When you open up a bank account you can request a debit card that works like a prepaid credit card and usually there is no fees attached. Most banks like having you as a customer and are more than glad to give you a prepaid debit card. The advantage of course is that you already have a committed amount of money in your checking account that secures your prepaid credit card.
People who have their payroll check automatically deposited usually find that it is very easy for them to obtain a credit card. People who are on a pension, social security or other controlled income often get a prepaid card in order to pay their bills, buy what they need, and make reservations when necessary. The prepaid credit card is one of the best types of credit cards because it is secured with funds already available, provides the consumer an available amount of cash, and protects the lender from losing any money.
The use of a free prepaid card for most consumers has been the answer to their spending problems. It seems that the cost of a secured or non secured credit card has been so high that most consumers shudder at the thought of having to use one for any purpose. The government is trying to put in sanctions that will help the consumer but the lending institutions may cancel the lending procedures in order to stay in business. While the government is coming up with their plan to help the consumer the lenders are also working on a plan to help govern their lending programs it should be interesting to see how it all comes out in the end for everyone concerned.
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