Capital One Prepaid Debit Card

Capital One is only the most recent bank to jump in to the rapidly growing prepaid debit card industry. They are now offering a prepaid MasterCard for individuals without access to a checking account or those with a bad credit history.

Debit cards work very similar to a check card or bank card. You are going to have to deposit money in your account, in order to use your card for purchases. With the Capital One debit card you're also given direct deposit at no charge.

It is estimated that this will give you access to your paycheck up to two full days sooner, and it can help you to avoid paying check-cashing fees. In order to sign up for this service all you have to do, once you get your prepaid Capital One debit card, is login to your account online, print up a form, fill in the relevant information, and turn it into your employer. This whole process from beginning to end should not take you any more than 15 min.

If you have been placed in chexsystems and are unable to get access to a checking account then the Capital One prepaid debit card may be ideal for you. This debit card is not going to check your chexsystems report or even your credit report, for you to get approved. If you are 18 years of age, have a valid US mailing address, and a valid Social Security number then you can get a Capital One Prepaid MasterCard.

Another feature of this reloadable debit card is they provide you with access to online bill payment. You can access this by logging into your account online and going to the bill payment section. This feature enables you to send payments to anyone such as: rent, electricity, car loan, cable …

You can also pay your bills over the phone or online with your Capital One Prepaid MasterCard. It will also be accepted online and over the phone to make purchases from retailers, to rent a car, to purchase airline tickets, reserve a hotel room…

In other words this offer is created to provide the purchasing power of credit card for people with bad credit and while you are not being loaned any money it will still provide you ability to make purchases everywhere a MasterCard is accepted. It will also help you eliminate driving to the store to purchase money orders, so you can pay your bills if you don't have access to a checking account.

Instead you can simply login to your account online and fill in the pertinent information in the bill payment section and with the couple clicks of your mouse, you will have your bill paid. Your prepaid MasterCard is going to be FDIC insured and covered under a $0 liability policy in case you ever lose or have your Capital One MasterCard stolen.

Additionally you can sign up for free text and e-mail alerts about your account activity. Many consumers find this very helpful to maintain a planned budget and monthly spending.

The Capital One prepaid card does carry some fees, however they are comparatively small with many other prepaid card issuers. There is a $4.95 monthly maintenance fee, additionally you are charged $0.95 every time you use online bill payment to send a paper check.

However Capital One does not charge you an activation fee, we have seen popular competitors in this industry charge up to $19.95 for activation. You are also given access to customer service with no fees, unfortunately some prepaid cards sneak in the fine print, that you'll be charged to call in and talk with a customer service representative.

Horizon Gold Credit Card Review

The Horizon Gold Credit Card is marketed to consumers with a bad credit rating. This card sounds like a dream but according to customers it quickly turns into a nightmare.

The Horizon Gold Card is not issued as a Visa or MasterCard. This card is not an American Express Card, Discover Credit Card, but instead it works as a shopping credit card.

For Example

If you have a JCPenney retail credit card, it will only be accepted for purchases you make at JCPenney retail stores. The JCPenney card is not going to be accepted at your local restaurant, grocery store, gas station…

The Horizon Gold Credit Card is exactly the same, it is only going to be accepted for purchases that you make at the Horizon Outlet Store available online by visiting thehorizonoutlet.com, however you are unable to view any merchandise for sale.

With this unsecured card you are given an initial $500 credit limit and they do not require a credit check for approval, but there are many reports easily located online about how terrible the merchandise is that is sold at the Horizon Outlet Store.

The Horizon Card continues to get worse and worse the closer you look at the fine print. One prime example is that, upon activating your card you are automatically signed up for the Horizon Benefits Plan.

This benefits plan is going to charge you $24.95 every month for "My Privacy Protection, My Universal RX, My Roadside Protect, And My Legal Assistance" upon investigating these "benefit plan" features it ultimately amounts to a total of three tow truck calls or $150 in total fees (whichever comes first and with stipulations), a 30 min. phone call with a paralegal about a noncriminal subject, and online account access to your Horizon Gold Card.

In other words we don't feel the services are worth $24.95 every month! You can get out of this monthly plan but will instead be responsible for a $6 monthly fee or $72 annually.

Can The Horizon Gold Card Repair My Credit?

The horizon card advertises credit bureau reporting, but again you must look closely. They say credit bureau as in only one credit bureau, so only one credit bureau is going to get your account information.

If you use your Horizon Gold Card responsibly it can potentially build a positive mark on one of your three credit reports. The problem here is your account is not going to reported or weighed as much as a major Visa or MasterCard and your account is not reported to the other two credit bureaus.

The other two credit bureaus are not even going to be aware that you have been issued a Horizon Credit Card or if your using it responsibly or irresponsibly. It is difficult to find clear and accurate list of Horizon Card fees and charges because the only information they have accessible without providing your e-mail address and zip code is a "Pre Acceptance Disclosure" this is the first pre acceptance disclosure we have come across.

This disclosure is very inconveniently contained in a window about one and a half inches high but must be page after page of information. When you enter your e-mail address and zip code you are agreeing to all the terms in this disclosure which include further marketing of your e-mail address and selling it to other businesses.

The Horizon Gold Card sounds like the perfect bad credit credit card offer: $500 unsecured credit card limit, no credit check, and it will report to a credit bureau, but please don't fall victim to this card and what we believe are unethical lending practices. There are endless reports of this card being a scam, a ripoff, a lack of accessibility to customer service, and it sounds like a nightmare. There are many more fees we discovered and we reached the conclusion that the Horizon Gold Credit Card is one to stay away from and if necessary run from!

Instead we suggest you consider a specifically designed credit card to build credit or a prepaid Visa card - these choices are much more intelligent, economical, and smarter use of your money!