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

Define the term counter-transference, Question 1: (a) Define Counselli...

Question 1: (a) Define Counselling and name its relationship with psychotherapy. (b) Explain the process of counseling and demostrate how the technics use by the counsellor

Server environment - in hardware, In hardware A server is a computer th...

In hardware A server is a computer that has been place away to run a specific server application. For illustration, while the software Apache HTTP Server is used as the web ser

Informative speech, To write an informative speech for presentation on "The...

To write an informative speech for presentation on "The importance of pre-school education in Singapore"

Functions of the occupational safety and health inspectors, Question 1: ...

Question 1: What are the functions of the Occupational Safety and Health Inspectors? Question 2: (a) What are the main purpose and objectives of the Occupational Safety

Risk behaviors, Risk Behaviors: One such pathway that gender operates thro...

Risk Behaviors: One such pathway that gender operates through includes the behaviors that men and women choose to engage in. The frequency in which more males participate in reckl

Differences between social care and counselling, Question: (i) State t...

Question: (i) State the relationship and differences between social care and counselling. (ii) Critically analyse the two different social care counselling and the areas i

Bed., what are the factors affecting wastage and stagnation?How you as atea...

what are the factors affecting wastage and stagnation?How you as ateacher can overcome these factors explain with illustrations?

Sociology, what method usually involves two or more countries or cultures t...

what method usually involves two or more countries or cultures that have several things in common but differ in one particular dimension?

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