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I’ve never actually had a prepaid or debit card and I was wondering how to use it...

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I’ve never actually had a prepaid or debit card and I was wondering how to use it wisely without making any mistakes?

Answered on Feb 8, 2013

Updated on Nov 25, 2021

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

In general, prepaid cards are an alternative to carrying cash and they are convenient to use. Prepaid cards help you develop good payment habits. You will learn to stay within spending limits. And when you decide to apply for a credit card this will pay off. Some prepaid products allow you to spend more than you have on your prepaid account so be careful. Also, if you are interested in building a good credit history, prepaid cards won't help with that. The issuers do not report to the major credit bureaus.

tags : American Express Prepaid Cards

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Does applying for a debit card affect my credit score?

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I am thinking of getting a prepaid card for my son who is away to college, he has a job but every now and then I wanted to be able to give him some extra spending money. I am considering the Arvest gift card, any advice?

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