Credit Card FAQ

What Information do I need to Apply for a Prepaid Card?

9 August 2010 by CreditCardsCo™

Many people feel that applying for a prepaid card requires the same information that you would need for a credit card, however in actual fact this is not the case. Most of the excess information that is required for a credit card is not what you would require to apply for a prepaid card and there is a logical reason behind it. With a prepaid card, you are only able ton spend money that you have loaded in advance like a top up card. With credit cards on the other hand however, you are able to spend money on credit which means that you are expected to pay it back in the future with monthly interest.

The only information that you would be expected to have when applying for a prepaid card, would mainly be focused around your personal details. Things that you would expect to have at hand during your application process would include your first, last and middle name, your date of birth, your telephone number and your address. When it comes to giving information in regards to your telephone number and address, you are usually expected to give more than one number/address. One is usually kept as a working number/address where as the other is stores as your home number/address.

The good thing about disclosing both options is that one can automatically choose which address/n umber they would like to be addressed on for future bank references. It is recommended that you choose to go with your home telephone number and your home address as your primary option. The other form of information that you also might be expected to give would be your employment status. This is more or less kept as a reference to ensure that your bank has enough details in regards to your personal application.

In order to identify your identity, you will be required to give your social security number, a copy of your passport and a bill from the address that you have disclosed earlier. This is to ensure that they are able to fully identify your identity so that they do not have any problems when it comes to processing your data through their bank system.

If you are planning to apply for a prepaid credit card, it would be a good idea to have a look in the market to see which ones are offering the best benefits. Even though many people feel that a prepaid card is one that you can expect to find at any bank, there are a number of features and services that they offer which are known to make them quite unique. Meeting a financial advisor on this matter could also be a possible option depending on how much money you are willing to spend.

When applying for a prepaid credit card, it is important that you take the time to read the fine print which contains all the terms and conditions. All of this should be done before you disclose the last part of information required which is your signature.

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Credit Card FAQ

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