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Topic starter
09/04/2014 6:28 pm
Good evening.
I recently posted regarding rebuilding my credit rating however I am looking to check if a prepaid credit card will help in the same way a normal credit card would?
Any help is appreciated.
Kind regards
09/04/2014 6:59 pm
Hi DaveMTR.
Usually it would not. There's no credit offered so no reporting to the credit reference agencies.
Some prepaid cards offer a "credit builder" function. This might, for example, be a £12 loan to you when you take out the card which is then repaid at £1 per month. They report the repayments to the credit reference agencies.
How much will this help? I doubt that it can do much harm though I don't know just how much of a positive influence it would be.
One of them, ClearCash, is described a little more on our bank accounts page at:
Link Updated 2020: https://www.trust-deed.co.uk/bank-accounts.html
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
