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A credit card allows you to have purchase something in exchange for a financial liability to the bank. This means that the card doesn't hold any amount or value, but it allows you to purchase something in advance. A debit card is also availed from a bank. This is usually tied up to a bank account, meaning that any transaction made through the debit card does not put you in debt, but it automatically deducts them from your account.

A gift card is a prepaid card that does not put you in financial obligation to a bank, nor does it deduct value from your bank account. You don't run the risk of getting into debt or over-withdrawing your money in the bank. The financial value is kept within the card and automatically reduces every time it's used for purchase of any goods or services. This means that you have total control of your card's value. You will only spend the amount loaded in it.

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15y ago

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What are the differences between secured and prepaid credit cards?

Secured credit cards require a security deposit to establish a credit limit, while prepaid credit cards require you to load money onto the card before using it. Secured cards help build credit, while prepaid cards do not impact your credit score.


Where can one find more information about prepaid credit cards in Canada?

One can find information on prepaid credit cards in Canada on a variety of websites. Canada Post sells prepaid credit cards and has information both in store, and on their website. MasterCard has information on their website about their prepaid cards, and VISA has information on their website about their prepaid cards.


What are the benefits of having prepaid credit cards as opposed to regular credit cards?

Prepaid credit cards are better than standard credit cards in that you're less likely to get in over your head financially. Standard credit cards are one of the primary ways people build debt but with a prepaid card you can only spend what you already have.


Can you reload prepaid credit cards with credit cards?

There is no such thing as a prepaid credit card. There are secured credit cards and prepaid DEBIT cards. yes because if you pre-pay it can be called 'credit' other than that both cards provides the exact same facility. for you question. yes its possible to topup your 'prepaid credit card' with another credit card or using a bank account. however it all depends on whether your bank/credit card company supports such facility. refer to the link provided to know more about 'prepaid credit cards' available and different services provided by them.


Can prepaid credit cards be traced?

No Not At All


What are a few good prepaid credit cards for college students?

There is few goods prepaid credit cards one should get. American Express offers a good deal when it comes to prepaid credit card. Also another good one is Visa's prepaid credit card.


Which banks offer prepaid credit cards?

The banks that offer prepaid credit cards are Bank of America, U.S. Bank Secured, Chase, Wells Fargo, Capital One Bank, also First Premier Bank offers prepaid credit cards.


Are prepaid credit cards as safe as regular credit cards?

Prepaid creidt cards are safer than regular credit cards. They work much like a debit card so that when the money is exhausted on the card, the card will be rejected.


How can prepaid credit cards be used to help build credit?

Prepaid credit cards can help build credit by allowing users to make regular payments and demonstrate responsible financial behavior. Some prepaid cards report payment history to credit bureaus, which can help establish a positive credit history over time.


What Canadian banks offer prepaid credit cards?

Several Canadian banks offer prepaid credit cards. They include TD Canada, Scotiabank, and BMO Prepaid, among a few others.


What are the best prepaid credit cards, without annual fees?

Upside Card has the best prepaid credit cards, without annual fees. YOu can get your Visa prepaid debit card online at www.UPsideCard.com


What is the difference between a prepaid and a regular Visa credit card?

Although the cards can be used in the same way, there are some significant differences in prepaid and regular credit cards. With a regular credit card, you make your purchases on credit and then pay your bill later. If you do not pay the bill in full each month, or are late making a payment, there will be fees accrued in the form of interest and late fees. With a prepaid credit card, you deposit money much the same way you would with a checking or savings account. Then when you use your prepaid credit card, the charges are deducted from your balance. When you start to run low on your balance, you can just deposit more money in your account. In this way, prepaid credit cards operate much the same as debit cards. You will probably have to pay an initial fee to set up your prepaid credit card account, but after that you avoid the possibility of interest and late fee charges. This is also a good way to rebuild your credit if you have had financial difficulties in the past.