Earlier in December 2009, Electronic Arts gaming company announced it was getting into the prepaid debit card business via its sporting game division.

Branded under the Visa debit card umbrella, the card allows you to build up points which you can then use toward acquiring an Electronic Arts sports game.

With young males being the primary, targeted demographic of sporting game divisions of gaming companies, it could be a real boon to them in that they offer something they don’t have access to with a bank.

Of course adult males also enjoy sporting games, so it then generates the question of whether this is a good deal and if it’s helpful in your finances beyond making it easier to acquire a sporting game to play.

First with kids who have no other means to pay than cash, this could be helpful in that it and an enforced and built-in limit in that you can’t spend beyond what’s on the card. So if it’s parents doing this for their children, or a child taking some of their own cash and investing it in the card, it does have the value of limiting the purchase to what is on the card.

From the standpoint of making it easier to buy games this is a good deal, as many of the things to generate those actions are included with the card. Things like building up points to use toward purchasing more games, and young kids without access to a bank account can use the cards to pay for game subscription fees on the Internet or to buy a variety of virtual products offered by Electronic Arts.

So if you want an easy way to conduct business with more options, a Visa debit card from Electronic Arts could be the right thing for you.

Now the problem. Since we’re a savings Web site, the problem with a prepaid card like this is it’s just too good, and it offers you absolutely so many ways to spend money more easily, that it could get you to spend far more than you normally would, defeating the purpose of the usual use of a debit card, which is built-in restrictions which keep you on budget and limited in your spending.

In other words, you’re going to be spending more money with a debit card created for the purpose of acquiring products from a company, and which offers you the carrot of rewards to get you to spend more than you had planned to.

It’s a great business move which will generate more sales, and will also add more loyalty to Electronic Arts.

The card itself, like most debit cards, will be re-loadable, and can be filled from a direct deposit of your payroll check, your regular checking account or even another debit card, among other ways.

Again, you can only decide if this will do you any good. When a company makes it easier for you to spend on their products, they’re making it easier for you to spend. If you have self-control and can manage the debit card responsibly, it’s a good idea. If you can’t you’ll find that this really isn’t a financial tool but a marketing ploy which will take money away from you rather than help you save it.

It may be better just to get a regular prepaid debit card than a specialized one like the Electronic Arts one, which is almost guaranteed to cost you more than you would save.

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.

Prepaid debit cards are becoming a booming business as consumers tired of the high banking fees associated with checking accounts flock to the increasingly popular alternative to having bank accounts.

One great feature of a prepaid debit card is you can recharge when it when it runs out of money, so you don’t have to go through any type of process over and over again, other than that one.

The strength checking accounts in banks for some is a weakness for others; the reason the use of prepaid debit cards is growing so quickly.

For example, many banking customers like overdraft protection, because they have a handle on their finances, and they don’t want to go through the bother of being sure they’re covered to the penny if they do some spontaneous spending. So they understand they’ll have to pay for that privilege, and so don’t mind doing it.

On the other hand, those that don’t want to be hit with these fees can opt out of overdraft checking programs if they want, but then they have the issue of stopped payments if they run out of money. So they have to deal with taking care of that on the other side of the issue.

Depending on the lifestyle of consumers and the terms related to using an ATM, that can be an additional expense and headache, driving more people to go the prepaid debit card as their financial tool of choice. There are other elements connected to this, but you get the idea.

In a recent report titled “Prepaid Debit Cards: A Credible Alternative to Checking Accounts,” author Gwenn Bézard revealed that approximately 14 percent of those that now use checking accounts could save from $350 to over $1,800 by switching to a prepaid debit card.

Another interesting practice is people are moving from store cards to prepaid debit cards as well, saving more money because of no interest.

In another report, the savings aren’t near as significant as stated by the first report, as a Britton Woods prepaid debit card study found that savings for replacing a checking account with a prepaid credit card is between $96 and $146 annually.

The reason the figures are so far apart is the Britton Woods study only included basic debit card and checking account use, and didn’t include the numerous services which could add a lot of cost do using a bank checking account. That’s also the case with a prepaid debit card, which could have costs increase depending on what you used it for.

If you’re a good manager of your money and use basic banking checking account services, it’s probably not worth the time and effort to change. If you use a lot of bank checking services which generate a lot of costs and fees, then it could definitely be a good choice for you.

Some people even use both, designating certain types of spending on their prepaid debit card, ensuring they’re saving money by managing their checking account better through using it for specific items and bills.

I’m going to get a lot more into prepaid debit cards, but one nice feature to consider, is an answer to probably the first question in your mind, and that is how troublesome is it to get the card and get your money on it. The answer is it’s very simple, and all you have to do is have your pay check direct deposited into your prepaid debit card account. That will avoid any type of activation fees, while also being able to use them to make online transactions and other business.