Make Money and Rebuild Your Credit with a Prepaid Credit Card
Contributed by Deb Powers
Make Money and Rebuild Your Credit with a Prepaid Credit Card
If you've decided that a prepaid credit card is the right choice for you, there are quite a few options available that offer you varying benefits. Perhaps you're looking to restore or repair your credit. Maybe you want an easy way to give your away-from-home student a monthly allowance. No matter what your reason, why not choose a prepaid credit card that allows you to earn income at the same time?
Prepaid Credit cards that help you rebuild your credit.
Not every financial institution that issues stored value credit cards makes reports to credit agencies about your spending history. If part of your reason for applying for a prepaid card is to repair your credit history, then make sure that you choose a a company that does. There are also a number of issuing institutions that offer credit reporting as an add-on service for an additional fee. Among those are:
BuyRight PrePaid Master Card from Metabank
For a one-time set-up fee of $49 95, plus an activation fee of $20, the BuyRight Master Card is one of the most affordable of many plans that help you rebuild your credit. The fees for withdrawals and transactions are well within the expected fees charged by other debit and prepaid cards - from $1 to $2 per transaction, with the option to choose a monthly fee of $6.95 rather than a per-transaction fee.
Metabank reports your high balance and payment history to two of the four major credit reporting agencies every month. In addition, applying for a BuyRight Prepaid Master Card also gives you membership in the BuyRight catalog program with a $5,000 credit limit. Other conditions and terms apply, but it is a handy way to increase your credit history and improve your credit rating.
Prepaid credit cards that pay you back.
Two major financial institutions offer you prepaid credit cards with an opportunity to make income. Both offer either a rebate on spending, or a referral program. If you don't need to build your credit, and believe that your income through spending rebates or referrals will exceed the annual membership fees, these could be a good choice for you.
First Vineyard Stored Value Master Card
