Mr Credit CardVisa Prepaid Cash Card Review
Summary - The Visa Prepaid Cash Card is a debit card that enrolls in the credit builder program. This program reports your activities to credit bureaus for 12 months and hence helps to rebuild your credit. You need $159.95 to set up a Visa Prepaid Cash Card. Firstly, there is a one-time application fee of $59.95, a one-time processing fee of $90.00 and an additional $10.00 for a minimum first time load. The maintenance fee is $4.95 for maintaining the holographic debit card and $3.95 for maintaining the ATM card. Hence, your total annual maintenance fee is $106.80. The Visa Prepaid Cash Card charges fees for most transactions but does not charge for Point of Sales withdrawal.
Credit Builder Program - For the credit builder program, you have to send from your bank account $29.95 every months for 12 months. $19.95 will be reported as payments to your card and you will be credited with a rebate of $10.00 into your card. This program enables one to build a credit history even though you are using a prepaid credit card.
Verdict - The Visa Prepaid Cash Card will appeal to those who want to build or rebuild a credit using a prepaid credit card. Most prepaid credit cards do not allow you to build a credit history because of the very nature of a prepaid credit card (it does not extend you credit). This card, together with the credit builder program allows you to do so.
Latest Update - As of May 2006, this card is no longer offered. Check our report on prepaid credit cards with credit builder for other prepaid cards.
| Visa Prepaid Cash Card | |
| Cost/Fees | |
| Annual Fee | $No annual fee |
| Monthly Maintanence Fee |
$4.95 (Holographic Debit Card) $3.95 (ATM Card) Withdrawal limit is $300 a day |
| Application Fee | $59.95 |
| Processing Fee | $90.00 |
| Creditbuilder Payments | $29.95 from bank account of which $10.00 will be returned as a credit to your card |
| Card to Card Reload Fee | $1.00 |
| Bank Account to Card Reload Fee | $1.00 |
| Direct Deposit Reload Fee | $1.00 |
| Purchase at Merchant Fee | $0.50 |
| Purchase Online Fee | 0.50 |
| Telephone Purchase Fee | $0.50 |
| ATM Withdrawal Fee | $1.50, 1.5% of transaction amount for international withdrawal |
| Point of Sale Withdrawal Fee | $0.00 |
| Live Teller Withdrawal Fee | $1.50 |
| ATM Balance Inquiry | $1.00 |
| Online Balance Inquiry/Service Fee | $0.10 |
| Automated Telephone Inquiry/Service Fee | $0.50 |
| Customer Live Call Fee | $3.00 |
| Paper Statement Fee | $5.00 |
| Card replacement/cancellation/reactivation Fee | $5.00 |
| Maximum Load |
Not less than $25.00 and not more than $500.00 for each load Not more than $1,500 a day or $5,000 a week |
| ATM Withdrawal Limits | $300.00 within 24 hours |