The Best Prepaid Debit Cards, January 2011
Prepaid debit cards have always been a controversial topic, particularly the cards that carry insanely high fees just for making everyday purchases. Later last year, the Kardashian prepaid card was announced, followed by bad press due to its predatory fees and lack of customer benefits. That card was cancelled soon after it was announced. One bad apple shouldn’t cloud your judgment on prepaid cards entirely. As with anything, you need to look at what is offered to come to a conclusion.
The best prepaid debit cards include cards with no fees, as well as rewards for everyday purchases. While credit is almost everywhere in this country, many Americans do not have a credit card or bank account. They use cash for their needs. While this might be a cheaper method of paying for products and services, it isn’t always safe one. Rather than resort to prepaid cards with high fees like the popular Rush brand of cards from Russell Simmons, consider looking at some of the best prepaid debit cards available for consumers today.
Editor’s choice
The Mango™ MasterCard® Prepaid Card. This is the best prepaid card out there. The Mango™ MasterCard® Prepaid Card charges no fees, but also offers 5.10% APY on your money that’s held in savings, up to $ 5,000. You can’t find this rate for interest on cash anywhere. The card has no activation fee, no annual fee, and charges a monthly maintenance fee of $ 5. You can avoid that maintenance fee by loading $ 500 onto the card each month Loading cash though direct deposit as free, as well as loading cash at any retailer. It’s truly one of a kind.
The real draw to this card is that oversized interest rate on your deposit. That’s almost 400 basis points better than any savings account you’ll find today, and the interest makes this product viable for someone who may not even need the debit card features. If your balance is more than $ 5,000, you will still receive the 5.10% APY on your first $ 5,000, then 0.10% APY on the remainder of your balance. You must sign up for the Mango™ Savings Account in addition to the prepaid card, and there is no fee.
Green Dot® Prepaid MasterCard®. The Green Dot® Prepaid MasterCard® is a no-fee card with a $ 10 bonus after your first direct deposit. Cardholders will not have to pay an activation fee, monthly fee, or maintenance fee, as long as they deposit at least $ 1,000 onto the card monthly or make 30 monthly transactions. If these conditions is not met, the monthly fee is $ 5.95. Loading the card is free if you use direct deposit, otherwise it is $ 5.95 for each occurrence. After you’ve loaded $ 250 onto the Green Dot® Prepaid MasterCard®, you will receive a one-time $ 10 bonus. There are fees for cash withdrawals, which vary based on amount.
UPside Visa Prepaid Card.. The UPside Visa Prepaid Card offers three different plans depending on your lifestyle, each with a different fee structure. A card designed for teenagers, the UPside Visa Prepaid Card allows parents to load cards free of charge. If you select the plan that charges an annual fee of $ 29.95 (the Edge plan), you’ll receive 1% cash back on all of the funds you load each and every year. Loading the card via direct deposit is free for Edge and Access plan users, and ATM access and online check writing are also free. Members who choose the Clear plan, which has no monthly or annual fee, will have to pay $ 2.50 for each direct deposit initiated.
SmartyPig Prepaid Debit Card. The most straightforward of all the prepaid cards on our list, the SmartyPig Prepaid Debit Card works in conjunction with your SmartyPig savings account. Cardholders can draw from their SmartyPig savings account for free and spend the funds on their debit card. You can earn up to 10% cash back on retail purchases, and like many other cards on this list, SmartyPig has a low fee structure that includes no monthly maintenance fees and load fees. The bank does charge a $ 4.95 one-time card issuance fee.
ACE Elite(TM) Visa® Prepaid Card. The Ace Elite(TM) Visa® Prepaid Card offers four different plans varying on the needs of the customer, some of which are free. The card costs $ 3.95 to obtain and carries a monthly maintenance fee of $ 9.95. Your cash withdrawals up to $ 300 a month and purchases are free. There is a plan that includes no monthly maintenance fee, but there is a charge of $ 1.00 for every purchase you make. The ACE Elite(TM) Visa® Prepaid Card also allows you to overdraw your account by $ 10, at no added fee.
Vision Premier® Visa® Prepaid Card – Simple & Fair. The Vision Premier® Visa® Prepaid Card – Simple and Fair has only five fees in their portfolio, and every other service they provide is free with no disclaimers, tiers, or restrictions for cardholders. The five fees they charge are a $ 9.95 activation fee, $ 3.95 monthly fee, $ 9.95 card replacement fee, $ 2.95 decline fee (if you swipe your card and the purchase is declined), and $ 2.95 balance check and ATM withdrawal fee.
READYdebit® Card. The READYdebit® Card includes free direct deposit, free online bill pay and a bevy of other services, all free of charge. There are two main fees associated with this card, however. The first is a one-time activation fee of $ 9.95, and the second is a monthly maintenance fee which is also $ 9.95. When compared to other cards on this list, these fees can add up over a full year, but the READYdebit Card is still better than most prepaid cards in the market today.
As you can see, the prepaid debit card industry is mired in fees. If you believe a prepaid debit card is right for you, tread carefully, read the terms and conditions, and know the fees. Even the best prepaid debit card can end up costing more money than you are prepared to spend. There are many other debit cards I’m not including in this list at all — many you should stay away from if possible. Using a prepaid debit card can help a responsible person who does not qualify for a credit card handle their expenses, but it can also be a recipe for disaster.
The Best Prepaid Debit Cards, January 2011 is an original article from Consumerism Commentary.
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