Prepaid credit or debit cards are popularly used by teenagers as an initiation to the world of money management. A set amount can be loaded on to it for people use in a 'pay as you go' fashion, in the safe knowledge that there is no scary overdraft or fear of account closure if payments are not met. Once the credit is gone, it's gone. They are now becoming increasingly common among other members of the public too, due to the fact that your social security number is not connected to a prepaid credit card; preventing the fear of identity theft. If someone finds your lost card, they can’t use it to follow any paper trail to your vital information. They are beneficial in many cases where you cannot use cash to make online purchases, such as to secure rental vehicles or make hotel reservations. Additional benefits include; no credit checks or minimum income requirements, you don't pay any interest as a result of making purchases and prepaid credit cards don't charge annual, late payment or over-the-limit fees that often accompany standard credit cards. It is now easy to obtain a prepaid credit or debit card. In 2007, Bank of America kicked off a pilot program in the Los Angeles area of offering credit cards to consumers who have no Social Security numbers. While it has typically been hard for undocumented workers to build credit and increase their purchasing power, Bank of America explained that it is willing to provide credit to someone with little to no credit history in order to meet the needs of an untapped group of possible customers. Now many other banks are widely accepting applications. In order to obtain a card, simply compare the market to find the best one for you and apply either directly through your bank or online.
