No Credit MasterCard For Better Financial ControlMasterCard is arguably the biggest card brand in the world. It is also one of the most popular brand. Its a strange misconception that people usually think of MasterCard as a company which only provides credit cards. The truth is very different, while the premiere product of MasterCard is credit cards, there are some other cards offered by the company. These cards are called no credit MasterCard and they include debit cards and prepaid cards. These cards are named so because they do not provide any credit to the card holder. Credit is basically a fixed amount of money provided by a bank to a card holder which he/she can use to make transactions. The money taken has to be paid back after a fixed amount of time. Credit cards operate on the basis of credit, whereas no credit MasterCard, as the name suggests, do not involve any credit extension. These cards are based on the concept of advance payments. You have to set up an account and deposit some money into it. You are then issued a card to access the money in that account. You are allowed to spend only that much money which is in your account. Whenever you make some transaction, the amount is deducted from that bank account. Hence, you use your own money and at the end of the day you don't owe anything to the bank. These cards look exactly like a credit card and they carry the MasterCard logo on them. These cards can be used at all those places where a MasterCard is accepted. In short, these cards can be used to buy anything from grocery to gas or to do your online shopping. These cards can also be used at an ATM to withdraw some cash. These cards are generally considered better than credit cards because they only allow you to spend the amount which you have deposited in your account. Therefore, it helps you in avoiding overspending and relieves you from the worry of debt. Apart from being used for personal spending, these cards can be used for various other purposes. These can be given out to family members as a gift. These cards can also be used in the form of per diem payments and can be used in place of vouchers. These cards do seem a lucrative option. But one should only use them for making small purchases. After all it is your own money which you are spending. If you avoid taking credit, then a no credit MasterCard is the best thing for you. So get a no credit MasterCard and spend without worrying about increasing debts. |