What You Need to Know about Prepaid Debit Cards for Teens

What You Need to Know about Prepaid Debit Cards for Teens

Prepaid debit cards for teens

MLMFB.COM - Getting prepaid debit cards for teens is important. It can train your teenager financial responsibility. Teach your teenagers how to be smart with prepaid cards without the temptation of reckless spending.

The prepaid card, such as debit card, does not have the number of fees needed to get a credit balance. Prepaid cards also do not have a minimum age limit and do not require a credit check. Therefore, prepaid cards can be a good stepping stone for your teenager to understand it. Your teenager will understand how to manage the expenses on a prepaid card before applying for a credit card when they are eligible. Therefore, you as a parent, it is very important to know about prepaid allowance cards for teens.

Prepaid Debit Cards for Teens as Alternative Choice

This is an option for those of you who do not want to have bad credit that will damage the credit history of your teen bank account. Prepaid debit cards can give the experience of having a credit card to your teenager, but without having the danger such a real credit card.

To get a prepaid debit card, you can simply buy it from the store or register online. After you register, you then fund the card through online or telephone transactions. How much you have to add the card is varies. After funded, you can set the PIN number and then hand the card to your teenager. You will receive a statement similar to a credit card. You can also cancel the card or even change funds if it is stolen or lost.

The Advantages and Disadvantages of a Prepaid Debit Card

Before deciding to make a prepaid debit card for your teenager, it is better to know its advantages and disadvantages first. As a lesson to teach them about financial responsibility to use, there are many reasons to register your teenage a prepaid debit card. Here are as follows:

  1. It can be used online.

    Most teens now have online accounts for everything such as for playing the game, socializing, and to buying books. But, you do not need to worry your teenagers will use prepaid debit cards to just play games and so on. Using a prepaid debit card allows you to control how much they spend and what they buy. If your teens have a smartphone or tablet, prepaid debit cards allow a personalized online ID. It allows them to facilitate spending on games, applications, and other media without relying on your debit card.

  2. It will be safer.

    When your teen goes away with cash, sometimes it makes you worry that the money will be stolen or lost. But, by using a debit card, it will be safer because you can call and cancel if something bad happens.

  3. It will be a valuable lesson.

    By giving them a debit card, that means you teach them about budgeting. The system on prepaid cards is to have money first before spending it. Your teenagers think that when they want something, they must have a budget that is enough before buying it. It is a valuable lesson that they must be difficult first before they are happy. They will feet that behind the happiness there is a sacrifice. So, they will learn to save and be thankful.

  4. It can be controlled.

    A prepaid debit card can make you control how much your teenager is spending. Most of the prepaid debit cards require the authorization and access from parents. So, you can check you teenager’s balance and shopping history. Therefore, you can teach them more about budgeting.

Although prepaid debit cards give your teenager lots of lessons, there are other things that you need to pay attention to. Here are some potential pitfalls that you should know before deciding to give them a prepaid debit card or not.

  • Costs can increase.

    Cost is how companies make money from prepaid debit cards. For example, there are fees for activation, monthly usage, and even ATM fees to withdraw cash. Fees range from $ 1 to $ 3 for ATM withdrawals. And then, it is  $ 5 to $ 10 for monthly usage fees.

  • They have no effect on credit.

    If you want to use a prepaid debit card to increase your teen’s credit score before continuing into college, you can forget it. Prepaid debit cards are seen as the same as bank accounts by the credit bureau. It does not count as a loan or credit card. Teenagers can spend with their cards, but will not show credit scores.

  • It will be a difficult transition.

    When in the end they switch to credit cards, it will be difficult for them. They are used to having to have money first before buying. When they switch to credit cards, they will see the credit limit as free money to spend. They also will not get used to pay back the amount charged by the credit card company.

