Archive for September, 2009

What is a Reloadable Card? What are the Benifits?

Wednesday, September 30th, 2009
The CreditLawGroup recently asked:


A reloadable credit card is a prepaid card consumers can use just like any other credit based card with a Visa® or MasterCard® logo. The great thing about them is there is no risk of getting yourself into financial trouble by getting into debt because you can only spend how much you loaded onto the card. These are popular with many teens and people who have trouble managing their spending. Some cards offer a credit builder option where the company reports your use to credit bureaus improving your credit score. They offer very little fees compared to some sub-prime credit cards (Usually around $10) and are a great alternative to carrying cash or even having a bank account. Many companies are now offering various services on their cards such as direct deposit of your paycheck, online bill pay, and allow you to reload your card at thousands of major retailers such as 711®’s and grocery stores.

With  Lenders becoming more strict about approving consumers for credit cards many people are turning to reloadable credit cards to build their credit score. This is a great option for anyone who finds it difficult to responsibly use credit cards, yet want to have most of the benefits credit cards offer. You can use them anywhere traditional credit cards are accepted and provide consumers with a safer alternative to carrying cash or even a debit card. They are great for parents who can provide their children with money while their away at college or just for allowance.  The best service to benefit people who have bad credit is various companies credit builder service, for a monthly fee (usually about $6) the company will report your monthly payment to the major credit bureaus which looks excellent on your credit report. It actually will look much better than most people realize because to creditors they see that you have a spotless payment history  on a credit card even though in reality your only paying less than $10 a month.

As you can see Reloadable credit cards or prepaid cards are great alternatives to credit cards or secured credit cards with high annual fees and interest rates. They are great for people looking to build their credit or just have a card for the convenience of shopping online or other things. It’s important to remember that in today’s society you pretty much need a some type of card. To rent a car or book a hotel room most often than not a credit card is required. So for consumers that cannot get or simply don’t want a line of credit, reloadable cards are a great alternative.

When attempting to repair your credit combining the efforts of adding positive tradelines to your credit report and deleting negative tradelines is very effective in boosting your credit score. This will eventually save most consumers thousands of dollars in high interest fees over the years. If your serious about improving your credit score Contact CreditlawGroup at (800) 508-0041 our competent legal representation can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other erroneous items from your credit report.



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Secured Credit Cards

Saturday, September 5th, 2009
The CreditLawGroup recently asked:


What is a secured credit card and how does it differ from regular credit cards and prepaid cards?

A secured credit card is an option for a person to build or rebuild his or her credit. Furthermore, a secured credit card provides the opportunity for consumers to gain access to certain services such as renting a car or hotel room. Secured credit cards differ from traditional credit cards in that a deposit is required to serve as the consumer’s credit line whereas with traditional credit cards, the consumer’s credit line is collateral free and based partly upon their credit and payment history. Secured credit cards differ from prepaid credit cards as well.  With prepaid cards, there is no required credit history check and the consumer’s credit line is limited to what the consumer has previously paid, or loaded, on the credit card. On the other hand, a secured credit card requires its user to open a savings account which will serve as his or her credit line. The consumer will then continue utilizing the secured credit card as a traditional credit card; in the event the secured credit card user defaults on his or her credit card payment, the user’s savings account will be used as collateral. 

What are the benefits of a secured credit card?

-  Access to a credit card = Obtaining a secured credit card may benefit some people who have a tarnished credit history and therefore, have been denied by traditional credit card providers such as Visa®, MasterCard®, and American Express®. By gaining access to a secured credit card, a consumer has a whole variety of purchasing opportunities available to him or her, such as making online purchases, reservations, and features such as automatic bill pay.

- Improve your credit history= Once a secured credit card has been procured, a consumer now has the opportunity to make consistent, on-time payments. Just as important as making timely, in full payments, it is imperative to confirm with the secured credit card provider, prior to opening the secured credit card, that it reports to the 3 major credit bureaus (Equifax, Experian, and TransUnion) and that it does not mark the reports as a secured credit card. Having the secured credit card provider report positive payments to the bureaus without flagging the reports as a secured credit card is the main way that secured credit cards can improve your credit history and probably improve your credit score.

- Save and or earn money= A secured credit card requires its users to open a savings account that serves as collateral in the event the user defaults on his or her payments. If the user makes timely and consistent payments on his or her secured credit card, this savings account will not and cannot be touched. This is beneficial to the user because for the time that their secured credit card account is open and in good standing they will be saving the money. Furthermore, more than likely the money in that savings account will be earning interest, a net gain.

What are the disadvantages of a secured credit card?

-  Upfront costs= In order to obtain a secured credit card, one must open a savings account to serve as collateral in case the user defaults on his or her payments. Therefore, funds are required to be available prior to procuring a secured credit card. The amount of money that is required depends on the bank or credit union with which the savings account is opened and the amount of money the secured credit card provider requires to be in the savings account. Additionally, some secured credit card providers have application fees.

-  Hidden fees= While secured credit cards offer many benefits, there are fees associated with the usage of secured credit cards such as annual fees. Moreover, secured credit cards almost always have much higher interest rates than traditional credit cards, and thus, it is suggested to utilize them only for as long as needed or until one’s credit has improved. Additionally, some secured credit card providers hold on to the funds in the user’s savings account for a designated period of time after the secured credit card has been cancelled to safeguard themselves against any possible lingering charges. Therefore, it is extremely important to shop around numerous providers for a secured credit card.

