Credit Card Question?

[RileyNY]

Anyone know which prepaid credit card is good with a $5,000 + balance?

I know with credit card you have to pay at the end of the month.

I know how credit card works but I am really confused how prepaid credit card works, you put money on your card, but when you go into a store say to buy a diamond ring worth $3,000 you give them your card, they swipe it and thats it. My question is how does the store get the money?

 

[yssie]

Riley, this is the second time you''ve asked this same question.


You would be better off calling Visa or some such corporation and getting your answers from the source.


That said, from what I understand a "prepaid credit card" is just a debit card - you put money in, you spend it, you can''t spend anymore once it''s gone. No credit check (I assume this is a big part of the appeal?)

 

[RileyNY]

Dude, why do you counting how many times I asked a question?

I never got a suffient answer.

 

[Kaleigh]

Prepaid credit cards are= to a debit card. They are worth what you put into it. It''s not that complicated.

 

[Karl_K]

http://usa.visa.com/personal/cards/prepaid/reloadable_prepaid_card_faq.html

 

[mryan]

i thought pre-paid credit cards were for illegals or those with poor credit scores. Otherwise, whats the point of using them if you can have a bank account with access to a debit card.

 

[Dreamer_D]

Date: 3/6/2010 1:39:35 AM
Author: mryan
i thought pre-paid credit cards were for illegals or those with poor credit scores. Otherwise, whats the point of using them if you can have a bank account with access to a debit card.

Exactly. I always wondered about why in the world anyone would need or want a "prepaid" credit card... it is just a bank card! Maybe it helps you build credit?

 

[Gypsy]

Maybe you get the CC companies customer purchase protection policies? Don''t know either.

 

[kristie]

There is a LOT of fraud with PP credit cards..........people use stolen credit cards to PURCHASE PP credit cards, then use the PP CC's because they are "clean."

I am in Law Enforcement......happens ALL THE TIME especially with big purchases likely jewelry and big screen fancy TV's

 

[GoldfishPie]

Yep people used them where I worked in retail for a while... we were told to "call in" any purchase over $100 to make sure everything was legal. So Riley, how many lunches and dresses are you gonna have to give up to come up with $5000?

 

[kristie]

Yep, businesses almost always call police departments for officers to respond when someone uses a huge dollar amount on a PP credit card........most people would just use a debit card of their own or a CC for that much dough......

 

[Amethyste]

Date: 3/6/2010 1:39:35 AM
Author: mryan
i thought pre-paid credit cards were for illegals or those with poor credit scores. Otherwise, whats the point of using them if you can have a bank account with access to a debit card.

oh I thought pre-paid card as a gift card for soomeone else to use...

 

[Amethyste]

Date: 3/6/2010 4:28:20 AM
Author: GoldfishPie
Yep people used them where I worked in retail for a while... we were told to ''call in'' any purchase over $100 to make sure everything was legal. So Riley, how many lunches and dresses are you gonna have to give up to come up with $5000?

Wow... He was just asking a question lol.

 

[IceExplorer]

Date: 3/6/2010 8:53:36 AM
Author: Amethyste

Date: 3/6/2010 1:39:35 AM

Author: mryan

oh I thought pre-paid card as a gift card for soomeone else to use...

I thought this too!
I also heard parents get them for kids in college because they can be replenished.

You can do the same thing with a regular credit card, just put the money on it... It shows a negative balance. My visa had -183.35 on it for well over a year. I called them and asked for a check. I ended up getting a new card and I didn''t want to re-activate it. They suggested I just use the money. No thanks, just send me the money.

. Coincidentally, my equifax/FICO score jumped over a 100 points in that time.


I had no idea there was so much fraud associated with them.

Excuse, I have to go now to get a pre-paid credit card to buy some diamonds and a big screen TV

 

[WinkHPD]

I am curious, are Pre Paid cards some how marked to make them apparent? I take cc''s and do address checks etc, but perhaps I have just never had a pre paid card.

Maybe they are just so unusual in my neck of the woods and that is why I am not aware of having seen one.

Wink

 

[Hest88]

Well, companies use them as employee gift cards all the time. From what I understand it''s often an incentive for the credit card company in part because most people don''t use them down to the penny so there''s always money left over for the credit card companies. I can see using a pre-paid card if you''re going overseas or something like that and want to make sure a thief can *only* steal as much as you''ve put onto the card. I have a friend who actually has a separate checking account for traveling, in which she transfers a fixed amount to that ATM card.

 

[kristie]

Your average person, college student, etc. is never going to have $3k, $5k and MORE than $5k as the OP stated or anything close to that on a PP card, that is why this thread kind of smells funny.......I am only being a cynic because I see this with fraud all the time.......

Definitely people traveling overseas it makes sense in case they are robbed and they do not want their CC stolen.......but Joe Shmo looking for a diamond??? Very unlikely........JMO.

 

[elle_chris]

Amex allows up to 5k on their pre-paid gift cards.. We give them every year as gifts. You can also report it lost/stolen and get a new card. just be sure to write down the card number and keep it safe somewhere before you use it.