3 Debit Cards for Teens You Can Choose

To help you find the most appropriate one, below are 3 debit cards for teens as your options:

  1. FamZoo Prepaid Debit Card.

    FamZoo provides parents and teens with access to debit cards. Money can be transferred between accounts repeatedly. FamZoo also gives parents the ability to lock and unlock cards either to control access or as an extra security. FamZoo does not charge fees for re-loading and no direct deposit fee. Monthly subscription fee per family is $ 5.99.

  2. Mango Visa Prepaid Card.

    This card is equipped with a savings feature on money in their saving accounts. Mango Visa Prepaid Card is free of charge for registration, activation, or loading funds via bank transfer. This card has minimal costs. It is only $ 2 to withdraw from an ATM and $ 3 as a monthly fee.

  3. American Express Serve .

    It has more than 45,000 locations for refill network throughout the country. Although there is a monthly fee of $ 4.95, there is no fee for card replacement, sub-account, customer service, or ATM withdrawals. This card can also be obtained for free if you order online or $ 3.95 when purchased from a retail location. Other freebies are online bill payments, fraud protection, and first direct deposit.

Give prepaid debit cards for teens can be a good way to start learning how to budget, save, and spend responsibly. But, still teach them, and you must keep monitoring them directly or indirectly.

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Want to Boost Your Business: Find 5 Best Business Credit Cards for Startups?

Want to Boost Your Business: Find 5 Best Business Credit Cards for Startups?

Business Credit Cards For Startups

MLMFB.COM - Starting a business, not only requires willingness or ideas, but also requires the capital. If you are a beginner who has just a little capital, don't be worried. You can use a credit card. There are many business credit cards for startups, of course, with various advantages and various promos that will facilitate you. Credit cards are a flexible funding source. To get a credit card there is no collateral, and there is no need to survey home, only survey by telephone. Therefore, you must know what the best business credit cards for startups are.

Is It Possible to Use Business Credit Cards for Startups?

When you do not have collateral assets for loans to banks, one alternative is to use a credit card without the collateral. So, it is possible to use a credit card as a business capital. You can use it as a source of funds to finance your business. Here are the wise steps to using a credit card:

  1. Make a careful calculation
    Get used to making mature financial calculations before you use a credit card for business capital. Do you really need business capital from a credit card? Are you able to pay bills every month? Does your business profit exceed the interest rate of the credit card? And other questions that you must consider first.

  2. Pay attention to the detail of credit cards
    If you want to use a credit card for business capital or other purposes, you must pay attention to the details of it. The things you must pay attention to are the limit, the due date, the interest, the rest of your balance, and others. Pay your overall debt every month before the due date. Use credit cards below the limit to avoid administrative fines.

  3. Pay attention to the character of your business
    Before you use a credit card for business capital, you must pay attention to the character of the business first. Can your business provide fast cash? Or is a long-term tempo needed? You need to recognize the type of your business first. So, you know what to do when the due date of your credit card comes. 

How to Use Business Credit Cards for Startups

The main function of a credit card is as a payment. However, actually, credit cards can also function as a source of funds for your business. Here are how to use a credit card:

  • Pay attention to the credit card limits Each credit card has a limit or usage limit. Well, this limit will affect your plan to open a business using a credit card. The higher the limit, will be the greater your chance. It is not impossible if you have a high credit card. You can take loans of up to hundreds of millions especially if you are diligent in paying bills on time. The bank's trust in you will be stronger.

  • Do the calculation simulation
    This will be useful as an overview of your ability to pay bills. You have to do calculations like the amount you will borrow. The main bill is the amount of the loan divided by the length of the installment. Then, calculate interest with the number of interest times the number of loans. Your total installments are the sum of the loans divided by installments and loans multiplied by interest. Of course, your income must be greater than the calculation of installments. At the very least, you have to have a double profit. So, your business will continue to run. That is why you need to think about a lot of things before starting a business with a credit card. This is to avoid you from the risk of getting into debt.

  • Think of the risks of the credit card
    Credit card debt can threaten you to risk getting into debt. You must be very careful about managing your finances. You need to think about a plan wisely before making a debt decision from a credit card. 

