By now, everyone is aware of the many benefits prepaid credit cards offer. Fewer fees, the absence of an APR, no credit checks are just a few of the reasons many are opting for these safer payment alternatives. Still, not all prepaid credit card offers are the same.
Some require application fees while others don’t. One card’s ATM fees might be less than its competitor’s. Here, we put together a few of the reviews from several of the newer prepaid credit card offers. Compare and weigh the benefits before you decide which one to apply for.
WalMart MoneyCard MasterCard Prepaid Card
It’s a big name, for sure, but one that has gained popularity and offers all the benefits MasterCard consumers have come to rely on without a lot of the hassles. First, there are no issuance fees online. Those small fees add up and not having to pay them can equate to big savings.
Unlike other prepaid card offers, the WalMart MoneyCard MasterCard card has a cash back option. You’ll earn 1% cash back on all your fuel purchases. There’s no bank account required for this offer and it’s an ideal way to get your tax refund faster. It’s issued by GE Money Bank and you can use it anywhere MasterCard is accepted. You can pay bills online, complete online holiday shopping and of course, use it in traditional brick and mortar businesses.
Green Dot Prepaid MasterCard
Another MasterCard offer, this one offers many of the benefits as the Wal Mart co-branded card. You can withdraw cash at 15,000+ ATMs with no fees besides what the ATM owner might charge. Your monthly fee is waived if you use your Green Dot Prepaid 30 times a month and when you activate your Green Dot card online, you also bypass the activation fees. Direct deposits add another convenience and when you do sign up to have your payroll check deposited, you receive a nice bonus of a $10 credit. No annual fee rounds out this offer, making it one that’s highly recommended around the nation.
Good2Go Prepaid MasterCard
The Good2Go MasterCard offer is another relatively new product in the prepaid sector. You’ll appreciate the many features, including free direct deposit, no penalties and of course, no credit check. You can open your account with just $10 and once you pay the $9.95 application fee, you’ll see the absence of other fees make this a worthwhile consideration. ATM withdrawals will cost $2 per transaction. Like most other prepaid offers, you’ll enjoy the convenience of online account management and the online bill pay features, too.
Vision Premier Prepaid Visa Card
While the Vision Premier product isn’t necessarily one of the newer offers, the dynamics have changed in recent months, making it more compatible and competitive with some of the newer cards. This Visa is issued by Bancorp and you’ll have all the benefits that come with the Visa name. To keep up with the popular Wal Mart prepaid offer, Vision recently announced it too would be offering its card holders a 1% cash back function when they use their Vision cards for gas purchases. And then they added another element. Free roadside assistance and an additional savings account brings to consumers many of the perks of traditional credit card offerings – without the interest rates or annual fees.
There is a one time application fee of $9.95 and your ATM withdrawal fees are just $1.95. There are other fees with any additional features you activate on your Vision prepaid card, but unless you request those features, they never enter into your agreement. For instance, you can request an electronic and/or paper check be forwarded as a payment for a fee of .95 cents. You may also request a paper statement each month for an additional $2.95 (though the electronic delivery is quite detailed).
As you can see, the reasons for choosing a prepaid card – even when you have more traditional credit cards – are more than justified. They can easily save hundreds of dollars a year. Always double check any additional fees associated with any offer you’re considering and don’t assume the absence of an APR means complete freedom. As mentioned, there are the other fees that will kick in with most offers when you incorporate some of the other conveniences of these offers. Still, they’re formidable opponents for high interest rate credit cards.