my point?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Lunchtime

Joined: 29 Dec 2007
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Sun Jan 06, 2008 2:44 am

Laura, I think this would be a great idea for her, I think evetyone here would agree that this is a type of card that would be great practice for a younger person and it won't let them get into any trouble. Once the money is gone, it is gone, unless they refuel it.

This would also give you an opportunity to see how she would act with a credit card, you would have the time to give praise or correct any actions that you don't think would be appropriate with a real card. I think it would be a good test drive and training tool for you to use for her. good luck.

erb1953

Joined: 31 Dec 2007
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Sun Jan 06, 2008 2:52 pm

I think these are a personal choice and they have a place, as mentioned above they are a great alternative for people who don't like to carry cash around, these would be good for traveling and etc as long as you know where all they are excepted. You would want one that would be treated as a regular visa/mastercard.

goodnatured

Joined: 03 Nov 2007
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Posts: 3172

1093 Magic Points

Sun Jan 06, 2008 4:26 pm

Quote:

This would also give you an opportunity to see how she would act with a credit card, you would have the time to give praise or correct any actions that you don't think would be appropriate with a real card.

Kind of a training test, this is a great way to look at this, and it is all with out the risk. Laura, have you thought about it this way?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Laura

Joined: 21 Jun 2007
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Mon Jan 07, 2008 11:08 am

I am thinking actually. I have got such wonderful suggestions. I am overwhelmed.
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Dadummy

Joined: 15 Nov 2007
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104 Magic Points

Subject: prepaid

Mon Jan 07, 2008 6:46 pm

i never noticed the prepaid cards really didnt notice them. i should check it out since i use credit cards all the time maybe i could get out of debt that way. i need to do something and i really want to get out of debt, ive been trying to payoff one card at atime so maybe if i had one of these cards i wouldnt spend so much if i had to fill the card with cash first. lol

goodnatured

Joined: 03 Nov 2007
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Mon Jan 07, 2008 6:53 pm

They are a good alternative for a credit card dadummy, you may want to use it for this purpose, don't see why not. You could put a set amount on there that you allow yourself to spend and it would not allow you to go above that limit.

goodluck with your goal of getting out of debt, just hang in there, it is a struggle, but if you set your mind to it, you will be able to do it, you seem like a real determined person.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Dadummy

Joined: 15 Nov 2007
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Subject: prepaid

Mon Jan 07, 2008 8:44 pm

can you get these cards anywhere or just at walmart

Laura

Joined: 21 Jun 2007
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Tue Jan 08, 2008 6:53 am

Dadummy they are available almost everywhere. Do a Google search on where to find prepaid cards.
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Laura.


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