5 Best Business Credit Cards for Startups You Can Choose

There are lots of business credit cards, especially those specifically structured to benefit startups. Here they are:

  1. Chase Ink Business CashSM
    Chase Ink Business CashSM is the best startup credit because it provides the highest value for startup. This card does not have an annual fee. This card also offers $ 500 cash back and gives 1% - 5% cash back on regular business expenses. This card is best for startups with related office or travel costs.

  2. Capital One Spark Miles
    This card offers several prizes in the form of points to travel by plane. So, this card is great for startups who often need air travel.

  3. American Express Simply Cash Plus
    American Express Cards Simply Cash Plus is a flexible card that offers a flexible cash back gift program. The Simply Cash offers a cash back prize of between 1% and 5%. This makes the card perfect for startups who want the flexibility of cash back.

  4. Capital One Spark Classic
    The Capital One Spark Classic credit card is one of the best business credit cards for startups whose owners are not the main borrowers. You only need a 625+ credit score to qualify. This card is easier to get, but the benefits and rewards are a little lower.
    The Capital One Spark Classic Card offers a cash prize program. For every dollar spent on a card, you will receive 1% of the money back. Money back can be issued as cash, checks or credit statements. This gives you the opportunity to get small rewards when you build your personal and business credit.

  5. American Express Blue Business Plus
    This card offers continuous rewards of 1x - 2x points per dollar that you can spend. This is a good choice for startups who need to cover short-term expenses. The American Express Blue Business Plus card gives the holder a 2x point prize for every dollar spent in the first year. The prize is up to $ 50,000. After the $ 50,000, the prize rate drops to 1x per dollar spent.

Using business credit cards for startups is the best solution to start a business. But, don't forget that when you have decided to use a credit card, that means you have dependents that must be paid off. Do not hesitate to consult with experts, and really think about any of your decisions.

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The Most Excellent Prepaid Debit Cards with Direct Deposit for You

The Most Excellent Prepaid Debit Cards with Direct Deposit for You

Prepaid Debit Cards with Direct Deposit

MLMFB.COM - Are you using prepaid debit cards with direct deposit? In this era, there are many people that use this kind of prepaid cards. It can be so since they can be a great alternative to the account of the traditional bank. The prepaid debit cards always offer online bill pay, a checking account, mobile check deposit, and direct deposit. You will get those services without any overdraft fees. Thus, it will be beneficial for you. So, don't you use it yet? If you don't, it is time for you to recognize several cards with direct deposit and choose the best for yourselves.

Kinds of prepaid debit cards with direct deposit you can choose

  1. American Express Serves FREE Reloads

    This kind of prepaid debit cards can be the first choice for you. Besides it comes with direct deposit, it can give you the best services for cash reload. Also, this card charges no reload payments for you as the users. Thus, you can do multiple cash reloads in a month if you need to. Talking about the fee, there is no fee to add money from your bank account. You can also access a free online bill pay, free early direct deposit and fraud protection. This service which is free of the fee will allow you to save money from what you do with your card. In addition, for you who need to withdraw your money from ATM, it can also be free. You can get this service by using a MoneyPass ATMs.

  2. American Express Serve Cash Back

    For you who like to get cash back after spending some amount of your money, it is the right choice for you. You will get rewards if you spend more than $600 per month from your prepaid card. It must be the nice cash back for you. Then, you will experience one percent cash back every time you shop with this card. After spending $595, you would break on the monthly payment of $5.95.
  3. Moreover, you need to know that your rewards of the cash back will be added to your debit card. It will happen right after you spend. After that, you can directly redeem the rewards any time you want. It is easy and beneficial for you, isn’t it? There is a very interesting matter you will get by using this card. In the early deposits, you will charge no fee. This free service of the fee will also happen to the fraud protection, in-network ATM withdrawals, and also 90-day purchase protection. That purchase protection is free on the purchase up to $1,000. Then, there is an important matter to know related to cash reload fee. It differs by the retailer and reaches $3.95.

