Money Management : How Do Prepaid Credit Cards Work?

Prepaid credit cards are used to rebuild credit. Consumers will deposit money into an account and use that money to spend with the credit card. Learn how credit card companies will eventually allow the consumer to use regular credit cards after a prepaid card with information from a registered financial consultant in this free video on credit cards.

Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

Category:

Howto & Style

Tags:

• credit
• finances
• credit cards
• credit reports
• debt management
• debt consolidation
• consolidation loans
• interest rates

[Robindahoodz]

@Snowpum18

she probably has it stuffed in some box under the bed or in the closet, search it when youre alone in the house, thats what i did to get my ssn

[Snowpum18]

Sooo...i'm 15 and my mom has my social security card and I want to buy a prepaid card but since I'm going to need my ss number what should I do? Do all prepaid cards need a ss number....i really dont think my mom is going to give me the number shes too paranoid and cautious

[KeskasidvarGaming]

@KeskasidvarGaming i seemed to miss something in my typing, near the end i meant to type "obviously you cant pay with 'cash'"

[KeskasidvarGaming]

any chance of getting them if your under 18? I play games on PC and use Steam as a source social network for PC gaming, you can also purchase and DL the games off of steam but obviously you cant pay with so thats why im asking.

[thegreatjedimaster]

though with direct deposit, you can put on up to $1000 at a time with greendot. They offer free online bill pay (it works...it's a huge plus!) Though it's a prepaid credit card, you use it anywhere visa is accepted and in the same way you would a "real" credit card.

[thegreatjedimaster]

With prepaid credit cards, the only reason they need your SSN is to verify you are a US citizen. That's it. With the greendot prepaid credit card, the one I use-you put money on it (or direct deposit if you want to put your paycheck on it) and I've used it everywhere visa is accepted-I've used it to buy gas, rent a hotel room, buy stuff online whatever people normally do with a credit card. You can't spend more than you have on the card. You put on there as little as $25 or as much as $500)

[mEtAlMaNiAc787]

um i was looking this up and it says u have to give ur ss# to get a prepaid credit card

is that true?

[narutosakura144]

so you put money on it and the they give you the card the n lets say i have 100 dollars so if i bought something for 40 dollars i don't have to pay any money and dose it work online

[luva2025]

This guy looks smart but his video is talking about something different he's talking about a SECURED credit card. A prepaid card is one that has a money value loaded in it that you bought it for and is for a one-time use.

[mailmanforyou]

yup as much as you want