You know about credit cards and debit cards, and you may even be familiar with secured credit cards, but did you know there's another option out there? Millions of Americans rely on prepaid credit cards to handle their finances. Prepaid credit cards work just as you'd expect: after acquiring a card, you load it with money. As you spend,...
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- Instant Account Number - Perfect for Tax Refund Direct Deposit
- Free Direct Deposit - paycheck, benefits, tax refunds
- Easy Online Bill Payment & Mobile Banking
- No Purchase Transaction Fees
- No Overdraft Fees or Balance Minimums
- Withdraw cash at ATMs or get cash back with purchases
- Free Credit ScoreTracker*
- Choose Your Card Color - Blue or Pink.
Poor Credit Accepted
- Free direct deposit
- Free online bill pay
- Free balance inquiry
- Free PIN transactions
- A host of fees, many above industry standard
- Users report poor customer service
- Several different, somewhat confusing plans
- $2.00 on customer service by phone
The Simple Dollar’s Review
Prepaid cards are a great option for cardholders new to the plastic game. If you don’t have any credit, or if you’ve made mistakes in the past and have bad credit, a prepaid card might be just the thing to build your credit rating and move on to bigger and better cards. Some consumers, on the other hand, simply don’t want to go into debt with a true credit card, but still want the convenience of plastic, which prepaid cards provide. The READYdebit® Visa® Prepaid Card is an average prepaid card. Some of the benefits, not normally available with prepaid cards, include free direct deposit, free balance inquiries, free online bill pay, and free PIN transactions.
Unfortunately, this READYdebit® Visa® Prepaid Card has a ton of fees, more so than your standard prepaid card. Depending on the plan you choose (there’s a total of four of them), you could be paying a monthly fee of up to $14.95! Other fees include ATM fees ranging between $2 and $2.25 per withdrawal, a purchase transaction fee of $0.95 per transaction if you choose one of the plans that lowers the monthly fee, and a card activation fee of $9.95. You even have to pay $2 to speak to a customer service representative on the phone!
While the READYdebit® Visa® Prepaid Card might offer an attractive set of terms, the fees just might not be worth it in the end.
Let’s say you have snubbed your nose at the Corporate Machine and vowed to live a life of noble financially modesty, swearing off debt, and denouncing materialism. But you still need a job, right? You’ll probably need a good credit score to qualify. And yes, you want to live a minimalist life, but you’ve got to have cable. I mean,...