10 Things Every Credit Card User Should Know


Photo by yoppy

Photo by yoppy

Prepaid Cards Don’t Help Your Credit

A credit card and a prepaid card are two different things. A prepaid card works similar to debit card. Credit cards access credit you have that you can pay back later; prepaid cards require you to send in or transfer money to the card before you can use it.

You can usually use a prepaid card to make payments that require a credit card, but since they use cash that is already in an account, these cards do not help your credit. The payments you make for your purchases are also not reported to the credit bureaus.

|