Reloadable Credit Cards Review

Ok, as promised in my previous post, I’m going to review reloadable credit cards. Prepaid cards with 100% approval and no credit check is something thousands are searching for. So I’ll try to give my honest opinion about what’s the best right now.

BTW, if you’re impatient, then click here to visit Rushcard.com I’m using now.

So why I go with Rushcard compared to all others? Simple, it’s their fantastic service and great support. But most important of all, their rates are very good. Most of the competitors like AccountNow or GreenDot have a regular monthly fee of $5 to $10 that you need to stick to. Rushcard also has monthly fee program of $9.95. But at the same time, they offer pay as you go plan where you pay $0 monthly fee! That’s right, it’s completely free. And looking at rates, they are almost identical to the monthly plan to me. It’s more than worth going with this plan.

Again, most of reloadable credit card companies now offer free direct deposits and ability to pay the bills online. It’s nothing new. But Rushcard also offers you free text alerts and phone balance inquiries. I find this very convenient.

Rushcard helps you avoid overdraft fees, ChexSystems & other limits that bank cards have. Plus you get 100% guaranteed approval (even if you have bad credit) & can rebuild your credit for free.

Click Here to Visit RushCard website

I’ve talked about this in my previous posts, but I’ve been in deep trouble myself years ago. I had no money, low paying job and had credits drowning me till my neck. And when I went to my bank where I was a loyal customer for over a decade, they treated me like a stranger. They kept denying my credit card application and didn’t even want to discuss this like normal people. It’s hard to forget those times.

But if you are in similar situation I was, you know how hard it can be. Thank God these prepaid cards let you use them almost like bank accounts. You can receive money, send money, get paid by direct deposit for free. And it was the first step I took when trying to rebuild my poor credit.

Reloadable credit cards were a real savior for me. So if you are having financial trouble, poor credit, denied bank accounts or credit cards, this is the only solution I recommend to you. And out of all the debit card companies there are, RushCard is the first one I’d suggest you try. They are honest people and do not have any hidden fees!

Click This Link to Apply for RushCard

No hidden fees & amazing “pay as you go” plan makes this #1 choice.

Ok, if you’re visiting this blog, obviously you’re interested in prepaid credit cards. There are quite a few brands on the internet. And I’ve tried many of them throughout the years. From reloadable american express to discover card. I’ve tried gift cards as well, but with all the limitations it’s not worth it.

One thing I love about these cards is that they’re much safer to use than credit cards. Think about identity theft. What if someone steals your money. They can use all the limit on your card. But with prepaid credit cards, they can only use what’s left on the card. You’re in absolutely control here.

I see that more and more people are buying these debit cards for their kids or teenagers. This is a great way to introduce your kids to financial life and at the same time, not worrying about the dangers associated with bank credits.

Prepaid Debit Cards vs. Regular Bank Credit Cards

I’ve talked about this in my previous post, but I’d like to discuss this more in-depth. The big problem with credit cards is that you’re taking the credit. It’s like a loan that bank gives you. And borrowing from the bank as I’ve learned from my experience is not the smartest idea But more importantly, once you exceed the limits, you’re faced with overdraft fees. And then you’re hammered with high interest fees from your bank or credit card lender. Lastly you usually have to pay check cashing fees.

All these issues are eliminated with reloadable credit cards.

• No overdraft or interest fees
• Free direct deposits
• Credit building option (few companies offer that)
• No credit check when applying

You can also choose from Visa reloadable credit cards or Mastercard most of the time. It doesn’t really matter which one you choose as both are accepted worldwide, so don’t worry.

Easy Money Management Without Check Account

This is very convenient for people with bad credit. I had bad credit myself and it’s a nightmare going from bank to bank just to be denied. These companies will work with you even if you have poor credit score. Seriously, it’s like a bank account alternative.

Banks use ChexSystems to see your history. Then they decide to give you a checking account or not. Reloadable prepaid cards are much easier to deal with. You get all the features and benefits of a real bank account, except there is no credit rating check or Chex Systems account to worry about.

Where to Buy Reloadable Credit Cards?

This is a question many people ask. First of all, you should understand that these reloadable credit cards are not credit cards at all. They’re called prepaid debit cards. As long as there’s no credit associated with them. Second of all, you can find many of these reloadable debit cards online. There are several good companies to work with. I might even make a review of each and every one of them some day.

But one of the better ones I’ve found is RushCard created by famous Richard Simmons. I’ve been using this card for over a year and I’m very glad. Their service is probably the best one I’ve seen. Free customer support is very helpful and their rates are very good.

Click Here to Apply for RushCard Debit Card

Now one other thing I’d like to mention is the free prepaid cards. Some companies say that you can get a free reloadable credit or debit card. In fact, nothing is free and there are always a cost associated with that. Most of these cards cost from $10 to $20 for activation. And there are also monthly fees that also go from $9.95 depending on the provider.

So don’t get scammed when you see a FREE prepaid debit card offer. They’re never free. That’s not a gift card. You get much more with these services, so be prepared for that.

This one service is not offered by every reloadable credit card company. But it’s simply perfect if you have a poor credit history and would like to raise your credit score.

Now I don’t want to create false illusions for you. It’s not a debt consolidation or credit fix company. Some of these reloadable credit cards allow you to use credit builders. This doesn’t mean your score will shoot up instantly. It takes more discipline to make it work. More on that later. But simply put, you can choose whether or not to actually report your financial activity to the credit report agencies.

It’s optional and if you don’t want to use it it’s fine. But it may really help you out.

