Reloadable credit cards can be a very good and convenient tool you can use for different purposes at a time when you can’t get access to regular visa or mastercard credit cards. We all are going through tough times in our life. Sometimes we have to start from scratch and that is where the visa reloadable prepaid card can be handy.

There are numerous prepaid credit card brands on the market. Let me mention some of them here: Account Now Prepaid Visa Card, Exact Prepaid MasterCard, SilverCard Prepaid MasterCard, All-Access Prepaid Visa and MasterCard. The list goes on and on.

Why Would I Use a Reloadable Credit Card?

In spite of being a strong opponent of credit card use, I am trying to be objective in presenting the characteristics of credit card products. So, what would justify the use of a visa reloadable prepaid card?

Because prepaid credit cards can be used everywhere regular credit cards are accepted; it is safer to carry plastic than cash; it is faster and more convenient paying by credit card over the phone or over the Internet; there is a much wider selection of what you can get with a credit card than what you’d be able to get paying cash, etc.

All these are great benefits; however, for me – if I would not be able to use a regular bank account – I would value the following features most:

• no liability for unauthorized transactions
• purchase warranty extensions
• ability to charge back if necessary
• no credit check to get a card

How the Prepaid Card Works

Any reloadable prepaid credit card looks just like a regular Visa or MasterCard and is accepted at any place where regular credit cards are accepted, including online and over the phone transactions. Before paying with the card, you have to load money onto it. And it can be done by adding cash, using direct deposit, or transferring money from your checking account.

Where You Can Get a Reloadable Card

Some prepaid credit cards can simply be bought at retail locations, but most of the credit card issuers would require you to go through the application process online or using the bank’s toll free phone number.

Here are some online places where you can get the card:

Exact Prepaid MasterCard
AccountNow Prepaid Visa Card

What to Pay Attention to When You Sign Up

As you may guess, most of the cards have numerous fees, including an activation fee, a cancellation fee, a transaction fee, a cash advance fee, a statement copy fee, the list goes on and on.

Therefore, the first goal would be to eliminate those fees. And it can be done by choosing the cards that offer zero fees if you use direct deposit to load you card. Direct deposit simply means you ask your employer to transfer your wages to the card over an electronic transfer.

Personally, I have used direct deposit for years to transfer my wages to my checking account, and you can do it too with your cash card.

Make sure the card has no overdraft fees, no late fees, and no liability for unauthorized transactions or for a lost or stolen card.

And if you search more, you may even find cards that offer a loan option and an ability to use the card to build or rebuild your credit history.

Overall, a reloadable card can be a good financial tool if you understand how it works and make an educated decision in choosing the right card for your particular situation.