Are pre paid Visa cards better than pre paid Mastercards?
Are pre paid Visa cards better than pre paid MasterCards? While there are advantages and drawbacks to any prepaid debit card, you still want to know what would be the best choice when cards become the best alternative to cash.
With this in mind, you can compare prepaid cards on a few criteria including
• Fees
• Conditions
• Protection/Security
• Rewards Programs
• Available Plans
What fees must be paid?
One of the first things that must be considered when comparing these cards is the fees that must be paid on them. These can include activation fees, maintenance fees, withdrawal fees, monthly fees and even fees on PIN transactions.
For instance, some prepaid MasterCards such as the Univision do not have activation fees, transaction fees or interest and overdraft fees. However, there are monthly maintenance fees of almost $10 as well as withdrawal and card replacement fees. Pre paid Visa cards such as the Account Now Prepaid Visa card has no monthly fees and so it is still less expensive than other cards.
What conditions must be followed?
In some cases, fees can be waived for those who upload amounts such as $2500 per month as is the case with the Account Now Prepaid Visa Card, but otherwise, you will find yourself subject to terms and conditions. Everyday prepaid cards from MasterCard require no bank account or credit check. They also have zero liability for charges made on lost or stolen cards and paychecks can be deposited directly onto the card. Cards such as Control Prepaid MasterCard can also be linked to a bank account, but some cards allow a maximum limit that can be loaded on the card.
What type of protection and security comes with prepaid cards?
No matter if you are looking into a Visa or a MasterCard, you will find that prepaid cards are not covered by the CARD Act that regulates credit cards. However, both companies offer cards that protect you in case your card is lost or stolen, but the extent of this protection depends upon the partner company. However, with some Visa cards, you may have to pay extra for customer service.
Are there rewards programs?
There are some benefits and rewards to pre paid Visa cards as well as MasterCard. For instance, Visa’s AccountNow card has a $25 direct deposit bonus while the NetSpend card has payback rewards. The ReadyDebit card not only has the direct deposit bonus but also has a free credit report checker. MasterCard has the rePower feature that allows you to reload your card with various participating merchants but at a cost.
What are the available plans?
Each plan for pre paid Visa cards vary according to their partner companies and these companies sometimes overlap with MasterCard. For instance, both Visa and MasterCard offers cards from Wal-Mart, but Visa’s is the Money Card while MasterCard’s is the Money or Green Dot card. However, MasterCard has plans such as the H&R Block Emerald and Western Union Moneywise while Visa has Jackson Hewitt Smartcard and the Reach Card.
Courtesy of CreditCardShoppe.com
{ 0 comments… add one now }