Review of Ace Elite^TM Visa® Prepaid Card

The Ace Elite^TM Visa® Prepaid Card (which is issued by MetaBank) is one of the many prepaid credit cards that are targeted at those with poor credit or those that do not have a banking account. The main thing that we watch out for when we review credit cards is whether the fees are reasonable. Let's now investigate this further.

Fees - Like most cards of this genre, you have to pay a $9.95 when you sign up and are approved for this card. This fee is reasonable, given that these tend to be much higher in the past with many similar cards.

The key question to ask is what are the fees once you actually get the card and use it. Well, it turns out that there are three different plans to choose from and each has it's own fee structure.

Plan 1: Pay As You Go - The first plan is what Ace calls the pay-as-you-go plan. Under this plan, there is no fixed monthly fee. But you are charged a transaction fee every time you use your card. The charges amount to $1.00 for a signature based transaction and $2 for a pin based transaction. You monthly fee will therefore depend on how many times you actually use your card. Ace actually states on their website that a person who opts for this plan tends to pay an average of $15 a month in transaction fees.

Fee Advantage Plan - The second plan is the Fee Advantage Plan. Under this plan, you will pay a monthly fee of $9.95. But there is no transaction fee charged (unlike the first plan). Therefore, this plan will suit those who use their cards very often (at least 15 to 20 times a month).

Fee Advantage Direct Deposit Plan - Under this plan, those who intend to load their card via direct deposit and who intend to load more than $500 a month will only have to pay a monthly fee of $5. There will also be no transaction fees. This is the most cost effective plan for those who use intend to use their card often and intend to put a direct deposit plan in place. Loading your accounts with Direct Deposit also has some other benefits. For example, you will be allowed to withdraw up to $300 in cash a today with no fees from an Ace ATM. You are also enrolled in an overdraft protection plan whereby your account can have an overdraft of $10 and as long as you top with up within 30 days (likely to be via direct deposit), then you are ok.

This card also offers free text alerts and even gives you new virtual number every time you shop online for extra security. The best way to manage this card (even you decide to get it) is online and text alerts. That is because checking your account this way is free. Ace will charge you for calls just for checking balances. If you would like to withdraw cash, it is also best to do it from their own ATMs because otherwise, you will be charged a fee per withdrawal on other banks ATMs.

As with all other Prepaid Cards, this card is appealing to those who cannot get a checking account or for those with no credit or bad credit. The most appealing feature of this card is that the monthly fees are very reasonable especially if your employer can do direct deposit. Another nice feature of this card is that shopping online is safer because you have a virtual number given each time you do so. It is also nice that a portion of your proceeds goes to the National Breast Cancer Foundation. If these features appeal to you, then you may want to consider the Ace Elite^TM Visa® Prepaid Card.

But before you get this card, I think it is worthwhile checking out lower cost cards like the American Express Prepaid Card as it has absolutely none of the fees that this card charges.