The Pros and Cons of Visa Prepaid Debit Cards
You have probably seen Elite Card offers online. These offers are attractive because they promise to give consumers lots of benefits. It’s hard to determine if these cards really work or not. Is there really a catch? What do they have that other credit cards don’t have? Here is some information about this card and you should be able to decide if it is right for you.
What is an Elite Card? An Elite Card is a credit card that allows the cardholder to make unlimited purchases with a cash deposit from the card account. This means you will have to deposit a certain amount of money in your card account before you can make any purchases. This card account can be used at any shop, restaurant, or gas station.
How much money can you deposit? Different credit cards offer different amounts of money that you can deposit into your card account. Some charge cash while others offer points or gift certificates. For some, they may allow you to purchase gas at certain stations while others offer a free coffee when you make your purchase.
What are the charges? One charge that you should be aware of are the foreign transaction fee and annual fee. A foreign transaction fee is equal to one percent of the amount of the sale and is charged for all debit card transactions. The annual fee will be charged according to the cardholder agreement. Some companies may also charge a maintenance fee every year.
What are the benefits? The benefits of the Elite Card include free gas, no annual fee, no foreign transaction fee, and no maintenance fee. Each benefit has a specific use. You can use the free gas to fuel your vehicle or pay for parking. The convenience of having your account at a participating gas station is one of the biggest benefits of the card.
Will you get cash back or credit for spending? Credit for spending is included with your free gas and no foreign transaction fees. This means you can earn cash back for every dollar spent. If you have a direct deposit into your savings account, the company will automatically send a payment to your account each month. However, if you prefer a pay-as-you-go plan, you can choose to pay your balance in full each month. The company will also transfer your monthly plan fees to your savings account.
How do I make payments? You will receive a prepaid visa prepaid debit card that can be used any place that accepts that card. You will be able to make payments throughout the month on the date you set. In addition to paying off your balance, you will be able to apply any unused portion to your savings. In order to maximize your benefits, be sure to pay off your balance as soon as you can each month.
Is it secure? Any financial institution is safe, but MasterCard’s parent company is not. They are constantly monitoring their security processes. They recently took several steps to improve the security of their cards. In addition to not allowing cash back bonuses to be converted to cash, they are requiring the maximum allowable spending limit be met each month as well.
What are the benefits? Every dollar spent goes towards a savings account that can be accessed by your child with a limited amount of restrictions. For a small fee, you can also add up to five ACH transfers and two ACH automatic transfers each month. You can also enjoy an unlimited ACH cash advance, which can save you up to three percent when used in conjunction with your visa prepaid debit card. MasterCard also allows you to earn one point for each dollar charged, which can add up to five percent cash back over time.
What are the disadvantages? One of the main negatives associated with Visa prepaid debit cards is that the rate of interest is often higher than that of bank cards. This can make it difficult to budget your expenditures. The monthly fee may also prove to be too costly. If you do choose this option, you should ensure that you have sufficient funds in your savings account to cover any unexpected expenses.