|
What is a prepaid debit card?
Ok, well I'm thinking of getting what I heard is a prepaid debit card. It is getting kind of annoying asking my parents to use their credit and in return I pay them the cost of what I'm getting because they not always agree even if I pay at full price. Anyways what is it? How do I use it? And where can I get one? There is a Walgreens near where I live and I heard they have prepaid debit cards there called the Green Dot. Can I use that? And what are the fees to a prepaid debit card? I prefer very detailed responses because I am pretty new to this kind of stuff. Basically I just need one to buy stuff on Ebay and maybe use it for my Xbox Live subscription. Also if I buy one and when I need to put cash in it do I just bring the card to the place where I bought it and pay them the amount I want?
[ ]
Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
It is what it's called.
You can buy them at places like Wal-Mart, the grocery store, & pharmacies like Walgreens, CVS or Rite Aid. You can even get them at 7-11.
You basically select the amount you want on the card, and then give that money to the cashier. So if you want $700 dollars on it, you need to have the actual $700 in cash so that the cashier can put it on there.
Some are re-usable where you can keep putting money on it after the original amount runs out. Others have a set amount and once it's gone, you'll have to buy a new card. You need to remember that there's an activation fee which is usually around $3-4 depending on the card because each one is different.
To reload the card, there's either a phone number or a website you can go to. I'm pretty sure that if you'd want to go to reload it in person, you'd have to go to the store where you bought it, but this is stuff that you can ask the cashier because I'm not 100% sure.
But for using it when shopping or whatever, you'd use it like normal where you swipe it & put in your pin. :) Remember to keep track of your spending though because if you try to buy something & you don't have enough on the card, you'll be denied. :)
]
I am a great deal older than most of the advisers on this site, so my advice will be somewhat different from what you may have received and may continue to receive from others.
Not being too familiar with the prepaid debit card I went on line to do some research for you. Below is the web address to the site I found that had the most information.
www.findcredit.com/credit-card/prepaid-debit-cards.html.
A prepaid debit card is not a credit card but can be used like one. What happens is you deposit a sum of money in an account that the card draws against when you make a purchase. Each of the cards has different limitations and different ways you can add to your account. Some can be added to at retail locations others can have direct deposits made from your employer and some will accept transfers’ from other cards or bank accounts.
I suggest you look at each of the cards shown on the website I am sending you to look at. Find the card that best fits your needs and apply for that one. There may be age restrictions so be prepared to ask your parent(s) to cosign for the card. I ‘m sure what I’m about to say is not what you want to hear but I will say it any way. At age 14 your parents are legally responsible for everything you do so it is best you consult with them and get their approval before you apply for any debit card.
]
a prepaid debit card is a card that you can buy, and once you pay for it, you can use it like cash, as long as there is money on it. You will set up a PIN number, and every time you want to use the debit card, you will swipe it on the machine, and then type in your PIN.
its called prepaid, because its not linked to a bank account. If you want $500 on it, then you have to pay the walgreens cashier $500 and they will out it on the card.
You can get any amount put on it anywhere from $20-$1000 dollars. however much you want to be on the card, you will have to pay the cashier up front. But once its on there, its like cash.
hope this helps! =]
steph 21
]
More Questions: |