Prepaid credit cards, Other Subject

Assignment Help:

Prepaid "Credit" Cards

A prepaid credit card is not a credit card, while no credit is presented by the card issuer: the card-holder spends money which has been "stored" by means of a previous deposit by the card- holder or somebody else, such as a employer or parent . though, it carries a credit-card brand (Visa, MasterCard, American Express or Discover) and can be used in related behavior just as although it were a usual credit card

After purchase the card, the cardholder loads the account by means of any amount of money, up to the prearranged card limit and after that uses the card to make purchases the similar way as a usual credit card. Prepaid cards can be issued to minors (above 13) since there is no credit line involved. The main advantage over secured credit cards (see above section) is that you are not necessary to come up with $500 or more to open an account. With prepaid credit cards you are not charged any interest but you are often charged a purchasing fee plus monthly fees after a random time period. Several other fees as well typically apply to a prepaid card.

Prepaid credit cards are occasionally marketed to teenagers for shopping online with no having their parents complete the transaction.

Because of the a lot of fees that be relevant to obtaining and using credit-card-branded prepaid cards, the Financial Consumer Agency of Canada describes them as "an expensive way to spend your own money". The agency publishes a booklet, "Pre-paid cards", which give details the compensation and drawback of this kind of prepaid card.


Related Discussions:- Prepaid credit cards

Advance Ex Phys, If you lose 2 pounds of weight during 30 minutes of aerobi...

If you lose 2 pounds of weight during 30 minutes of aerobic exercise and do not ingest any fluid, estimate the fluid loss from ECF and ICF components and subcomponents, and the con

Explain any five natural disasters, Question 1 Explain five distinct zones...

Question 1 Explain five distinct zones of the atmosphere Question 2 Explain any five natural disasters Question 3 Explain any five effects of Air Pollutants

Why do you think there have been so many accounting, Why do you think there...

Why do you think there have been so many accounting scandals in recent years?

Pathophysiology of acute and chronic diverticulitis, Mrs. Dolan, 46 year-ol...

Mrs. Dolan, 46 year-old female presented to the ED with complaints of episodic abdominal pain, a low grade fever, and diarrhea for about two weeks. She was in another country, on v

Implementations of cryptographic modules, Implementations- Cryptograph...

Implementations- Cryptographic modules which realize this standard shall conform to the necessities of FIPS 140-1. The algorithm specific in this standard may be implemented i

Discuss the causes of absenteeism taking into account, Problem: (a) Def...

Problem: (a) Define absenteeism and explain briefly how according to you it can cause problems at the workplace. (b) Critically discuss the causes of absenteeism taking into

History, Americans who opposed the annexation of new territories most likel...

Americans who opposed the annexation of new territories most likely supported what?

Future trends in integrated library systems, Future Trends in Integrated Li...

Future Trends in Integrated Library Systems: The definition of an integrated system is starting to change from a system that shares bibliographic records amongst modules and local

Reconciliation, Outline the development and progression of reconciliation, ...

Outline the development and progression of reconciliation, Other Subjec

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd