The Bank of America prepaid visa or master card is just one of the many ways that you can go about building your credit history. You do not have to worry about having to wait six months or more for the process to go through. While it may seem like a huge hassle at first, once you get the hang of things you will see how quick and easy it is. So, what exactly does the bank of America prepaid offer?
It offers an ATM card with no interest. You do not need to deposit any cash in order to use this card. This makes it a viable option for people who have a good credit score but do not want to put their full attention on building their savings account. The perks are incredible.
When you apply for a Bank of America prepaid card, you will be given a number. You can use this card anywhere that Visa is accepted, which is 95% of the world. You can withdraw money from ATMs and even use it to pay bills online. The possibilities are endless.
Now, you should understand how you actually use the card. First, you make purchases with the money you put on the card. You can buy gas, groceries, clothes, shoes, and just about anything else you can think of. You can reload the card with more cash whenever you feel the need to. It is as simple as that. If you do not feel like reloading the card, you can also just pay with cash at the store.
However, you do want to be careful with how much money you spend. It is extremely easy to run out of cash before your grace period expires. This is why you should be sure to set aside a certain amount of money each month. Some people put in three to five hundred dollars every month. That is more than enough money to survive for about two weeks without needing to pull cash out of the ATM.
When you have the Bank of America prepaid card, you will not need a credit check. That means there is no need for collateral either. You do not need to worry about bad credit, either. You do not have to worry about paying fees to use the card, either. All you need to do is pay your bill on time each month and you will earn additional points toward being able to get a higher credit line.
There is also no annual fee. Some cards require an annual fee, while others do not. Bank of America does offer special cards tied to some airlines. These cards usually only have around five percent of the regular air fare cost covered but it adds up to less than a dollar per point if you were paying for a plane ticket every month anyway.
In order to qualify for Bank of America prepaid cards, you must have an active checking account. Also, you must be at least eighteen years old. Be sure to shop around before you decide which card to apply for. There are a lot of cards out there and all of them can benefit you in one way or another. Shop around and find the best card that suits your needs.
Some cards have features that you may not want or need. For example, some cards include an emergency phone number where you can call right from your card. This is very convenient and can save lives. The same is true for having an Internet access on the card. This is useful for people who work from home or have Internet access at their job.
Many cards come with a reward program. Some rewards programs come with cash back, gift cards, or dining certificates. This can add up quickly and allow you to build up a significant amount of cash. If you do not use all the money that you receive from the rewards program, you will not lose any value off of your card.
Bank of America prepaid credit cards are easy to obtain. Qualifying for a card is as easy as filling out an application that takes just a few minutes to complete. Once you have your card, make sure you make good use of it by making purchases on items that you need, paying bills on time and paying off the balance before it gets too high.
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