I remember when I was in credit card debt and couldn’t get a bank account or another credit card, I was able to work with reloadable prepaid cards to improve my credit score. What I did was simply paying my monthly bills on time. Of course I used my debit card account for that. This helped me to improve my image and my score started climbing slowly.

But the most important part is probably how you handle your finances. I admit it, I was a big spender. I took credit without thinking until big problems fell on my shoulders. I didn’t have a good job and I needed to borrow money for smallest things.

Now I can say that you should really think where you’re spending money and how you’re spending money. You need to learn to manage your finances wisely. Don’t spend money if you don’t have any. Don’t take credit (even if you can) to buy new shoes for example. Use the money you have. This is probably the most important attitude you can have. I’ll repeat this again:

“Do Not Borrow Money, Use The Money You Have”

Taking credit is one of the worst things you can do. And many people realize that. But often too late. I’ve learned to live without credit and it’s the best decision I’ve made in my life. Reloadable credit cards allow me to use as much as I need to and not a penny more. I have more control over what I do with my finances. It feels great, trust me.

From advertising of reloadable cards, you probably know that these plastics are simply ideal for people that cannot have and are being denied bank account. And there are millions of them in the US alone. Prepaid cards allow them to have the flexibility and ease of access to their money. When no bank is available, nothing else at this moment can substitute these cards.

Some people however argue that reloadable cards charge more money than regular banks. Well it depends on how you look at it. My bank was charging me outrageous amounts and I wouldn’t want to look back. But for some people it’s true. Simple checking account can actually be cheaper option than a reloadable debit card as long as there are monthly fees involved. But everyone’s situation is different.

There are many reasons why one works better than the other. Mostly it comes down to what services you use the most often. Loading money, using ATM’s all have costs involved and these costs vary. I’m not a financial adviser and cannot give you a legal advice regarding your specific situation. I’d suggest you to take a weekend and study very well what are the costs of each and how they will affect your daily life.

But if you cannot have bank account, then seriously consider getting one of these reloadable credit cards. Many of my friends are using them, some even along with credit cards due to safer money management, and they love it.

I’m a huge advocate of reloadable credit cards as you’ll soon find out But let’s be straight here. Nothing is free. And we can talk about all the benefits compared to bank’s credit cards as much as we want, but thing is prepaid cards do have fees. Now they all range. There’s always 2 sides of the coin. If the company offers lower fees in one area, they will rise them in the other. So it’s a matter of researching all these prepaid debit cards yourself to determine what work best for you.

However, don’t be fooled by those claiming to provide you FREE Prepaid Cards! Such thing doesn’t exist. Even if they give you the card for free right now, they will most likely make that money back from you by charging extra high loading, ATM fees and so on. So be aware of those type of offers when shopping for reloadable cards, ok.

Alright, let’s get to the point. I’d like to cover all the fees associated with having and using prepaid debit cards. Just so you wouldn’t be surprised later, ok. Remember: Some companies charge all fees, while others just some of these.

1. Activation Fee - Companies charge activation fee or account setup fee when you request a card.
2. Maintenance Fee – Usually monthly fee for maintaining your reloadable credit card.
3. Bill Pay Fee – Companies charge fees for paying your bills online using the card.
4. Loading Fee – Reloadable cards need to be loaded with cash. Some companies charge for loading money.
5. Min. Limit Fee – These financial institutions can charge your card for not having enough money left on them.
6. Transaction Fees - If you shop and your card is charged, there might be a fee for such transaction.
7. ATM Fees – It’s standard fee. Whenever you use ATM you’ll be charged a % from the sum or min. $ amount.
8. Direct Deposit - There might be a fee for loading money into your account via ACH transfer.
9. Transfer Fees – If you send money to another account holder, there may be a fee associated with that.
10. Cancellation Fee – Many financial institutions charge fees for canceling their services, so be aware.

“Some companies offer services that allow you to load and reload your credit cards at various grocery stores or large malls like Walmart, JC Penney, Target and so on. You should find out what those locations are and what fees if any they charge for that. Some companies decide to make more profits for themselves for providing convenience to you. Make sure you read their TOS to know exactly what you’ll be paying for.”

Reloadable credit cards are becoming more and more popular these days. With numerous benefits associated with these cards, it’s not hard to see why. First of all, if you don’t know how these prepaid cards work, then let me give you a quick introduction.

Prepaid reloadable credit cards like Visa or Mastercard are provided to you by 3^rd party financial institutions. Sometimes banks offer free reloadable gift cards, but those usually have limitations. You can’t take out and use money everywhere. However the prepaid credit or debit cards offer you pretty much the same features as regular credit cards, except without the risk of having overdraft fees.

The main principal is that these cards are loaded by you. So you don’t take credit of any kind. You put as much money as you need into these reloadable credit cards. You can do so by using direct deposit or specific locations like Walmart. This is extremely convenient for many people. You can use the MS or Visa reloadable credit cards to take out money from ATM machines, pay for groceries, do shopping or pay on the internet. You can also pay your bills with your account. These reloadable cards offer much more than just a card. You get pretty much the whole checking account, except no bank is involved, which is the best part.

Now one thing you may be wondering is that most of these companies offer 100% applicant approval. How can they guarantee that you’ll be approved? Simple. As long as it’s not a bank and you don’t apply for credit limit, they have no risk. That means you can signup and do whatever you want and they won’t care. Because they don’t give you the money. You put your own money into these cards. You can control how much you spend. No more overdraft fees. Nothing like that. I’ve found that it’s by far the best and easiest way to control your finances. That’s why I recommend this to everyone I know.