Prepaid credit card

[Leido]

Just a question guys: Will a prepaid credit card help or reflect on credit rating/history? and second question is I have a debit card from CIBC with visa logo on it just like TaraF's, can it go towards credit rating too?

Thanks for any replies!

[win-star]

Just a question guys: Will a prepaid credit card help or reflect on credit rating/history? and second question is I have a debit card from CIBC with visa logo on it just like TaraF's, can it go towards credit rating too?

Thanks for any replies!

The CIBC Debit Visa will improve credit rating, Prepaid Credit card doesn't

[Leido]

Thanks a lot win-star!!!!!!

[hollander]

I use a prepaid from BMO for online shopping too. I think it's much safer than a regular card. I don't really see it as an either or thing. I think having both is a good idea because if you have emergency arise, a prepaid card may not have enough on it.

A prepaid card can also be good to use if you travel a lot since canadian debit cards don't work everywhere and carrying lots of cash around is stupid. I know lots of people who have started getting their kids prepaid cards for stuff like vacations or back to school shopping- essentially saying, this is what you have. Once it's gone, it's gone. Considered most people aren't good with credit, I think it's a good tool to start teaching teenagers how to use a card before they get to college or university and get in over their heads.

[Leido]

That's very good info too hollander!
Now where can I get these prepaid cards? from banks only? are they all the same pricewise?
Thanks again for any replies!

[FallenPixels]

You can get them everywhere from banks, 7/11s, the post office and cheque cashing places as well as online

the purchase fees and monthly/transaction fees are different on all of them so do research before buying

[Leido]

Going to google them then! Thanks FallenPixels!

[karen0382]

I don't have any prepaid Credit Cards, just actual credit cards BUT I also opened a new bank account with CIBC and guess what? Their debit cards are Visa Debit cards so that might be something to look into for you as another option.

I was going to suggest this as well. My friend opened an acct at CIBC for this card. However she did run into a few issues with some online stores not accepting that card yet. Also they were not able to be used at Old Navy in stores when they first came out. Not sure if that's still an issue or not.

Buying a prepaid CC often costs an initial administration charge at the time of purchase and that cost varies depending on the amount of the card. Visa charges $4.95 on a $100 prepaid card.

[Insane]

I was going to suggest this as well. My friend opened an acct at CIBC for this card. However she did run into a few issues with some online stores not accepting that card yet. Also they were not able to be used at Old Navy in stores when they first came out. Not sure if that's still an issue or not.

Buying a prepaid CC often costs an initial administration charge at the time of purchase and that cost varies depending on the amount of the card. Visa charges $4.95 on a $100 prepaid card.

I was thinking about reloadable ones. You can't buy those in stores I think.

I haven't heard great things about the CIBC one. It's not accepted at so many places in Canada from what I understand.

[FallenPixels]

I only had one issue with the zoompass one, but the woman in front of me also had an issue (using instore) and we have never had an issue with the Nextwave one from moneymart, except if you do want to take cash out using it as debit, it doesnt work in some convenience store triton type machines

[Amanda83]

I have the BMO one and I LOVE it, I get my air miles monthly which is nice too I use it for EVERYTHING....if you have a BMO account you can make a payment online and at the bank and the money is on the card immediately. When I would make a payment with my Royal account it would talk a few business days for the money to show up on the card. So I prefer this way and it's been GREAT so far!!! Another option is the Capital One deposit card and that helps to build your credit if you haven't got any or it's bad Good luck in making your choice

[Leido]

Many thanks for the info guys!
Though I have to add, I was informed by CIBC that the use if their debit cards wouldn't reflect on your credit history/rating. Just don't know how accurate this is.

[jonathanpaul]

Hi guys,

I need help here.. i am a newbie with regards to credit cards.. Whats the difference between a prepaid credit card with conventional credit cards?

[FallenPixels]

Perhaps before making yourself a 'money advisor' site you should learn lol

[jonathanpaul]

Perhaps before making yourself a 'money advisor' site you should learn lol

Hi there,

I don't own that money-advisor site.. What i meant by "this is my site" is that i love the site.. i am a member of the forum site and it helped me a lot but people there are not talking much about prepaid credit cards. That is the reason why i search for another forum site and i found this thread.

I want to know more about prepaid cards.. do you have any valuable information about prepaid cards that you want to share?