subject: Is The Silver Prepaid Mastercard A Credit Card? [print this page] The Silver prepaid MasterCard is issued by MetaBank, and part of a relatively new breed of cards aimed at helping customers with their finances in these tough economic times. This article looks at this particular card and prepaid cards in general, examining the role that they can play in our spending habits.
The first key point to be aware of is that prepaid cards are not credit cards. A credit card functions whereby the cardholder is extended a line of credit by the card issuer, and can then accumulate debt and potentially land themselves in financial hot waters. It is a well known fact that sub-prime credit card lending is one of the key reasons for the ongoing global financial crisis.
A prepaid card such as the Silver prepaid MasterCard functions in a different way. The cardholder is required to deposit their own money onto the card before they are able to use it. Funds can be added in a variety of ways, including via Direct Deposit, at a participating retail location (such as a branch of MoneyGram Express Payment) and by bank transfer.
The card then functions in a similar way to a bank / checking card, as the owner can only spend their own money and cannot accumulate debt. If they do not have the required funds to make a purchase the amount will not go through. There is no overdraft facility on this type of card. The main difference from a standard bank card is that the Silver prepaid card carries the MasterCard logo. This means that it can be used to pay for products or services at anywhere that displays the MasterCard sign, including 'brick and mortar' stores, online shops and mail order businesses.
If a person cannot spend what is not theirs, they cannot accumulate debt. This also means that there are no over-limit fees, no late-payment charges, and no dangers of debt collection agencies chasing customers for unpaid debts and threatening them with court action.
The Silver prepaid MasterCard is one of the best cards of its type, as there are no signature transaction fees, free online account management tools and free monthly statements. There are certain fees and charges to be aware of, however, such as a $9.95 activation fee, a $3.95 monthly fee and smaller charges for ATM cash withdrawals and PIN transactions.
The above fees are correct at the time of writing, but it is strongly advised that anyone that is considering applying for a Silver prepaid MasterCard reads the terms and conditions thoroughly before applying. These can be found on the company's website, which is also where applications for the card are made.
The Silver prepaid MasterCard is not the only prepaid card on the market. There are many others, and the vast majority of banks offer this type of financial product. To get the best deal it always pays to shop around and read the small print to see if there are any hidden costs.
Overall, prepaid cards such as this one are the recommended option for those that require the everyday uses of a credit card, but do not want to run the risk of getting themselves into debt. As there is no credit being offered, no credit check is required and new applicants can expect immediate acceptance, subject to them meeting identification requirements.
by: William Trustey
Zaproxy alias impedit expedita quisquam pariatur exercitationem. Nemo rerum eveniet dolores rem quia dignissimos.
Zaproxy alias impedit expedita quisquam pariatur exercitationem. Nemo rerum eveniet dolores rem quia dignissimos.
Zaproxy alias impedit expedita quisquam pariatur exercitationem. Nemo rerum eveniet dolores rem quia dignissimos.
Zaproxy alias impedit expedita quisquam pariatur exercitationem. Nemo rerum eveniet dolores rem quia dignissimos.
