Top 10 Prepaid Credit Cards 2019 to Build Credit

Prepaid credit cards to build credit

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Building credit is a crucial part of developing and strengthening your financial health, but it’s got to start somewhere. Having a good credit score is essential for taking out loans, such as auto loans and mortgages. It also plays a role in securing an apartment and even getting a cell phone contract. But what if you have no credit at all? What tools can you use to build credit?

Luckily, there are prepaid credit cards available that are designed to help consumers with no credit. If you’re just beginning to build your credit, prepaid cards can be a great option.

Making purchases and repaying your debt on traditional credit cards is also a great way to improve your credit, but these are difficult to get approved for if you don’t already have some sort of credit established. On the other hand, prepaid cards have no credit behind them, despite the fact that they look and spend similarly to conventional credit cards.

Got Bad Credit? These Credit Cards will build your Credit Score!

Read more: Clueless about Credit Card? 8 Options for Those New to Credit

What Are Prepaid Credit Cards?

Prepaid credit cards aren’t really credit cards at all, though they behave somewhat like them. Instead, they’re technically like debit cards in that you are basically spending your own money when you use them. You load a certain amount of money to them in advance and are able to spend only up to that amount. You don’t even need a bank account to have one.

Prepaid credit cards are often confused with secured credit cards, though they differ. Reloadable prepaid cards are more like debit cards, despite their name. On the other hand, secured credit cards are more like traditional credit cards. The only exception is that a security deposit must be made before a secured credit card can be used. Then, you’re able to spend up to the amount of money that you deposited and make regular monthly payments on the amount you owe.

By using your secured credit card wisely, you can build your credit from the ground up. Eventually, you can end up with a credit score good enough to get approved for conventional loans at reasonable rates.

So, what are the best-prepaid credit cards available?

1. AccountNow® Gold Visa® Prepaid Card

This prepaid card is very simple to get approved for given the fact that no credit check is required. All you need to do is provide proof of identity to take advantage of the card’s benefits.

  • No credit check
  • No minimum balance
  • No late payment risks
  • Free direct deposit
  • Simple online bill payments
  • No activation fee
  • $10,000 balance limit
  • No overdraft fees
  • Receive text alerts of your account balance

2. PayPal Prepaid MasterCard

PayPal has really made a name for itself as far as online payments and fund exchanges are concerned. As such, it’s no surprise that the company now offers prepaid cards for its customers. Although the card comes with a monthly fee of $4.95 per month, the cost may be worth it considering the fact that it provides unlimited PIN purchases and cash back from certain stores and restaurants.

  • Add money with direct deposit
  • Transfer funds between your card and your PayPal account
  • No purchasing fee
  • Access your funds up to 2 days faster than traditional banks
  • Over 130,000 reloading locations across the country
  • Cash back rewards
  • Earn up to 5% Annual Percentage Yield (APY) if you open an optional savings account through Bancorp Bank

3. Western Union NetSpend Prepaid MasterCard

The easily accessed and inexpensive Western Union NetSpend Prepaid MasterCard allows you to deposit your paycheck and any government benefits you may receive free of charge. This card offers the convenience of a prepaid card as well as the capability of sending and receiving transfer transactions from wherever you happen to be.

  • No monthly fee (with exceptions)
  • Access to 5% APY (annual percentage yield) savings account on balances up to $5,000
  • Free Western Union money transfers
  • Free balance inquiries through text alerts
  • Free card reloading at more than over 130,000 locations nationwide

Read more: Top 6 Best Rewards Credit Cards 2019

4. American Express Serve Prepaid Card

The American Express Serve prepaid card is low-cost and offers users simple ways to add funds and avoid unnecessary fees. There is a $1 monthly fee attached to this card, though this fee can be waived if you load $500 to the card every month and use direct deposit.

  • Set up sub-accounts for family members
  • Use the reserve function to put money aside every month for large expenses
  • Free cash loading at 7-Eleven and CVS stores
  • No credit check
  • No minimum balance
  • Free online bill payment
  • Free early direct deposit

    Prepaid credit cards
    There are several prepaid credit cards available that can help you manage your spending habits and more.

5. American Express Bluebird Prepaid Card

Thanks to its simplicity and the absence of fees, the American Express Bluebird prepaid card is becoming very popular. There are also a lot of bonuses that come with using this prepaid card, such as the ability to add money at no cost at Walmart checkout registers or when using mobile check deposit.

  • No minimum balance requirements
  • No monthly or annual fees
  • No overdraft fees
  • No card replacement fees
  • No inactivity fees
  • Cash checks to your account with the Bluebird Mobile app.

6. Movo Virtual Prepaid Visa

This is a great card for not only building credit, but also for protecting your online transactions. The unique technology behind the Movo Virtual Prepaid Visa allows you to protect your primary account number from any data breaches or hacks.

  • Free ATM network at over 6,000 ATMs
  • No monthly fees
  • No activation fees
  • No charges for inactivity
  • No fees on purchases made with your Movo Virtual Prepaid Visa

7. Mango Prepaid Mastercard

The Mango prepaid Mastercard comes with a handy mobile app to send money, check your balance, and keep tabs on expenses. Or else, you can always check your account balance via the automated phone system or have the info sent to you via text. Perhaps the best thing about the Mango prepaid Mastercard is the savings account feature that you won’t see anywhere else.

  • Transfer funds directly to your PayPal account
  • Earn up to 6% Annual Percentage Yield (APY) with Mango Savings
  • Flexible and secure
  • 30-day transaction cycle
  • $1 minimum monthly reload amount
  • Use nationally and internationally

8. Chase Liquid Card

The Chase Liquid prepaid card is a flexible one. You can use the card for purchases anywhere that Visa debit cards are accepted. Pay your bills using the online “Bill Pay” feature, or pay at merchants where Visa debit cards are accepted. Check your balances using the Chase Mobile app from your mobile device, and receive email or text alerts to be notified that you’re approaching your limit.

  • Waive the monthly $4.95 fee by linking your card to a Chase checking account
  • Funds deposited are insured by the FDIC
  • Add chip security for added safety
  • No transaction fees to load or withdraw funds at Chase ATMs
  • No activation fee

9. Fifth Third Access 360 Reloadable Prepaid Card

You can easily load and withdraw funds with the Fifth Third Access 360 reloadable prepaid card. It’s also easy to track your expenditures with the mobile app or online banking feature, which is important when your limit is approaching. If you have a Fifth Third checking account or add at least $500 to your card every month, the $4.95 monthly fee will be waived. Enjoy free withdrawals at over 50,000 ATMs nationwide.

  • Use wherever debit Mastercard is accepted
  • No activation fee
  • No fees to transfer or withdraw at over 50,000 ATMs nationwide
  • No overdraft fees

10. BB&T Prepaid MoneyAccount

Managing your money wisely is easy with the BB&T Prepaid MoneyAccount card. Get account alerts, set up direct deposit, and budget your finances with this convenient and flexible prepaid card. You can also share your account with other family members and even carry as much as a $10,000 balance, which is a lot higher than many other prepaid cards.

  • Free withdrawals and purchases wherever Visa is accepted
  • No minimum credit score needed
  • No separate bank account required
  • No overdraft fees
  • No interest charges
  • Earn cash back when you make purchases using BB&T Deals
  • Protection against hackers

Final Thoughts

To establish good management habits and build credit, you need to take advantage of certain financial tools available to you, and credit cards are often the tools of choice. But, you need to get the right type of cards. Prepaid credit cards, are excellent tools that can help you control your spending and create an effective budgeting system. They’re easy to get and simple to use.  Carefully evaluate your options so you can select the best card for your particular needs and situation.

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