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What is the best prepaid credit card out there? There are a lot of prepaid credit cards for you to select from. I would like to give you my own best prepaid credit card review in order to help you get the card that truly is the best one for you.

But, first ask yourself why you want to find the best prepaid credit card. It’s important for you to understand what you are getting with a prepaid credit card.

A prepaid credit card is a card that you secure by funding a bank account to which the credit card is attached. In other words, you have to put up collateral and you aren’t getting any actual credit from the bank. If you want a $500 credit limit, you have to put $500 into the account.

A prepaid credit card is really more like a debit card.

However, there are reasons why you may want a prepaid credit card. If your credit is poor, this is the card that you can qualify for. Also, by using the card, and by paying off the principal and interest payments in a timely manner, you can build credit or repair your damaged credit.

There are some such cards that time will actually extend some unsecured credit to you-so, if you started off with that $500 credit line, and you kept making the payments, eventually the bank may raise your credit limit to $750 without your needing to make any further deposits.

Remember, even the best prepaid credit card will carry fees with it, including the annual fee. You don’t get something for nothing, not even when you are collateralizing it.

So use the information below in my best prepaid credit card review in order to compare various cards.

Best Prepaid Credit Card Review

Capital One Secured MasterCard:

  • No processing fees or application fees
  • Use it like any unsecured MasterCard, accepted at millions of locations worldwide
  • Automatically reports to the three major credit bureaus
  • Track credit with access to your credit score and other tools
  • You may qualify for credit line increases with no further security deposit required
  • Your refundable security deposit can get you a line up to $3000
  • APR 22.9%
  • Variable Annual Fee $29

Green Dot Prepaid MasterCard:

  • $0 Activation Online, with no credit check
  • No Minimum balance required
  • No Overdraft or penalty fees
  • No Transaction fees on US purchases
  • No Monthly fee for any month with at least 30 purchases
  • Free ATM withdrawals at over 15,000 MoneyPass ATMs
  • Get a $4.95 credit on your first MoneyPak cash load (see site for restrictions)
  • Get $10 credit with Direct Deposit (see site for restrictions)
  • APR None
  • Annual Fee See Application

Orchard Bank Classic MasterCard:

  • Reports to three major credit bureaus monthly
  • Excellent customer service
  • Acceptance at millions of locations worldwide, including website purchases and reservations
  • Easily access account information online
  • E-mail and text messages are available to remind you of your upcoming payment due date
  • APR 7.90%-19.90%
  • Annual Fee varies with specific card type

Prepaid Visa “Rushcard” and “Purple Diamond Rushcard”:

  • 100% Guaranteed Approval with No Credit Check
  • Only card that lets you change your fee plan whenever you want to
  • Card to card transfers
  • Free direct deposit  $0 Activation fee
  • Free prescription discount card
  • Easy Bill Pay feature
  • APR None
  • Annual Fee, see application
  • Free direct deposit, $0 Activation fee (Purple Diamond)

The Mango MasterCard Prepaid Card:

  • Free Direct Deposit
  • $20 Signup Bonus
  • No Credit Check/No Bank Account Required
  • $0 Activation Fee
  • $5 Monthly Fee – Waived when You Load at Least $500 Per Month
  • No Fee to Check Your Balance With a Text Message
  • Send and Receive Money Securely With any Mobile Phone
  • Free Mango iPhone App (Download from iTunes Store)
  • APR None
  • Annual Fee see application

First Premier Bank MasterCard:

  • Applicants must have checking account
  • $95 Deposit gets you a $300 Credit Line (if approved)
  • Your $95 credit card security deposit remains yours if you close your account with a $0 balance
  • Pay no interest on purchases by paying your balance in full each month
  • Rebuild your credit history by maintaining your account balances under the credit limits
  • APR see application
  • Annual Fee, see application

I hope that you have found this best prepaid credit card review helpful. Get the best prepaid credit card for your situation!

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