But prepaid cards come with a few more bells and whistles, like the ability to set up direct deposit and check your balance on a mobile app. Similar to a gift card, you add value to the prepaid card before you can use it, which is essentially like prepaying for future purchases. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt.After that, you may be considered responsible for them, even if fraud is involved. Additionally, there’s a time limit for disputing charges. But these protections may not measure up to those of traditional credit or debit cards.įor example, you may need to register your card in order to get assistance from the card provider. The government has taken steps to provide legal rights for prepaid cardholders, like a pathway to reimbursement should you lose your card or have it stolen. Prepaid cards may also come with fewer protections than your typical credit or debit card. The CFPB also points out that these fees vary in amount. Not using your card for a certain amount of time.According to the CFPB, you may be charged fees for a number of reasons, like: One important thing to research before choosing a prepaid card are fees that might be associated with any number of different actions. While there are some situations where prepaid cards might be helpful, they can come with certain disadvantages. And it’s free for everyone, not just Capital One cardholders. Using CreditWise to keep an eye on your credit won’t hurt your score. Plus, you’ll get email alerts when something meaningful changes on your TransUnion credit report and more. It shows you key factors that may impact your VantageScore® 3.0 credit score, provided by TransUnion®. One way to keep an eye on your credit score is by using a credit monitoring tool like CreditWise from Capital One. If that’s not an option, there are other ways to build credit from scratch, like applying for a secured credit card. If your goal is to establish credit, you might consider applying for a traditional credit card. That means activity on your prepaid card isn’t reported to any credit bureaus and doesn’t impact your credit score. When you use a prepaid card, you aren’t borrowing money, and there’s no associated line of credit. The Consumer Financial Protection Bureau (CFPB) confirms that prepaid cards generally won’t help build your credit history.
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