Prepaid Credit Card Queries

Snake_Doctor

Hi,
I am looking at getting a Prepaid Credit Card, probably Netbookers or Moneybookers going by the threads here, I have two questions:
Will they work with PayPal? (the main reason for getting them)
Is there a limit to the amount of money I can put on the card in one go?
Thanks in advance,
S'Doc

Kenny Logins

Yep, Moneybookers can be used with Paypal.

I think there is a limit of €3,000 in 60 days when adding funds, and €1,000 in 24hrs (over max. 5 transactions) when buying.

These limits can be expanded with certain verification processes, if you need to.

Pablo Sanchez

What exactly is the point of a pre paid credit card?

Kenny Logins

Pablo Sanchez wrote: »

What exactly is the point of a pre paid credit card?

No credit = no interest. No stamp duty. Shop online.

Until the banks roll out decent debit cards pre-paid 'credit' cards are the best option.

Pablo Sanchez

Kenny Logins wrote: »

No credit = no interest. No stamp duty. Shop online.

Until the banks roll out decent debit cards pre-paid 'credit' cards are the best option.

So what would the benefit be compared to having a credit card which you pay off every month? I mean if you have the money in your current account and dont want to incur interest charges why not simply pay into your credit card whatever you spend online?

I know you have to pay the governmemnt stamp duty on a CC but dont most of these pre paid cards also have annual charges and a transaction fee?

Kenny Logins

Pablo Sanchez wrote: »

So what would the benefit be compared to having a credit card which you pay off every month? I mean if you have the money in your current account and dont want to incur interest charges why not simply pay into your credit card whatever you spend online?

I know you have to pay the governmemnt stamp duty on a CC but dont most of these pre paid cards also have annual charges and a transaction fee?

A pre-paid card cannot get you into debt. €10 annual fee, there is a fee on foreign currency transaction and ATM withdrawals, but they're not excessive.

I think for many people (myself included) having a credit limit may tempt them to spend money that they simply don't have, with the best of intentions to repay on receipt of a statement, but it's very easy to slip into the trap and end up paying high interest.

I could argue what's the point in having a credit card if you clear the balance immediately, or pre-load it?

Pablo Sanchez

Kenny Logins wrote: »

I could argue what's the point in having a credit card if you clear the balance immediately, or pre-load it?

A good point. I suppose the benefit is that you have a line of credit which is easy to access, if managed correctly it can be of great benefit.

That said if your likely to run up a debt your best without the facility.

Once BOI and AIB roll out Visa debit i would imagine it will somewhat decimate the market for the pre paid cards?

BuffyBot

Not really. The UK banks have had Visa debit cards for years. The prepaid market still thrives there.

There are various reasons for pre-paid, from budgeting to security to access to electronic payments. For example, I have a prepaid card I use for travel. I've been to/go to places where I don't want to carry my own credit/debit cards or cash around and a pre-paid card is perfect for minimizing the risk of issues should it be lost or stolen. Online, you might feel more inclined to provide the details of your prepaid card for something if you didn't like the idea of using your main debit/credit card.

For others, it's the allows access to services they might not otherwise be able to avail of (it's much easier to obtain a prepaid card if you're new to the country, or have extremely bad credit).

And again, sometimes it's a budget thing - place X amount on the prepaid card and use that for purchasing A, B and C and when it's gone, it's gone.

wildBoarding

yeah, it's about being able to buy off amazon for me - amazon does not accept payapl

there is a good amount you can do on ebay and it's compatibility is good, but there's certain stuff you just have to go to amazon for, and now that amazon has free shipping to EU (ireland) over £25 (i think it is) it adds to the scales...