Word: prepaid
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...five years since Netflix launched its pioneering Web-based DVD-by-mail service, thousands of us have discovered that renting movies doesn't have to mean exorbitant late fees. Netflix, which allows users to keep DVDs as long as they want and return them in prepaid mailers, has 742,000 members and has spawned a cadre of copycats, like NumberSlate, CafeDVD and GreenCine. Even Wal-Mart and Blockbuster (in-store) have warmed to monthly subscription models. Here's a primer on the major programs...
...making giant. But Mittal found ways to compete. He convinced European telecom equipment-maker Ericsson to supply Bharti's network on credit; he promised to pay "when the customers are happy," he says. Bharti (the name is derived from the Hindi word for Indian) expanded its distribution network for prepaid customers, a large part of the market in India, to allow drugstores, corner groceries, even stalls peddling paan, a popular mix of betel nut and spices chewed as a digestive, to sell added minutes. Bharti gave goodies to the storekeepers, like free phone calls or silver coins, to get them...
...best deals. A student card should offer a rate from 10% to 18%, even if the introductory offer is lower. Starting credit lines are usually from $500 to $1,000 but can be lowered at parents' request. If that's not enough security, a worthy alternative is a prepaid card, like the Visa Buxx. Parents "prefund" the card, giving students access to a limited amount of money. Should an undergrad have a card at all? Depends. If used wisely, it can establish a credit history. Below are four cards that may be only moderately stylish yet offer good deals...
...PREPAID TUITION PLANS Unlike so-called 529 college-savings plans, most of which lost money last year, prepaid plans gained about 7%. That's because they are guaranteed to keep up with tuition costs, which have risen at twice the rate of inflation. Mark Kantrowitz of FinAid.org also notes that prepaid plans (often derided because they tie you to a particular school or group of schools) are becoming more flexible about school choice. Kantrowitz suggests combining a prepaid plan (which does better when the economy performs poorly) with a 529 (which does the opposite) as a way to balance...
Show them the money. Giving your kids money--an allowance when they're young and, the Gallos suggest, a prepaid credit card like Visa Buxx when they're teens--is key to teaching them how to live within their means as adults. Use the start of an allowance (or a raise) to discuss what your kids are expected to do: Are they responsible for buying their own candy at the movies, their own CDs at the mall? Are they expected to save some and give some away? (For youngsters, I've recently come across a terrific plastic piggy bank called...