Five Alternatives To Traditional Credit Cards
Credit cards are a convenient way to complete payments using the internet to shop online or cover unexpected and emergency expenses. Unfortunately, there are some instances that can make it difficult for a consumer to get a credit card – such as bad credit or a lack of credit in the case of someone being new to the country. In these cases, there are many alternatives to credit cards that can be used for all of the purposes that a credit card is traditionally used for.
Here are five alternatives that can be used for credit cards:
Online Payment Systems
Online payment systems like Paypal allow the consumer to use these online payment systems to shop online and complete payment, while providing a viable alternative to credit cards. These payment systems are safe and secure and money can be added directly from the bank account to fund these purchases. There are over one million websites that allow the consumer to shop on the internet using their account, without ever requiring a credit card number.
Prepaid Credit Cards
Prepaid credit cards can be obtained from a variety of financial stores and shops. They can also be obtained on the internet to be given as gifts. These credit cards are loaded with a certain amount of money and can be replaced when this money has been spent. Prepaid credit cards allow the shopper to stay within a certain budget, and require no credit rating. They come with high fees, but can be instantly loaded and used after loading.
Secured Credit Cards
Secured credit cards are great for those consumers that have not been approved for a traditional credit card in which the credit limit is granted based on the credit score. Secured credit cards require a deposit which is equal to or less than the credit limit that is being provided and can be a great way to gain access to a credit card as well as developing and building the credit rating. Secured credit cards can be used just like a normal credit card, only the deposit is returned once the account has been in good standing or the account has been closed for an account that is non-secured.
Debit or Check Cards
Debit or check cards can be used like credit cards, but draw the money from the checking account rather than allowing a credit line which should be repaid at the end of the month. These are a great way to get credit card debt under control – and are a great alternative for those that find themselves easily attracted to the lures of credit use.
Temporary Credit Card Numbers
Many financial companies and online payment systems offer temporary credit card numbers which can be used to shop online at stores that do not accept the online payment systems.
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