Phone Credit Card Processing

  Phone Credit Card Processing  - 5 major drawbacks of bad credit credit card  - May 7, 2007  

With a bad credit and less than perfect credit history, getting a credit card with competitive features is not that easy. In this article we take a look at the 5 major drawbacks that come with a bad credit credit card.

1. High APR

With a bad credit credit card the interest rates are reasonably higher. Forget those 0% intro APRs- they rarely come with a bad credit credit card. So, keep your credit card balances low, to stop this high APR from burning a hole in your pocket.

2. One time processing fee

Some credit card companies charge a processing fee for people with bad credit who apply for credit card. This is generally charged by credit card companies due to the credit checks, other formalities and risk involved in providing a credit card to bad credit people. If you are going for a secured bad credit credit card then this fees can be waived, otherwise it has to be paid. The catch here is that credit card companies demand upfront payment of processing fee. But, a wise credit card consumer will find a credit card company which charges the fees to the credit card not demands cash in advance.

3. High annual fee

Keeping the bad credit credit card is definitely going to cost a lot in terms of annual fees depending on the credit report it can go in hundreds of dollars per annum. Bad credit credit cards with 0 annual fees offer is very difficult to find.

4. High late payment fee

Late payment with a bad credit credit card is severely penalized. The credit card companies charge heavy late payment penalties on repayment default and are very quick in reporting the default to credit rating agencies with a bad credit credit card.

5. Lower credit limits

Since, the credit card companies face increased risk in providing credit card to bad credit people, therefore the credit limits are lower. The credit limits can be increased with secured bad credit credit card and proper repayment of credit card balances.

These 5 factors related with bad credit credit cards increase the cost of owning one. Comparing various credit card offers, especially, when you have a bad credit will help you lower the interest and fees burden of a bad credit credit card.

  Phone Credit Card Processing  - 10 unbeatable advantages of prepaid cards  - May 12, 2007  

Prepaid cards come as a whiff of fresh air to those suffering from huge drawbacks of credit cards, and credit card debt. The convenience, ease of availability, guaranteed approval and other features make them ideal replacement of credit cards. In this article we take a look at the most important advantages of prepaid cards.

  1. Prepaid card is given on the basis of your deposited money. So everyone, even those with bad credit are eligible. There are no credit checks, no employment verification and approval is guaranteed.
  2. Prepaid cards can be applied online instantly. And if sufficient deposits are made there are no monthly, annual and other fees. Since, prepaid cards use the deposited money, there are no repayments to be made and hence no late payment fees and other associated penalties.
  3. Prepaid cards are as widely accepted as credit cards, and they have even more acceptability than credit cards in some cases. They can be used on the internet, on phone and all other vends.
  4. Since, you can only spend what you have deposited, the chances of overspending are negligible. This can hugely increase the financial discipline and help build good financial habits.
  5. Adding the money to your prepaid card account is a breeze using direct deposit.
  6. Prepaid credit cards can be used to get instant cash from almost all the ATM's and the transaction is very secure as every prepaid card is protected by a secure PIN number.
  7. Some prepaid card report to major credit bureaus and if your account is in good standing your credit history improves.
  8. The activity and usage of your prepaid card can be tracked online or by using phone. This makes is super easy to control and monitor all your spending, generate reports and keep records.
  9. Prepaid cards can be used to pay utility and other bills online and by using phone.
  10. You can even earn money when you refer a friend to use a company's prepaid card.

Prepaid cards by virtue of these and more qualities are fast getting into hearts and pockets of US population. The benefits are simply too overwhelming to ignore.

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