If you have ever considered purchasing a gift credit card, chances are you have a few questions. To help you out, we have noted some of the most common FAQ’s that people have when buying these types of cards.

Where can I buy a gift credit card?

These cards are purchased one of three ways. You can buy them in person at one of the millions of locations that carry them including financial institutions, variety stores and department stores. You can also purchase them at several online retailers like Amazon.com. Or you can purchase them directly from card issuers like Visa, Mastercard and American Express through their online store.

How do I use my gift credit card?

These types of cards are used in the same fashion as a regular debit card. You simply use your card to pay for your purchase by swiping it at the cash terminal. Be sure you know your card balance so you don’t get caught short.

Can I use my card anywhere?

You can use your prepaid card anywhere that major credit cards are accepted. This includes in-person retail stores as well as online shopping and virtual malls.

Does my card expire?

Yes. Each gift card has an expiry date. You can continue to use your card until the funds are depleted or you reach the expiry date on your card. If the card expires and you have not used all of the available funds, contact your card issuer about how to access the remaining balance.

Can I return something that I bought with my prepaid card?

Yes. But be prepared to show the retailer the card you made the purchase with. For this reason, it is a good idea to keep cards that have expired. In most cases, the amount refunded will be put back onto your card.


What if I lose my gift credit card?

Not to worry. Most card issuers have a liability policy in place that will prevent you from being responsible for purchases made on a lost or stolen card.

Prepaid cards are a great alternative to a regular credit card. They are easier to be get, handy to have and are a fantastic gift idea for students.

Even though mortgage rates these days are incredibly low, many people are missing the chance to take full advantage of it. Why? Because they don’t have an acceptable credit score for mortgages. So what kind of score do you need to get the mortgage you want?

That tiny little three-digit number means a whole lot to those who lend money. It shows them how credit worthy you are and until recently, a FICO score of 720 meant you could lock down great rates and terms for loans and mortgages.

Unfortunately, with the banks in crisis, lenders are looking for a credit score up around 740 before they are willing to offer great rates. That doesn’t mean you’re out of luck if you’re score is slightly lower. It just means your rates will be higher. Unless you have a score below 580, you should still be able to get the loan or mortgage you need.

In the United States, the average credit score is a healthy 720 according to the company that developed the FICO scale. That means 50 percent of people have a score higher than 720 and the other 50 percent score lower. The scale ranges from 300 (worst score) to 850 being the perfect score.

Having a decent credit score is important for more than just mortgages. It is used by insurance companies to determine your premiums, landlords, and some employers.

If you need to raise your credit score here are a few simple tips to remember:

Keep an eye on your credit report – errors on your report can damage your credit.

Apply for a credit card and use it wisely – pay off the balance and avoid interest charges.

Set up your accounts for automatic payment – keeps payments on time every month.

Keep your finances out of collections – this can be devastating for credit score.

Don’t use all your available credit – lenders like to see a difference between what you have access to and what you use.

Use less than 30 percent of your available credit – under 10 percent is even better!

Follow these tips for lowering your score and you can get it above 720 in no time!