With Suze Orman’s controversial new prepaid debit card, the Approved card, there’s been a lot of attention focused on this financial products. As we know, some are better than others and some simply have no place in anyone’s wallets, thanks to outrageous fees and claims. While Orman’s prepaid card is in the middle of its debut, complete with controversy, there are others that are silently making a difference in users lives. While prepaid cards won’t do much to help with building or rebuilding your credit, there’s no denying their value.
For those who need a way to shop or pay bills online and who don’t have traditional bank accounts and/or credit cards, these prepaid cards are a lifesaver. The trick is finding which ones will best suit your needs without the need of a bank loan just to finance the number of fees associated with using the card.
Here are a few of the newer prepaid card options. Our goal is to provide an in-depth look at these offers and some of the fees associated with them so that you, as a consumer, will make the best choice for your financial situation.
Modern Cash Prepaid MasterCard
One of the newer prepaid offers is the Modern Cash prepaid MasterCard. This card allows consumers to take advantage of several great features, including multiple ways of loading cash. Of course, because it’s backed by MasterCard, there are certain protections you’ll enjoy under that umbrella.
Direct Deposit and Western Union are two ways cardholders can keep their cash safe. There is also an available overdraft protection option for those times when you’ve miscalculated your balance. Because it is optional, you’ll want to ensure that feature is activated if you feel as though it’s an added advantage.
Also, the online account management is another way this proves itself as a great financial tool. Easily keep up with your balance, withdrawals and deposits, follow up returned merchandise and double check to be sure you paid that utility bill last week. Account alerts can also be set up so that a person can know when it’s time to reload the card to avoid overspending. Finally, you can apply online for a faster process.
Wal Mart MoneyCard
This prepaid Wal Mart MasterCard staple offers customers no online issuance fees, no requirements for a bank account and of course, no credit checks. This is an ideal solution especially considering we’re nearing tax season. You can easily have your tax refunds direct deposited onto your Wal Mart MoneyCard.
Five dollars gets your account opened and ATM withdrawals will cost two dollars, along with whatever fees the ATM owner imposes. Other fees include one dollar ATM balance inquiries, a thre dollar feel for additional cards, a three dollar reload fee when you go through Wal Mart, a three dollar dollar monthly maintenance fee and for those wishing to get their Wal Mart MoneyCard rushed to them, it’ll cost you twenty dollars.
READY Debit Visa Prepaid Card
This Visa debit card boasts a 100% guaranteed approval rate wit no credit checks, complimentary direct deposit of government checks, tax refunds and of course, your payroll checks. You’ll also enjoy free online bill pay, free check writing and no worries about overdraft fees. Not only that, but you don’t have to worry about being assessed a fee if you drop below a certain minimum balance, which is a nice bonus since many prepaid offers are beginning to lean towards fines for falling below minimum balances.
It’s a stylish card and approval requires only an ID and valid social security number for approval.
Clearly, many of these prepaid card offers are comparable in fees and benefits. It’s a matter of finding the right card that offers the most convenience for your specific needs. The Wal Mart card is, for all intents and purposes, a very practical choice. Known for its affordability, Wal Mart is often the first one consumers reach for. Still, it’s worth a few minutes of your time to compare these offers. It may be a lower ATM fee makes better sense or complimentary customer service (some prepaid card offers have a fee for a live operator).