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What to do with zero balance prepaid credit cards?


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#1 of 3 OFFLINE   Jay H

Jay H

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Posted December 13 2009 - 07:22 AM

I have 2 prepaid credit cards I got from getting rebates on a Sears-bought stove and my contact lenses. Their balances are zero and I'm wondering if I should do anything with them. Keep them for a bit to make sure the things I bought are OK and I don't need to return them? But should I eventually just cut them up and toss it out or does anybody know if I should call up the bank and actually cancel them???? one of them says I can actually add money to it, the other one says no. I see no reason why me or anybody else would want to add money to it...

Jay

You are the crispy noodle in the vegetarian salad of life

#2 of 3 OFFLINE   Ockeghem

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Posted December 13 2009 - 07:35 AM

Jay,

For my own part, I would cut the cards up and throw them away.  Rather than add any money to them, I would save the cash and build an emergency fund of between $1,000-$5,000 for starters, with the goal of eventually saving up six months of living expenses at a minimum.  My wife and I have no need for having credit cards for any reason.  When we want something, we use cash to pay for it.  If we want something and don't have the cash, we don't buy it.

"Keep them for a bit to make sure the things I bought are OK and I don't need to return them?"

IMO, this would be the only reason I would keep them, in the event something is wrong with the items you purchased and you need to return everything for some reason.

#3 of 3 OFFLINE   Jay H

Jay H

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Posted December 13 2009 - 07:49 AM

Thanks Scott, I have a regular VISA card that I get points out of that has always been paid off every month, but nowadays, when you get rebates, no longer do companies send you a check or stuff, it seems to always be one of these prepaid credit card which has a bit more strings attached than a check. Although the one I got from sears does say, if the card hasn't expired or been used, I can actually request the bank to electronically transfer the balance to a bank account...    

Jay

You are the crispy noodle in the vegetarian salad of life