Prepaid Mastercards

taonanne

Are Prepaid Mastercards , reported on your credit file - in order to improve credit ratings?

such as cashplus prepaid, The Virgin Prepaid MasterCard, not sure what the point to them over a debit card.

manami_mnm

taonanne wrote: »

Are Prepaid Mastercards , reported on your credit file - in order to improve credit ratings?

such as cashplus prepaid, The Virgin Prepaid MasterCard,

No as they don't provide credit facility. Although CashPlus has a program called CreditBuilder which reports your monthly fee payments to CRA's.

taonanne wrote: »

not sure what the point to them over a debit card.

Some people can't open a bank account, hence they resort to a prepaid debt card.

teffers

taonanne wrote: »

not sure what the point to them over a debit card.

I keep mine in my car as an emergency CC - only £30 on it.

Just in case I leave my wallet at home (which usually saves me money lol).

If it gets stolen from a break-in I'd rather lose a PAYG CC than my real one.