What is the Application Criteria for a prepaid card
What is the Application Criteria for a prepaid card?
It is a online application that takes 5 minutes to complete. provide proof of ID such as a passport or valid driving license and proof of your address, if you are on the electoral roll they can do an automatic verification by providing your home address and If this is not the case just then hard copies will be required of two utilities which can be posted to them direct and make payment if necessary.
Benefits of Cheap Pay as You Go Prepaid Credit Cards for Teens
With so many pay as you go credit cards on offer choosing the best card based on the application criteria could save you time and money as most cards are only available over the age of 18 years and require ID
If you are really looking forward to teach your teens about financial management then you can begin with providing them their first pay as you go with prepaid credit card. But before handing it to them, make sure you inform them what are cheap pay as you go cards, how they work etc.
By using these cards, they will learn to stick to their pockets. A traditional credit card will be too difficult for them to handle. As a beginner, they must learn to handle their budget well and avoid overspending.
By providing pay as you go cards, you can feel relaxed as they can only spend whatever money is loaded onto their card. Also, no other fees have to be paid. Make sure, when you apply for these cheap pay as you go credit cards, you check the details regarding their extra charges.
There are prepaid cards in which when you miss any monthly payment, you are charged with heavy fees. But with pay as you go cards, there is no burden for paying such fees.
Also, teens are incapable of saving and do not actually know how to control over their finances, can be given pay as you go cards. By using these cards, they will surely learn about managing their finances and will turn responsible in life as well.
The application criteria and process for getting prepaid credit cards provide protection to both parents and their children. Since, careless spending of young children can affect parents; prepaid credit cards can keep them relaxed. Thus, the perfect way to make your teens responsible about their finances is to provide them pay as you go credit cards.