Prepaid cards have been increasing in popularity as a good option for those who are bank averse or have a hard time qualifying for a standard checking account. One option is the nFinanSe card offered by Discover. It has a retail prices at $3.00. There is no credit check or security deposit. You will not be charged overdraft fees due to the fact that you are only allowed to spend the amount of money in the account, nothing more.
Funds can be loaded to your card at over 80,000 participating locations nationwide. A standard fee of $2.95 is assessed; however, the fee may vary at MoneyGram locations as these are set by the individual stores. A maximum of $950 per day can be added, but this is limited by the fact that only $500 can be added at any one time. You should also be aware that the total balance of the account can not exceed $5,000..
While it does have a lot to offer, there are fees for some services. There is a $0.99 charge for ATM cash withdrawals and online bill pay costs $0.44 per transaction, or the same as the current cost of a stamp. ATM balance inquiries and declines are $0.49 each occurrence. Additionally, you can choose to personalize your card design for a fee of $1.75, which could prove useful should if it is lost or stolen.
When making purchases you can choose whether to use as debit or credit. In which case you will confirm purchases with either your PIN or your signature, depending on which one you choose. If you choose to enter your PIN you have the option of receiving cash back on your transaction.
This will act just like a checking account because you can avoid the time and expense of going to the bank and paying to have your check cashed or you can use direct deposit. Currently this is only available for employer payroll however we are confident in the very near future this will also include government benefits and tax returns.
Many individuals find it useful that they cannot go into debt with these. Your only going to be approved for purchase with which you have the funds on your card to pay for. There won't be any late fee or overdraft fee. However this card does carry a monthly fee of $2.95. While this is a fee it is a very low one in the industry. We have seen their competitors charge up to $19.95 a month.
It can be used to make purchases online and over the phone. You can also use it to rent a car or a hotel room. It will come as a Visa and is covered under their zero liability policy. This is insurance that your money is safe in case your card is lost or stolen.
Before you apply make sure to fully research the terms and conditions as it is common for offers to change their fees and services on a regular basis. In addition to that, this is a very new offer in the market and we are sure they will need to work some kinks out and provide some services. However they are entering at a very competitive position and we would encourage you to do additional research about this offer.
For more about the nFinanSe Card visit us or to learn more about Prepaid Cards. You can also get a free credit consultation and learn how you can remove questionable information from your report by calling 1-800-483-0256.
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