We recently started talking about prepaid debit cards and the value they can add to you in a variety of ways. One of the better known prepaid debit card companies is MetaBank, which offers several options for those interested in using a debit card. MetaBank offers both MasterCard and Visa debit cards to consumers.

Prepaid debit cards are desirable for a number of reasons. For those who have bad credit it’s a great way to control your spending without fear of overdraft fees which can hit you hard. Some consumers also don’t qualify for a regular bank card, so a prepaid debit card would fit right in with the options available to you.

You also have no need to fear a credit check to obtain a prepaid debit card, as approval isn’t based upon that criteria, and you can find out immediately if you qualify in a quick online application process.

As with any financial product, there are some fees associated with using a debit card from MetaBank, and below I’ve included several debit cards the financial institution offers that would best meet your needs. Review each one carefully as they have different fee points which could affect the monthly cost of the card.

Don’t be put off by some fees, as the fact that there are fees prove it’s a legitimate business you can trust in. If someone were to offer you anything for free, you would know there is something wrong, as no one can offer something for free and remain in business. If they could, it would have to be a scam of some sort.

What a prepaid debit card in the end offers someone is flexibility, and that’s what you’re really paying for.

Like anything else, know why you want a prepaid debit card and read all the information associated with using it, as there can be terms and conditions which may cost you unexpected fees if you use it in a particular way.

With that in mind, here are three debit cards offered by MetaBank.
AccountNow Vantage Prepaid MasterCard
With the AccountNow Vantage Prepaid MasterCard from MetaBank, you can have any type of credit rating and still qualify for the card. There are also no security deposits required and there is instant, guaranteed approval. There are also no activation fees or costs upfront. For zero activation fees that applies if you load the card via direct deposit.

What is a very desirable and beneficial feature of the card is it can be used to help rebuild your credit if you have that as a goal, as all transactions you use to pay bills with are reported to PRBC.

The card is also reloadable up to a limit of $10,000.

Where you could be hit with fees is if you use the card to withdraw funds from an ATM. If you do it domestically it would cost you $2.00 for each transaction, while internationally it will cost you $4.95 per transaction. You are also provided with a monthly paper statement which you’re charged $2.95 for. If you cancel the card it will cost you $15.95, and if you lose it and need to replace it you will pay $10.00. Overall it’s almost free if you stay away from the ATMs.

You do have a limit of $500 a day for withdrawing from the card, while deposits have limits of $950 daily.

The company claims the monthly mainenance fee is low, but I wasn’t able to find out what it was with this particular debit card.

SilverCard Prepaid MasterCard

with direct deposit loading of the card doesn’t include any fees, and you also have the added advantage of not needing to pay any more check cashing fees. You are guaranteed to be approved with the SilverCard just like you are with the AccountNow mentioned above.

The difference between the SilverCard and AccountNow seems to be additional options to transact your business with. For example, you can get email and SMS text message alerts with the SilverCard, while also being empowered to pay bills by using your phone or with a automated billing payment service.

Fee differences with the SilverCard versus the AccountNow debit card are the monthly fee of the SilverCard is revealed as $3.95, and there is also an activation fee of $9.95, something the AccountNow card doesn’t have.

Domestic ATM withdrawals are slightly less with the SilverCard, costing $1.95 per transaction. International ATM costs remain the same at $4.95 a transaction. To cancel the SilverCard costs you $14.95 and card replacement is much less at $4.95.

Cash withdrawal limits on a daily basis are $500, while daily deposit limits stand at $1,000.

 Facecard Prepaid MasterCard 

The primary differences between the Facecard Prepaid MasterCard and the SilverCard and AccountNow are you can receive what they call prewards on the card, which are automatically put on the card and operate similar to coupons. You can also transfer money for free using the card, if you’re sending it to other Facecard members.

There are no activation fees associated with the Facecard Prepaid MasterCard, and domestic ATM withdrawals cost you $1.50 per transaction.

Paper statements cost you $2.95 a month and if you cancel the card you’ll pay $9.95, and you’ll pay the same if you must have the debit card replaced.

Limits on the card are $100 on a daily basis, while you can deposit up to $2,500 a day on the card.
These are several of the many debit cards offered by MetaBank, and keep in mind things can change on a consistent basis, so use the figures included above as a guide to what is offered, and not necessarily the exact fee.

The point is a prepaid debit card isn’t just a prepaid debit card any longer, and they can target exact purposes and needs you have to take best advantage of them. Keep it in mind when checking out any type of prepaid debit card when you’re in the market for one.

Tags: Prepaid Debit Cards

This entry was posted on Tuesday, December 15th, 2009 at 4:52 pm and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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