Free prepaid credit cards have indeed become a revolutionary concept that pays rich dividends. Unsecured credit cards are given to customers who have a good credit history.
Bad credit customers and customers with no credit often find it difficult to get approval for such cards. Prepaid credit cards or secured credit cards are an ideal solution for such types of customers who want to build or rebuild their credit history.
Prepaid credit cards allow the cardholder to have the same buying power as like the normal credit card. However, the credit provided on the card is not by the card issuing bank but by the card holder himself. It is easy to have a tight control over the budget using prepaid credit cards. These cards are the safest and easiest way to send money to children who are studying at university or abroad or working away from home. One need not pay any interest or late payment fees on prepaid credit cards. These cards also enable the cardholder to plan ahead.
There are several banks and financial institutions providing free prepaid credit cards to customers. Many of these have secure online websites offering an online application form. One has to just fill-in the application form and submit it. It is quite easy to get a prepaid credit card. Anybody can get approved for this type of card. There is no need of credit checks, employment records or details of bank account to be provided for getting approved. Most of the companies do not even charge any annual fees while offering a free prepaid credit card.