KOHO Easy Prepaid Mastercard
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Prepaid credit cards function just like regular credit cards with one important difference. You won’t get access to credit, which means you’ll need to load money onto your prepaid card from your bank account in order to spend it.
Find out more about how prepaid cards work, compare your options to find the best fit for your unique set of needs and budget and see a list of prepaid credit cards to choose from.
A prepaid credit card function just like credit cards in almost every way. The only difference is that you won’t get access to actual credit. Instead, you’ll need to load your prepaid credit card up with money from your bank account to make purchases. This allows you to avoid paying interest and keeps you from getting sucked into a cycle of debt that can be difficult to get out of.
Many let you earn rewards and some may even come with additional benefits such as purchase protection or extended warranty insurance. These cards can be a good fit for customers with bad credit, students or those who are having trouble qualifying for a regular credit card. They can also be a good option for customers who want to shop on a budget or set spending limits for their children or employees.
Prepaid cards are similar to debit or credit cards and can be used to make online and in-person cashless purchases. However, unlike a bank debit card that’s linked to a chequing account, a prepaid card comes with a pre-set balance that acts as a spending limit. Once you reach the limit, the prepaid card becomes unusable until more money is added to the card. Though pre-paid cards are often referred to as prepaid credit cards, they are not the same as traditional credit cards since the payments made and the account history are not used to build a credit history.
There are a couple of main differences between a prepaid credit card and a debit cards:
There are several types of cards you can choose from depending on what you want to use them for. These include the following:
Aside from the number of different prepaid credit cards you can qualify for, you’ll have your choice of getting a prepaid Mastercard or a prepaid Visa card. There’s very little difference between these types of pre-paid cards. The only time you would want to choose a specific prepaid Visa or prepaid Mastercard is if you shop regularly with a vendor that’s exclusive to one type of card. For example, Costco shoppers can only use Mastercard to pay for their purchases at Costco.
You can sign up for a prepaid credit card with several providers. These include big banks, digital banks and private companies. It’s easy to compare the prepaid cards offered fby different providers by expanding the links below:
You can compare a number of features to find the best prepaid credit card for you:
You can follow these steps to apply for a reloadable prepaid credit card:
You can also purchase non-reloadable prepaid credit cards and gift cards at grocery stores and with other eligible vendors. These cards aren’t personalized and you can typically load a balance at the till without needing to fill in an application.
Prepaid credit cards come with a number of benefits that make them a viable option:
There are also a couple of drawbacks to consider before you sign up for a prepaid credit card:
Getting a prepaid credit card is a good option if you want the benefits of a credit card without the worry. These cards can be a particularly good fit if you don’t want to pay interest or you’d like to avoid overspending on your account. Find out more about how prepaid credit cards work and compare prepaid credit cards to find the best fit for your unique personal situation.
Click on a prepaid credit card provider name to compare offerings.
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