All of the following are true about prepaid cards EXCEPT…

Question

Responses

Prepaid cards typically include a lot of fees
Prepaid cards typically include a lot of fees

Prepaid cards are a useful option for someone who is unbanked to make online purchases
Prepaid cards are a useful option for someone who is unbanked to make online purchases

Prepaid cards are a great way to build credit
Prepaid cards are a great way to build credit

Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

Answer 1

The statement that is NOT true about prepaid cards is:

"Prepaid cards are a great way to build credit."

Prepaid cards do not contribute to building credit history because they do not involve borrowing or repayment, which are factors that affect credit scores.