  4. NetSpend Prepaid

    This choice is the best solution for you who need to get the best services for direct deposits. With this card, you will get paid up to 2 days quicker with direct deposit. Besides, you will get an alert while your money is available. For you who need to load money to your account, you can do it by using mobile check deposit. So, you can enjoy this easiness and reload at over 130,000 places. With this card, you can also receive money from your family and your friends. As long as they have Netspend Cards, you can get money from them easily with this card. Furthermore, to manage your account is easy. You can do it just by downloading the free mobile app and then manage your account using that app. Then, there is a nice bonus for you if your friends sign up for this card because of you. The bonus will be directly added to your balance that you can redeem any time. So, just enjoy it.

  5. Chase liquid card

    This kind of prepaid debit cards which is called chase liquid card asks the minimal fees. Besides, it also charges the minimal funds which are FDIC. Both of them are insured up to the maximum total which is permitted by the law. However, you can find this kind of debit cards only in twenty-three states that are completed with branches of Chase Bank. For the additional information, there will be no fee to open the account of this debit card kind. So, what will you do? Yea, you should go inside to the Chase branch.

  6. Akimbo prepaid master card

    For the Akimbo debit card, you are permitted to have a separate prepaid card. It can be like that for every the budget goals. Also, great, you are able to manage every card you have from the app of Akimbo. By using this app, you are allowed to make the autoloads schedule weekly in order to have the recurring expenses. Besides, you are able to enable and disable the cards that you have any time you want. Please remember that you will not find the enrollment or such monthly fee in this kind of debit card.

  7. Walmart money card visa with cashback rewards

    When you use this debit card, what can you get as the shoppers? Greatly, you are allowed to enjoy three percent of the cash back if you buy on the Walmart.com. Besides, you will also get only one percent cash back when you buy on the Walmart stores. On the other hand, there is still an addition for you. You can get two percent cash back if you buy in the Walmart fuel stations. Then, this card provides free direct deposit and also mobile check deposit. Actually, it is as well as the online bill pay.

  8. FamZoo prepaid debit card

    This last kind of debit card will help you as parents to teach your kids to manage their electronic money. It is completed with less risk of fees than if it is compared to the traditional checking account. Then, by using this card, you are able to transfer your money. Even, you can also make the transfers of recurring from one card to another one automatically.

 All of the prepaid debit cards with direct deposit will give interesting benefits and rewards for you. So, just find the most suitable for your need and start to use it for your own business.

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Do You Know How to Get a Mortgage Approved

Do You Know How to Get a Mortgage Approved

How To Get A Mortgage Approved

MLMFB.COM - The higher property prices and the importance of having a comfortable home make you think about having a home soon. One of the ways is to find out how to get a mortgage approved. This way is very helpful and important for you who have low income. This is because you certainly think that bank will not give an easy loan for you with this condition. But now, don’t be worried about it because you will know how to get approval for low-income mortgages. This is a perfect solution for those of you who have a low income but want to have your own home right away.

Here are some ways to realize your dream home with the help of a loan from a bank. There is no reason for you to delay your intention to buy a house and live happily with family just because of low income. If you make a hard effort seriously and apply the following tips, you will get the dream home. The most important thing is to be consistent and keep trying as much as possible.

5 Smart tips how to get a mortgage approved

You will follow the following tips to get the mortgage easily

  1. Know your credit score

    Before you apply for a loan to the bank, see your credit amount. This will be very important because the bank will certainly consider it in order to be able to lend money according to your needs. Your credit score is very large which can be used for banks that will refuse your request to use money because of this.

    Besides that, the bank will also see your order in paying credit. If you pay it orderly, of course, the bank will be more confident with your ability to make installment obligations. But when you are often late or even in arrears in payment, the bank will think twice to grant a loan. Therefore, fix credit reports and the process runs easily.

