Creditbuilder Prepaid Credit Cards
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Listed above are credit builder credit cards available under your search. Just click on the arrow to get further details about the credit building credit cards.
A poor credit history comes in two parts:
A prepaid card that comes with useful benefits that a credit card can provide, but it won't get you into debt. This is due to it works just like a pay as you gophone, you put your money onto your account before you can use it. But the unique feature is that you can add creditbuilder to the card at no extra cost as its a free service within your price plan.
Creditbuilder is designed to help you get a better credit rating by giving you a small, interest-free loan that pays the 12 monthly fees that you would pay for a year's use of the prepaid card.
creditbuilder works like this:
-The prepaid card company will lend you a full year's worth of monthly fees in advance, completely free of interest
-The loan is paid directly to AFL, so no money changes hands and it's never available to spend
-You repay the loan by making 12 monthly payments which we transfer directly from your card account to repay your loan
-Prepaid card company report your payment history to the Credit Reference Agencies.
If you make all your payments on time you'll have proved that you can manage credit responsibly, so your credit rating should improve and you don't pay a penny more with creditbuilder than you would with a normal prepaid card account.
As long as you manage any other credit or loan accounts responsibly, you should see your credit rating improve. If you successfully follow the simple steps with creditbuilder, it should help your credit rating. But remember your credit rating is only a loan that will only make up part of your overall credit score if you have other credit arrangements you need to ensure these are paid otherwise they can't guarantee it will improve.
So ensure you complete all credit agreements according to the terms and you don't open too many accounts or apply for credit in a short period of time.
Start using credit builder and increase your credit rating by up to 40%
You don't need to have a bad credit history to use credit builder. Start improving or rebuilding your credit rating today.