- Centurion Member
- Posts: 1141
- Joined: Sun Jan 26, 2014 3:55 am
- Location: US
I would recommend avoiding prepaid cards altogether. I can't say whether it will help you get a green card, but if you just put your time in you will get approved easily - eventually anyway. If it would help at all, my guess is the effect would be minimal.
I just think prepaid cards are a massive rip-off...basically a way for the financial system to take advantage of the most financially illiterate and irresponsible among us. They're really for people not responsible enough to have a checking account, so they come with a laundry list of fees (not necessarily a rant against the financial system - they are too risky to even entrust with checking accounts and banks do have to be paid for their services). The American Express Serve is one of the better ones I've looked into, but it still comes with a monthly $1 fee (plus a few others). That alone would be a deal breaker for me personally, if I were in your shoes.
[color="gray"][I recently became the representative payee for a relative, meaning she gets government benefits and I've been legally put in charge of handling all of her finances. She really can't grasp how to be financially responsible - if she has access to any money at all it evaporates immediately. She has taken out an ungodly amount of payday loans (a much worse example of taking advantage of people - but jokes on them because I won't be paying them back and they can't garnish social security, which is her only income). I just bring this up because I thought I would have to go the prepaid card route - banks kept telling me she wouldn't be able to have a debit card. I wanted to set up a checking account for me to pay her bills along with a separate account with a debit card she could use for groceries, etc where I could keep a low balance but be able to move money in as needed. After a lot of shopping around I finally found a bank that would let me do it, thankfully.][/color]
Point is, it's not just a waste of time for you but a wast of money in my opinion. American Express was just trying to sell you another product line that really won't benefit you. You've gotten proactive and responsible with your finances and, in time, you'll get a green card with no problem. Best of luck in continuing to get things in order after the bankruptcy. It does take a LONG time, but you will be rewarded for it.
EX - 804 (9/16) | TU - 803 (10/16)
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now