- Hinder your credit history= Although secured credit cards may be beneficial to some people, if a user defaults on payments, especially past the amount being held as collateral in his or her savings account, it can tarnish their credit history and consequently lower his or her credit score.

In summary, secured credit cards may be very beneficial to its users by opening doors to new purchasing opportunities, improving credit histories, and saving and/or earning money if used appropriately. However, if a user cannot meet the payments of what they charge on the secured credit card, he or she may be worse off than in the beginning. Finally, if a consumer has decided to use a secured credit card it is imperative to shop around for the best deal, including but not limited to: non-flagged reporting to the 3 major credit bureaus, lower interest rates, lower annual fees, and inexpensive or no application fees.

If your serious about improving your credit score Contact CreditlawGroup at (800) 508-0041 our competent legal representation can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other erroneous items from your credit report.



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7 Tips To Buy Prepaid Phone Cards

Saturday, September 5th, 2009
Euro Calling Cards recently asked:


Looking around to buy a phone card or calling card is not an easy thing and moreover is confusing. There are so many providers and calling card companies that advertise rates as low as 1 cent/minute and other such wonderful rates, and on top of that there is a wide range of choice of different calling cards. Here are the basic 7 Tips to make your choice easy.

Do not go just by the advertisement - When you start searching for a calling card, you will see advertisements of calling cards with calling rates as low as 1 cent/minute to various destinations around the world. Be cautious and make sure if it is really true. Check the connection fee - Always look at the “more information” or “term and conditions” links on websites to see what the other charges there are. One of the most common charges is a connection or disconnection charge. Check for other hidden charges - Few calling cards has hidden charges such as surcharge, hang-up fee, or maintenance fees. Be aware of these charges before you buy the card. Billing increments calculations - The billing increments is the time scale you are billed at when you make calls. The best increment to get is second increment or a minute increment. If you have a phone card that offers 3 minute billing, and you use only 1 minute on a call then you will still be billed for 3 minutes. Calling card expiry - Some calling cards will have an expiry date on it, so once you have passed that date the calling card is dead and it cannot be used anymore. Try to look for a card that never expires, so you can use your minutes when you want to. Look for additional features - The sign of a good phone card is one that offers other features apart from just the usual calling service. These features could include online account management, speed dial, voicemail, etc. If a provider has taken the time to add these services, it can often be a sign they have been in business for long and value their customer and they can provide a good customer service. Customer support email - If you see a phone card you like, you can try sending an email to the address they provide on the card or on their website to check how quick they respond to the customer queries.

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Prepaid Cards

Friday, September 4th, 2009
Greendot recently asked:


Prepaid cards are a type debit cards that draws down a balance that is already loaded or deposited on the card. Prepaid cards are commonly called prepaid credit cards. There are different types of Prepaid cards based on the function they serve including gift cards, travel cards, payroll cards, and general purpose prepaid cards. Unlike debit cards, Prepaid cards typically do not require opening of checking account at a bank. The companies that issued the card and allow customer to access their funds by using it to purchase goods and services wherever a visa or MasterCard debit is accepted maintains the card balances. Cardholders can also use the Prepaid Card like a check card by withdrawing cash from their balance at ATM locations worldwide. These cards are designed for long term use and generally FDIC (Federal Deposit Insurance Corporation) insured, which means that if the issue of the card has financial troubles you can get your money back.

· These Signatures based prepaid cards will allow reloading to the card. Like the other prepaid cards, it can be connected to a bank account, and in some cases may allow you to have your payroll check directly deposited into the account.

There are three ways to use a Prepaid Card

· Use it with Signature Purchase: - A prepaid card can be used anywhere Visa or MasterCard is accepted. (E.g. restaurants, movie theaters, clothing stores, drugstores, supermarkets, etc). Like a regular credit card, cardholders simply sign the receipt after swiping the card

There are numerous benefits from Prepaid cards. These include:

· Accessibility – There are no credit checks and no Check System checks to get a Prepaid Card. and can get transaction history. Anyone can get a Prepaid card. Certain state and federal laws does require government issued ID to get a Prepaid Card.

·Easy Reloading. It’s easy to add more money to the card so the card can be used over and over again. Prepaid cards allow direct deposit of Payroll Checks, Commission Checks, Expense Reimbursement, Government Checks (Social Security, IRS, Medicare, Unemployment, Disability, Welfare, Military, etc.). Save on check cashing fee. Save a trip to cash to the check. And get paycheck even if not in the office. Certain Prepaid Cards allow you to add more money at drug stores and grocery stores so you can have 24/7 accesses to your money.

·Safety - If you are buying online or on the phone and your card is used fraudulently you can get your money back. If you lost your card, Visa and MasterCard has lost/stolen protection.

·Control - Prepaid cards are an ideal way to control the spending of children and employees as it gives transaction history and don’t let people spend more than what they have on the card.

·No debt risk: - With a prepaid card there is no chance of spending too much as it is limited to the amount put on the card. There is usually no way to overdraft a prepaid card like a bank account thus customers can avoid overdraft fees that can go up to $40 per overdraft.

·The card for travel: - As well as being able to top up the card, depending on the specific provider, it can be used in ATMs worldwide. If lost, a new prepaid can be issued from the card provider. Some providers even offer 0% foreign exchange fees.

Prepaid Cards are suitable for those who do not have a bank account and who regularly face inconvenience in cashing their paycheck and making routine payments like for utilities and phone bills. This Card is not a credit card. It is prepaid. Because no credit is granted and no payments are required, this Card does not build credit history.



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