SECURED-PREPAID-BAD CREDIT-FEES and LIMITS
|Participation Fee||$83.40 ($6.95 monthly)|
|Reload Fee||$0 for direct deposit, money order or cashier check, $3.95 for In Person Payments, $6.00 for SwiftPay, $10 for wire transfer.|
|Inactive Fee||$25 (If the card is not used for a 60-day period it will be suspended, fee is to re-instate the card)|
|Total First Year Fees||$133.35|
|Type of Reward||Point|
|Points Per Dollar Spent||1 Point|
|Point Details||Points can be redeemed for prepaid wireless airtime at (Verizon, TracFone, Cingular, AT&T, Virgin Mobile), prepaid Internet service, long distance calling cards, and ring tones. |
|Bonus Upon Approval||None|
|Bonus with First Purchase||None|
|Bonus with Balance Transfers||None|
|Best Card Feature||No credit checks; no annual fee; no security deposit required; no bank account required; access to reward program; holiday grand prize opportunity.|
|Worst Card Feature||Activation fee; monthly maintenance fee.|
|Card Review||The Wired Plastic Stored Value MasterCard«, issued by BANKFIRST, is a stored value card designed for those who may have difficulty in obtaining an unsecured credit card.
Although the card does not require a security deposit, it does require payment in advance, which is then used to offset future purchases made with the card.
There is no interest applied on the account, no annual fee, nor other charges similarly found with most unsecured credit cards. There are also fewer credentials required in comparison to common unsecured credit cards, such as a no credit check policy, no employment verification, and so forth.
Nevertheless, it is important to note that there are some fees associated with this card, such as a one-time application fee of $29.95, a monthly maintenance fee of $6.95 ($83.40 annually), and a minimum load amount of $20 is required. So in the first year alone, a cardholder can expect to pay a total of $133.35 in fees.
It is common for stored value cards to lack benefits; however, this card does offer automatic bill payment, direct deposit, and access to a unique reward program. Through the Wired Rewards program, one point is earned for each dollar spent on purchases made with the card. Points do not expire and there is no limit to the number of points that may be earned per year. Points can be redeemed for long distance calling cards, prepaid Internet service, a variety of ring tones, and prepaid wireless airtime at Verizon, TracFone, Cingular, AT&T, or Virgin Mobile.
Therefore, those who are looking for a stored value card which they can pay in advance for purchases, do not mind paying upfront fees, and will take advantage of the reward program offered, may find the Wired Plastic Stored Value MasterCard« to be a beneficial option.|
|Date Updated||2005-02-19 00:00:00|