Comparing Related Financial Services - In addition to the credit card company advertisers listed below, Debtconsolidationloan.com offers a wide variety of consumer finance program listings to assist you with controlling your debts and other money management needs. Consolidate credit card bills with debt consolidation loans or use a credit counseling service for help with your getting your monthly budget under control.
- Personal Loan Financing - Shopping for a personal loan online? Need to consolidate debt, but do not want to put up collateral (such as your home or car) as security? These loans are typically referred to as unsecured or signature loans, because only your signature may be required.
- Debt Management Consolidation - Too many credit cards and other bills to make monthly payments on? Start here by reviewing and comparing different debt management options for getting help with your credit card bills and other monthly obligations.
- Debt Settlement Program - High credit card balances making your monthly payments impossible to meet? The negotiation of your outstanding bills with your creditors may be a good debt solution for you. Educate yourself on your options and compare available programs.
Speed Paying and Banking
Cards With a Pre-Loaded Value
These cards come in several varieties that serve different purposes but generally enable a cardholder to pay for goods or services. With each purchase, as the card is swiped through a card reader, the value goes down. It also may be possible to add value onto some pre-paid cards. Sometimes fees may be associated with these cards, so be sure to ask about the potential costs. Examples of the increasingly common and popular pre-paid cards include:
- Gift cards. Think of them as high-tech gift certificates. Some are for use at a specific store or service provider. Others are "universal" gift cards that generally can be used at any retailer that accepts credit and debit cards but usually cannot be used to obtain cash from ATMs and other sources.
While gift cards are great for birthdays or other occasions, they come with potential risks and costs. That's why you should always read disclosures carefully and ask, for example, if a card has an expiration date that could wipe out a remaining balance after a certain time period (something prohibited under some state laws) or if fees will be deducted when the card is used – or not used. - Pre-paid debit cards issued by financial institutions for use at a variety of businesses and ATMs. These cards generally can be used at most retailers that accept debit or credit cards. They also may be used to obtain cash from ATMs and are especially useful as substitutes for traveler's checks. Some pre-paid debit cards also can be used to make purchases on the Internet.
- Payroll cards. With these, an employer deposits salary or benefit payments into a bank account, which an employee can access using a special debit card to withdraw cash at an ATM or make purchases at a merchant sales terminal. "Payroll cards are primarily good as substitutes for paychecks for employees who don't have a bank account and might otherwise pay high fees to a check-cashing store," said FDIC attorney Christopher Hencke.
- Debit cards for Health Savings Accounts. Consumers who are eligible under IRS rules for these tax-advantaged savings accounts at banks and other financial institutions can save for certain medical costs, including doctor fees and long-term care insurance payments, and then use a debit card (or write a check) to pay for qualified medical expenses.
If a pre-paid card is lost or stolen: A consumer's liability for a lost card may vary depending on the type of card and who is issuing it. For example, a pre-loaded card issued by a bank or a major card network may provide more consumer protections than one issued by a retailer, "but to be sure you need to shop around, read the card's terms and conditions, and find out what to do if you lose your card," said David Nelson, a fraud specialist at the FDIC.
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Spring 2007 |
High-tech cards and phones |
Pre-Loaded Cards |
"Contactless" Cards | |
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Last updated on 5/16/2007