Comparison Site for Great Credit Card Offers

June 10, 2005 05:35 PM

When applying online, a bank account is required to fund the card. These advance payments are then used to offset future purchases made with the card.

Advance payments can be funded directly from the cardholder’s paycheck, which can be automatically loaded to the card every pay period. The card can also be loaded with another credit card, by sending a U.S. postal money order or cashiers check via mail, or through MoneyGram merchant locations. Each time the card is loaded, a fee is applied to the account.

There is no interest applied on the account, no annual fee, or other similar charges found with most unsecured credit cards. There is an application fee of $59.95 and a processing fee of $90. Including the required deposit of $10, the total initial charge is $159.95. There is also a monthly participation fee of $4.95 that amounts to $59.40 annually.

For cardholders who would like to build their credit, the card offers a Credit Builder service that reports to a credit bureau for an additional fee.

Therefore, those who are looking for a stored value card with flexibility to pay in advance for purchases, do not mind paying upfront fees, and would like the opportunity to participate in a credit building program will find the Executive Plus Pre-Paid Visa® Card to be a beneficial option.