Prepaid / Debit Cards takes the place of carrying a checkbook or cash. These prepaid cards carry the VISA or MasterCard logo and is used like a standard credit card with certain limitations, such as not being able to rent a car.

Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Money is immediately withdrawn from your account balance once the purchase is made, eliminating the possibility of running up a credit card debt. Verification of funds requires entering your Personal Identification Number (PIN) at a point-of-sale terminal.

Prepaid / Debit Cards spending limit is the amount of money you loaded to the card because the funds you are using are actually yours and not the issuer of the credit card. There are no interest or finance charges on a prepaid card.

Prepaid / Debit Cards can be very beneficial because it gives you an opportunity to rebuild your credit history and being able to make purchases as if you had a regular card.