Green Dot Master/Visa Card

How is it more secure than a credit card? Second, prior experience with ANY prepaid card, is that they are loaded with fees, mostly hidden, so it become a fairly expensive way to obtain cash when abroad. You need to read the fine print very, very carefully. It could be a good deal but I would assume it is not until proved otherwise.

PS Just took a quick peak at the card -- $10 to start, $5 a month to use, and $3 for a international withdraw and no indication of the exchange rate. On the surface it doesn't look good.

Thanks! I'll definitely check into the fees, they do seem to be excessive. I guess I meant more secure than a credit card because, worst-case scenario, they'll only get the money on the card rather than spending the credit limit, or withdrawing everything in my account.

But Ann, you have a $50 limit on credit cards and most issuers wave that if promptly notified. Second, the ability to drain a debit account is very limited. First - they have to have your pin number -- how are they going to get that? Second all debit cards have a daily withdrawal limit, and the sometimes the local ATM has an even smaller withdraw limit. So the ability to withdraw large sums in a short period of time is limited. You have to be smart and prepared but I see no advantage to any prepaid card.

Ann, I did research on the prepaid debits and they are not beneficial. They nickel and dime you.

If you have time to open a new account, do it at a credit union. I have a C.U. account specifially for traveling, so its not linked to my personal money.

Check out a post here about the Charles Schwab account. There's no fees to withdraw and you can use it as a debit as well.

I can only think of one instance in which a pre-paid card would be a good idea. If a person is unable to get a checking account because of previous problems. For example, leaving the bank hanging after overdrawing your account will put you on a blacklist so that you can't get an account at any bank. If your are one of the "un-banked" a pre-paid card would be better than travelers checks.

Thanks everyone! Based on all the info about fees, etc., I think I'll pass on this option.

The prepaid aren't the cheapest option. There may be reasons why it makes sense for some. As a general rule, you will do better getting your cash at an ATM and using your credit card for tickets, car rentals, big hotels or major purchases. When there is a better way to do it, I expect almost everyone at this site will change.

Credit cards give you some built in protections including the $50 liability limit for a lost or stolen card as long as it's reported promptly. Keep the phone number for contacting your credit card company with your copies of passport and ID (separate from your originals) so you have a number to call if it's lost or stolen. Also have a backup plan (second credit card, burrow from travel partner, etc.) in case you do lose your card.

I have used my Greendot MC card on all my travels, for many years.
Since I was not credit-worthy while still living in the US, this card was an absolute lifesaver.

It might cost $5 a month, but the reloading, and the direct deposit features are great.
Yes, ATM withdrawals cost $3 a pop, but you can minimize the impact by taking out the limit allowed, and through point-of-sale purchases which are free of charge.
How it all compares to REAL credit cards I don't know, for me they've been a life-saver, and now all my children carry and use them as well, for travel and internet purchases.

What about a secure Visa Credit Card. Are these cards activities reported to the Credit Agencies?

Ann, I thought about this option, Just open up a second FREE Checking account and use your Debit Card as a Credit Card. Now you and transfer money into the 2nd Checking Account with a VISA Logo etc and get to use your card without any monthly fees or startup fees. The only Advantage of I think for using a Pre-Paid Card or a Secure card is to Re-Build your Credit. I am not sure if this Geen Dot Card will report your usage to the Credit Companies like Equifax.

Prepaid cards do not report to credit bureaus. Credit bureaus maintain information about your use of credit, and a prepaid card has nothing to do with credit.

What about a secure Visa Credit Card. Are these cards activities reported to the Credit Agencies?