Do prepaid cards report to credit bureaus?

Answered on February 15, 2017
Updated on February 15, 2017
The content is accurate at the time of publication and is subject to change.
James Williams James Williams
Most prepaid cards do not report to the credit bureaus as these are not about extending credit to you. Prepaid cards are not credit cards, thus they do not help your credit. But these are a good alternative to carrying cash. If you are interested in prepaid cards, browse through the cards here and apply online.
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ReadyCARDs are issued by Metabank and are prepaid cards. It means that you can use anywhere them debit cards are accepted, including ATMs. ReadyCARDs work similar to debit cards, except that they don't carry a credit line, you will not be charged interest, or late fees. You pay as you go by pre-paying the amount you wish to spend, plus additional usage fees. On the other hand, a credit card gives you a credit line meaning that you may purchase now and pay off later up to the amount of your credit limit. You also have to pay the minimum payment each month until the due date or you may be...
Pre-paid card can be great for this sort of thing. AccountNow® Prepaid Visa® Card has an one-time activation fee $4.95. This card comes with $0 monthly fee, but you should clarify further this information in the cardholder agreement on bank's site. When you choose prepaid card, pay attention of what fees are associated with the card. Some cards charge maintenance or other fees. Some pre-paid cards allow the holder to withdraw the cash which means you would not be able to track what the money was spent on.
You should apply for the card yourself, and then open up a Family Account. You'll add your son to the account, and you can add funds to your own account, which you will then be able to transfer over to his card. He will be able to access whatever amounts of funds you put on the card, and you can look at the account online to see exactly what he is spending. AccountNow prepaid card is a good card for kids to practice using payment cards. This card comes with $0 monthly fee, but you should clarify further this information in the cardholder agreement on bank's site.

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