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Saturday, July 17, 2010

Pre-Paid Visa and Pre-Paid MasterCard

Pre-paid Visa debit cards and their distant cousins, the pre-paid MasterCard debit cards are very similar to debit cards.  Many people use pre-paid debit cards in lieu of a checking account. 

How they operate is simple, money is deposited or "loaded" onto the card and it is used just like a credit card to purchase goods and services.  When the money is gone, more can be loaded and the cycle is started all over again. 

For typical consumers, this type of card has very little value aside from maybe using as a gift card instead of check or cash.  This type of card is not a credit card and does not re-establish credit.  They can also carry hidden fees and charges.

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