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You find yourself planning a trip and would like to
book a hotel in advance and rent a car once you
arrive, but you do not have the required credit card
in order to do so. Perhaps you haven't established a
credit history yet or past issues have left you with
a bad one. Whatever the reason you have for not
having or wanting a credit card, you still have
options for making it possible to book that hotel
room, rent that car or snag that great deal online.
We're talking about
prepaid credit cards and
secured credit cards, 2 options to keep you from
missing out.
Keep in mind that when we say "pre paid credit card"
or "secured credit card" it's not really a credit
card at all; no one is lending you money, no one
will be asking you for payment, you are simply using
your own money, placed as a deposit on the card, for
which you can access the balance in the same way you
would access the available credit of a regular
credit card.
For example, you have a pre paid card on which you
have deposited $1000. You make a purchase of $450,
which means you now have $550 of remaining funds on
that card until you make another deposit to it. Your
friend, however, has a
Visa Credit Card
with a credit limit of
$1000. He/She also spends $450 on some items,
leaving available credit of $550 until a payment is
made on the card. Very similar, except for one
point, you are your card's financer where as your
friend's card is financed through a bank. Which
means that he is now carrying $450 worth of debt and
you are not. On top of this, you have the same basic
benefits that your friend does with his VISA card;
you can book that hotel room, rent that car, or
purchase that deal on the internet. Pre Paid cards;
the benefits of a credit card without the
possibility of debt, a nice stress free solution to
help you get the things you want and go to the
places you wish.
Here's
what to look for:
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