  2. Save Your Cash

    Saving money is important to get a mortgage approved. Because when you want to get the approval, of course, the bank will check your account first. From your account, banks will predict your ability to carry out obligations every month to pay installments. If the amount of your deposit is very small and looks less convincing, you will find difficulties to get loan approval. Of course, this will be a problem for you.

  3. Stay at Your Job

    When you want to get mortgage approval, one of the things you should maintain is your job. The bank will consider this very much because it relates to the ability to pay off the loan. Therefore keep working with sufficient income as required so that the bank will give you trust. If in the middle of the period you stop working or have a smaller income than before, the bank will conduct a re-evaluation. This is to measure whether you are still eligible to continue the loan or not.

  4. Pay Down Debt and Avoid New Debt

    The amount of debt you have will also be very influential on the bank in granting your loan. If you have a lot of debt, the bank will think twice about giving loans. It could be that the bank refused the loan that was submitted or gave it but only in small amounts. Therefore, it would be better if you pay off your debt in advance before applying for a loan. Avoid large expenses when you are going to apply for a loan because the bank will consider it.

  5. Know What You Can Afford

    You must have a prior view of the house that you will buy according to your ability. If you want to buy a house that is expensive, it would be better to buy a cheaper one and suit on your ability. Measure your ability and not let the party lending money regulate it. Because if you deal with those who lend money who say you can afford to pay, one day you will feel regret. Because actually, the parties that give money want to get extra benefit from the money you borrow.

The way for you to get a mortgage although with a low income

Don’t be sad if you just have a small income, because the following tips will help you to get a house

  • Saving your money

    Having low income is not a reason for you not to save your money every month. You have to keep saving even with a small amount because this habit will be very useful in the future. In terms of saving, the nominal amount saved does not have to be the same every month. Because with a small income, there must be a sudden need that requires you to spend extra money.

  • Try not to rent a house

    Rent a house is the easiest solution to get a place to live for those of you who don't have enough financial ability. But if you think about it again, rent a house will cost a lot of money and it will be better if you use it to buy a house. If you really need a place to live, do not rent a house too long so that you will use your money as the down payment to buy a house.

  • Save your money for the down payment

    One way to own a house for low-income people is to collect a down payment. You can slowly collect it by saving in a separate account. In this way, of course, you will focus on saving for down payment and not using it for other purposes. When you think that your money is enough, you can apply for a loan to buy a house with a down payment. This will ease you than borrowing money in full to buy a house.

After knowing the tips how to get a mortgage approved, it will definitely make you have more motivation to buy a house. Small income is not an obstacle to owning a house. But you must have extra efforts to manage your finances and create a financial balance. Pay attention to your income and expenses regularly. The bank will consider this very much to grant your loans.

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No One Will Tell You What is a Prepaid Debit Card

No One Will Tell You What is a Prepaid Debit Card

What is a prepaid debit card

MLMFB.COM - You must have heard cash and credit payments. There are many payment options using a card, one of them is a prepaid debit card. What is a prepaid debit card? It is an alternative to the traditional bank accounts. It offers the same features as a checking account. Some of its features are online bill payments, cellular check deposits, and direct deposits. Then, what is the best-prepaid debit card to get? Yeah, you must know it first in detail before decide what brand of prepaid debit card to use.

What are a Prepaid Debit Card and the Difference to Other?

A prepaid debit card is an alternative banking card that only allows you to spend the money you put in the card. Like a debit card, prepaid card work on all merchants that accept payment networks, such as Visa or Mastercard. But, unlike the debit card, you can only spend the amount of money you put into your prepaid card account.

When you get this card, it means you open a transaction account held by the bank. You can get this card from the retailers, bank, or the credit card company. With several cards, you can also link to a checking account to make a transfer by online. This card will make you safer and more comfortable than using cash. A prepaid debit card is easy to get because there is no credit check. It also can be useful if you are trying not to overspend because it has limitations.

