Latest news with #Expressions
Mint
22-07-2025
- Business
- Mint
Prepaid credit card: Can it help build your credit score? Find out
Prepaid credit cards, commonly known as loadable credit cards or prepaid cards, have gained notoriety lately, as a viable alternative to banking. But do prepaid credit cards actually boost or lower your credit score? Let's look into this in-depth and how it affects your credit health. To make purchases using a prepaid credit card, you will need to load your prepaid credit card with funds. You are spending your own money, similar to a digital wallet, so it is not credit. It is a prepaid option with some conveniences such as no requirements for a bank account or credit check with all the convenience of tap-to-pay, online shopping, and international acceptance. Prepaid cards have their own cost structure, even if they are convenient: Activation or issuance fee: A one-time fee when acquiring the card. A one-time fee when acquiring the card. Reloads: Fees for online, cash, or bank transfers of money onto the card. Fees for online, cash, or bank transfers of money onto the card. Monthly or annual card maintenance fee: Regular fixed fee to maintain an account. Regular fixed fee to maintain an account. Fees for ATM withdrawals: For cash withdrawals in India and overseas. For cash withdrawals in India and overseas. Inactivity/dormancy fees: Used at times when there isn't any need for a few months. When making your decision on a prepaid card, you should assess the cost structures, as these fees could compromise the convenience of the card. Banks Prepaid credit card variant SBI Bank State Bank Gift Card State Bank EZ Pay Card HDFC Bank Millennia Prepaid Card GiftPlus Card Axis Bank Meal Card Gift Card ICICI Bank Expressions Gift Card PayDirect Card Yes Bank Yes Bank Corporate Gift Card Yes Bank Payroll Card Bank of Baroda Baroda Gift Card Baroda TravelEasy Card (Note: Please visit the bank's official website to learn more about the prepaid card of your choice. It is crucial to choose the one that best meets your needs.) No, your spending habits are not reported to credit bureaus because you are not taking out a loan. No credit history accumulation, there will be no record that your account is active credit. No credit utilisation impact, because there is not a credit line. No payment behaviour impact, either on time or late. Pre-paid cards have therefore no impact in improving or degrading your credit history. Deepak Kumar Jain, Founder and CEO of explained, 'A prepaid card doesn't involve borrowing or credit; it is a card that is preloaded with a certain amount that you can use to pay for travel and other expenses. Once that balance is exhausted, you need to reload it for spending. It's like spending from your wallet or debit card; there is no credit or borrowing involved, so it does not impact the credit score. The uses of prepaid cards are not reported to credit bureaus like CIBIL or Experian, so they will neither help you build or improve your credit score nor impact it negatively.' Prepaid cards have many benefits: Budgeting control: You cannot spend more than what is loaded. You cannot spend more than what is loaded. Great option for online purchases: Increase safety if doing business with unknown vendors. Increase safety if doing business with unknown vendors. No risk of debt: You get the convenience of a card without the risk of credit. You get the convenience of a card without the risk of credit. Great for unbanked or for kids: A financial tool for beginners. For their characteristics they are truly the best option for gifting, travel, and for budgeted purchases. In conclusion, prepaid credit cards can be an excellent alternative for spending options for travel, gifts, and budgeting, but they have no impact on credit scores. Overall, unsecured credit cards with low limits, secured credit cards, and payments made on a regular loan are much better products for individuals who are serious about improving their creditworthiness. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Yahoo
09-04-2025
- Business
- Yahoo
High street shop closures 'a big worry' for town
Residents and business owners in a Wiltshire town have expressed their concerns over the future of the high street after a series of shop closures. Several businesses have recently shut in Devizes, including the gift shops Emporium and Expressions, and the charity shop Scope. People in Devizes say the situation has not been helped by the continued closure of Northgate Street, one of the key routes into town, which has been partially shut since November due to a fire at a kebab shop. Sam Holliday from the Federation of Small Businesses (FSB) said: "I'm afraid it isn't just Devizes, it's across the country. Our high streets are really struggling." More news stories for Wiltshire Listen to the latest news for Wiltshire Concerns include a lack of variety on the high street and shops closing early due to lack of footfall. Ian Williams from fabric shop, Shamrock Linens, described the situation as "very sad for the town", adding that he felt car parking charges in the town centre had pushed shoppers to out-of-town shopping centres. "I think when shops go it takes a bit of the heart of the town out," he added. The relocation of the bus stop away from Northgate Street due to the road closure was also highlighted as an issue, as it makes it more difficult for residents with mobility issues to get into the town centre. It had been planned for the road to reopen fully in March, but it has been delayed. Richard Staker, from gaming shop Level Up said: "The road was closed fully for six weeks (after the fire) so that had a massive impact. "Now it is starting to pick up but it's still having a big impact with one-way traffic. There is a big worry for the future that it could be one of the next towns that becomes deserted." Mr Holliday, FSB development manager for Gloucestershire and the West of England, said: "They (businesses) had to get through COVID and since then, there's been one issue after another." He added that it was "vital" that customers continue supporting small businesses. "I still belong to a generation that believes the high street is the heart of the community. So we've really got to do everything we can to be part of that," said Mr Holliday. Wiltshire Council said it was working with the owners of the properties damaged by the fire so that the road could open fully but there is currently no confirmed date. Follow BBC Wiltshire on Facebook, X and Instagram. Send your story ideas to us on email or via WhatsApp on 0800 313 4630. Road closed as firefighters tackle kebab shop fire More than £7k raised after fire destroys kebab shop
