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the bank gave me a loan that is being put on a visa card....??

is this like a credit card then? Or is it like a "pre-paid" debit card? Can I use this to purchase a money order?

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Anonymous

Asked by Anonymous at 3:46 PM on Jul. 29, 2010 in Money & Work

Answers (4)
  • You can use it for a money order at places that take cards for those. Walmart does, I know. Most gas stations don't.
    Yeah, it's like a prepaid debit card. It is a set amount of money, just easier to use and keep track of. Also, look into if it has loss protection in case you loose it and see if it's protected.
    Kiwismommy19

    Answer by Kiwismommy19 at 3:48 PM on Jul. 29, 2010

  • It is like a pre-paid credit/debit card. You can use it the same way you can a credit card. Just no interest charges or monthly payments!
    xxlilmomma09

    Answer by xxlilmomma09 at 3:49 PM on Jul. 29, 2010

  • It sounds like a cash advance on a credit card to me and that will have a very high interest rate. You need to clarify this with them, know the interest rate, read the fine print, and possibly look for other options if the interest rate is too high. Good luck
    elizabr

    Answer by elizabr at 3:52 PM on Jul. 29, 2010

  • Be VERY careful with this. Read the fine print on the contract. We have a homeowner's line of credit; when we need to use it, we transfer money into our checking account. The interest is very low, right around 4%
    rkoloms

    Answer by rkoloms at 7:10 AM on Jul. 30, 2010

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