Every time we think about credit cards, the thought of getting all the stuff we want to buy at any time of the month without worrying about the instant billing, is indeed tempting. Prepaid credit cards in Canada require us to review our presumed notions that we hold of credit cards. As the prepaid cards have a slightly different function and different usage.
The kind of credit cards which have insurance as oppose to the ordinary ones are actually prepaid credit cards. It means that the amount deposit should be according to your requirements on this credit card and then have to spend accordingly. This is why it is known as prepaid credit card since you can only spend the money you already have deposited on it., the moment the deposited amount on your prepaid card is finished you need to recharge your card.
However, you must be wondering how can such a credit card would be of any help if it cannot allow you to spend the money beyond a certain limit. To be exact your prepaid credit card will not even let you go in for the funds as oppose to the regular credit card that is used by the Canadians ever so often. However, even after all this there are quite some charms that are the blessings of having a prepaid credit cards.
First of all, a prepaid credit card is a type of credit card that any Canadian can apply for regardless of the fact that he/she is having a bad credit history or is low on finances. Your credit background will not be inquired by the Equifax or TransUnion Canada at the time of accepting your request for this type of credit card.
Then the best part about these types of different prepaid credit cards is the fact that they give the Canadians with the poor credit history a brilliant chance to recover considerably. As these credit cards will regularly provide the Equifax and TransUnion Canada, your good credit scores. This in turn will definitely grade up you previous poor credit scores.
Moreover, these cards are extremely helpful for the immigrants in Canada as well, who have to start anew with their financial issues in Canada. No settlers in Canada, should hold the view that as you had a brilliant credit record in your own country, you are off the hook in Canada. But here is the thing, regardless of how perfect your credit ratings were in the country you are from, when you enter Canada, you are to start making everything again from scratch. For this you have got to find an effective and fast way possible. And the most convenient and efficient of all ways is definitely through a prepaid credit card. But, you must be of 18 years if age or older fit the criteria of this card.