Prepaid Credit Card Its Advantages For Travel
Are you frequently on a trip overseas? Whether you travel for business or pleasure
, a prepaid credit card can be your best partner. What are the advantages of prepaid credit cards over regular credit cards, check and cash? Consider these:No foreign exchange rate fees. Foreign exchange rate or currency conversion fees can be expensive. Most credit cards charge anywhere from 1% to 3% on currency conversion for every transaction. However, you can find some credit cards and prepaid credit cards that do not impose this particular cost which can earn you huge savings.
Better than check. Since its not safe to bring a large bulk of cash while on a trip, most travellers use cheques when spending abroad. Although this has been the traditional mode of payment used by many businesses, the fees can prove to be a burden. Once again, there is the issue of exchange rate to local currency plus transaction charges.
Easy and quick process. Anyone can get a prepaid credit or debit card with no difficulty at all. If you cannot qualify for a regular credit card because of your poor credit rating, you may consider a prepaid card as the perfect alternative. Issuers of prepaid credit cards do not conduct credit check so you can surely obtain one at any time regardless of your credit score and even if you dont have credit history.
You dont need to go through a complicated application process. You can even fill out and submit an online application and pay the set-up fee over the internet. As soon as you have loaded funds into your account, youre ready to use the card for payment.
Safe and convenient. Like traditional credit cards, prepaid credit cards offer safety and convenient for people on the go. You dont need to worry about leaving a bulk of cash in your hotel room. In case of loss or theft, you can simply call up your issuer to have the account blocked against unauthorized transactions. Lost cards will be replaced by a new prepaid credit card so you can be assured that your money will not be spent by anyone.
Control your spending. Using a prepaid credit card can be a great way to monitor your spending especially while youre on travel. This is because you can only spend as much as the funds you deposited in your account. Once the balance runs out, you must make a new deposit or reload your card before you can use it for new transactions.
However, some prepaid credit cards will charge an overdraft fee if you have insufficient funds to pay for your last transaction. This usually happens when there is just a small difference with the amount of your purchase and your available balance. The transaction may still get through but you will incur an overdraft penalty which will be subtracted from your account the next time you reload. Thus, to avoid this extra charge, check your balance first before using your prepaid credit card for payment.
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