Depending on the financial institution an individual chooses, there may be an application fee involved. In addition, it may be necessary to pay an annual fee. Applicants should research credit-issuing companies and determine their charges beforehand, as the amount can vary greatly.
Once an applicant receives approval, the account holder needs to make a security deposit. Typically, the deposit is the same amount as the credit limit. However, a bank may allow an account holder to add funds later if he or she wishes to increase the limit. The bank will issue a physical credit card upon receiving the deposit.
There are many advantages to a prepaid credit card, which is why so many people prefer it as a solution. The main benefit of the card is that is allows individuals to control their spending. It is also possible to use the card as a way to build a better credit score. By making regular charges and paying them off timeously, borrowers can establish financial responsibility when applying for other lines of credit. When poor credit renders many people ineligible for lines of credit, a prepaid card is often the answer.
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