The difference with a debit card is that the debit card pays now. So, you use money directly from your checking account when buying something. Or you can also withdraw money from an ATM. Then the credit card is paid later. So, you borrow money from the bank when you buy something. You just returned the loan later. Well, if the prepaid debit card is pay before. So, you have to save first in cash, check, or direct deposit before paying a transaction.

Why Do You Must Have a Prepaid Debit Card?

Basically, a prepaid debit card can replace the basic functions of the bank. You will be able to hold, track balances, and spend your funds as needed. Prepaid debit cards are often chosen by people with bad credit and do not qualify for a standard credit card. The risk is also very small because you can only spend as much as you have on the card. Unlike a standard credit card, when your prepaid debit card is lost, your balance will remain and avoid debt accumulation.

There are many other benefits of prepaid debit card that you must have. Here they are:
  1. Train yourself to be more economical

    If you are among those who often overdo shopping, prepaid cards can be the right choice for you. It is because you will not be able to spend more than what you put in. So, using this card can train you to be frugal.

  2. Have a simple process of putting money

    Reloading the prepaid debit card has a very simple process. This is perfect for those of you who do not have a lot of time for putting money.

  3. You can qualify for a prepaid debit card without knowing how your credit history is.

    Prepaid debit cards do not require any credit checks or surveys. Even though you may have a bad credit history, you will still be able to get a prepaid debit card. This can make you easier to make online purchases or bill payments.

  4. In some cases, you can use your prepaid debit card as a bank account

    In some certain cases, many employers like to deposit your salary directly to your prepaid debit card.

How Does the Prepaid Debit Card Work?

When you make a purchase with a prepaid debit card, the payment amount will be deducted from the balance on the card. When the balance reaches zero, the card becomes empty. You can just throw the card unless the card can be refilled. If you refill the prepaid debit card, you can add funds and continue using the card. Here are about how the prepaid debit cards work:
  • You can add money to the card by direct deposit, retailer, or check at the ATM. Some cards also allow you to make the online transfer or check deposit via smartphone.
  • Some prepaid debit cards have access to free national ATM networks such as MoneyPass and Allpoint.
  • You have to pay to activate the card, make a deposit and use an ATM outside the network. Some cards also charge fees for each ATM purchase and transaction.
  • Some cards have limits that you can pull, reload, or spend over a period of time. The example of the period is one day or one month.
  • Prepaid debit cards have an expiration date that you must need to republish your card after it has expired. But, the funds on the card do not expire or remain the same amount.
  • Other features are some prepaid debit cards offering check writing and online bill payments. Some of them also offer many copies of cards for family members. Even there are some that offer gifts cash back purchases, similar to what a credit card does. 

What is the Best Prepaid Debit Card?

Lists below come with great futures and perks. You can choose the best-prepaid debit card that will minimize the number of fees you must pay.

  1. NetSpend Prepaid

    You will get payments up to two days faster with direct deposit. You can also load money into your account using a mobile check deposit and recharge it in more than 130,000 locations. You can also receive money from friends and family who have a NetSpend card.

  2. Chase Liquid Card

    This card does not have a fee to open an account, but you must enter the Chase branch to do so. There is a monthly fee of $ 4.95, but there is no fee to activate and replace the card for lost or stolen cards. The fee is also $ 2.50 charged when you use a non-Chase ATM for withdrawals.

  3. Walmart Moneycard Visa With Cashback

    This card is equipped with free direct deposit, cellular deposit check, and online bill payment. A $ 5 monthly fee will be removed as long as you load $ 1,000 or more on your card the previous month. Refill fees up to $ 4.95 depending on the method and location of refills and ATM Withdrawals are charged at $ 2.50 per transaction.

What’s your opinion after knowing what a prepaid debit card is? If you think it is appropriate for you, make sure of yourself. You must understand every potential cost you will face before you start to use a prepaid debit card.

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