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Why Get a Prepaid Canadian Credit CardAlso known as secured credit cards, prepaid Canadian credit cards are especially created for residents of Canada. It is interesting to note that there is a difference between secured creditcards and prepaid cards. One major difference is that a prepaid credit cardholder is not given acredit line. Instead, the prepaid cardholder is required to submit funds to his/her account to beable to use the card for purchases.On the other hand, a secured credit card provides its holder with a credit limit just like a regular credit card. However, in order to get approved, the cardholder must first submit a securitydeposit to his/her account which will be used in case of defaults in payments. This gives thecredit card issuer the assurance that the cardholder will not default his/her debts.Below are the four main reasons why Canadians may opt to apply for a prepaid Canadian creditcard.
1.
Get a guaranteed approval.
Those who cannot get approved for a standard credit cardcan be sure to get a guaranteed approval with a prepaid credit card. In fact, you can besure to get a prepaid credit card in Canada regardless of your credit score.Even without credit history, you can qualify for a Canadian prepaid credit card. Yes, providers of prepaid credit cards do not do a credit check on their clients. There’s noneed to worry whether or not you have good or bad credit.
2.
Rebuild your credit score.
Prepaid credit cards for Canadians are wonderful tools inrebuilding credit history. If you’re living in Canada, you can work on improving your credit score by acquiring this type of credit card.If you haven’t yet established your own credit history, a prepaid credit card can help start building your credit rating. While regular credit cards often require good to excellentcredit rating, a prepaid card doesn’t. It gives consumers the chance to start building or rebuilding their personal credit history without any difficulty.
3.
Enjoy the convenience of having a credit card.
Having a credit card can come inhandy especially if you’re frequently on trips or on the road. A credit card can be usedfor purchasing anywhere without the need to bring cash so it’s a lot safer to carry around.It also gives you the option to shop over the internet from merchants anywhere in theworld. All you need to do is deposit an amount that matches your shopping budget andyou’re all set to use your prepaid credit card. If you’re wary about overspending, depositonly a limited amount to your account.
4.
Requires a low security deposit.
Unlike other types of secured credit cards, most prepaid credit cards require a security deposit of only $75. The difference with a securedcredit card is that your credit limit is often determined based on the amount of securitydeposit you’ve submitted. The security deposit required for a secured card can range
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Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. According to the Federal Trade Commission, while identity theft had been holding steady for the last few years, it saw a 21 percent increase in 2008. However, credit card fraud, that crime which most people associate with ID theft, decreased as a percentage of all ID theft complaints for the sixth year in a row.{{http://farm3.static.flickr.com/2546/3...}}

reply07 / 31 / 2009
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