Ready Debit Card Review

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ready debit review

Summary – The READYdebit™ Platinum Visa Prepaid Card is issued by BankCorp and has actually three versions of their card, the “control”, “select” and “platinum” version. Each has slightly different fee structure and features and is meant to segment their customer base according to their needs. As we will will find out in this review, there are some neat features that this card offers, but is it worth the price? Let’s continue….

Classic Version – The first thing to point out is that for all versions of this card, you have to pay a $9.95 activation fee. The classic version has the lowest monthly fee among the three versions at $3.95. Furthermore, if you load at least $1,500 a month via direct deposit, the monthly fee is waived. However, the low monthly fee comes with some caveats. For example, there is a fee for both PIN and signature based transactions (which amounts to $0.95). Live customer service calls are $2 per call and you will be charged a fee for an ATM balance inquiry.

Select Version – The “select” version has a slightly higher monthly fee at $9.95 a month. However, there are no fees for transactions (both PIN and signature based). With the “select” version, you can get an additional card for $10 (which is not available to “classic” holders). This version also allows for one free call to a live customer service representative a month. Thereafter, the charge will be $2 for any additional calls.

Platinum Version – The Platinum version has the highest monthly fee at $14.95. Like the Select version, there are no transaction fees. You will also get a free additional card. Live customer service calls are free.

Loading Your Card – With all prepaid cards, you have to load the card before you can use it. For the Ready Debit Card, Direct Deposit, and Bank ACH Transfer is free. You can also load your card at places where MoneyPak, and Visa ReadyLink are available. SSI and Social Security checks are be directed deposited into this card (though there is a $10,000 a month cap).

Table Showing Costs and Fees

ready debit fees 1

ready debit fees 2


Ready Debit Peer Comparision

Compare this card with it’s peers is a little tricky because there are three versions of this card. But let us start with the classic version. The positive thing about the classic version is its low fee of $3.95 a month. Furthermore, if you direct deposit at least $1,500 a month, the monthly fee is waived. However, there are cards like the Walmart Money Card, that has not only a lower monthly fee ($3), but also does not charge any transaction fees at all. Furthermore, the Walmart Money Card will waive your $3 monthly fee if you direct deposit at least $1,000 (which is lower than the $1,500 threshold for the classic version of this card).

The “platinum” version has perhaps the highest monthly fee of all at $14.95. And I cannot find any features that justify this high fee. The key feature of this version is that you get free live customer service calls. But the Walmart Money Card also gives you free live customer service rep calls with a $3 monthly fee!

Verdict – When the READYdebit™ Platinum Visa Prepaid Card first came out, it’s fees and features were pretty competitive. However, times have changed and market place has become more competitive. With regards to fees versus features, this card (regardless of the version) does not really stack up well against the better cards in the market. For example, cards like the Walmart Money Card, GreenDot, Upside Visa all have low fees with better features.

Also bear in mind that having a prepaid card does not help you rebuild your credit. If you need to rebuild your credit, then I suggest you get a secured credit card instead.

Snapshot of the Ready Debit Application Page

ready debit application page

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11 Responses to “Ready Debit Card Review”

  1. lorenzo d robinson Says:

    i forgot my pass code i know the first two numbers forgot the last two number, i need it to activate my card.

  2. kevin alessandri Says:

    can pay day loans deposit loans on this card for me?

  3. MIKE MIKE Says:

    I ACTIVATED THIS CARD WITH A MONEYPAK FOR 20 DOLLARS I CALL A FEW WEEKS LATER AND I ONLY HAVE 5 DOLLARS LEFT. IM TRYING TO ACCESS THE ONLINE ACCESS OF READYDEBIT, BUT I CANT UNDERSTAND THE INDIAN ON THE CUSTOMER SUPPORT BECAUSE HES SO SLEEPY AND I CAN ONLY CALL AT NIGHT SINCE THAT IS THE TIME IM AVAILBALE. IM NOT BEING RACIST, BUT I CANT REALLY UNDERSTAND THE INDIAN FOR READYDEBIT SUPPORT CUSTOMER PHONE SERVICE FROM INDIA. PLEASE READYDEBIT CHANGE TO AMERICAN CUSTOMER SUPPOERT!

  4. startswithaj Says:

    I think one thing not mentioned in your review is that they allow ACH debits as well as credits. So you can use it as a (sort-of) substitute checking account…

    From their FAQ:
    Can I do a check by phone or an ACH debit?
    Yes, you can. You need to provide the routing and account number to the merchant you are paying There is a $2.25 fee each time a company debits your account using the routing and account number.

  5. startswithaj Says:

    @Mike Mike

    You only have $5 left because they charge you $9.95 for a setup fee and $4.95 in monthly maintenance fees for basic. So if you load $20 with your first load they would automatically take out $14.90 leaving you with $5.10.

    Also, since this review was written, the “select” option has gone up by $1 and is now $9.95/month. They also now offer a “platinum” option for $14.95 which pretty much is good if you have a second card because they don’t charge you for that card if you are on the “platinum” plan.

  6. Blanca Says:

    Can you load money to your card using paypal…..in other words could I use the routing number on paypal and request money to be deposited to my card?

  7. Morrison Says:

    The hold times are out of this world!!!

  8. Nick Says:

    I would NOT recommend this company. It SUCKS… When you need a new card, they said 7-10 business days OR I could pay $50 to expedite the shipment. Their customer service informed me they were open late so I called and accepted the $2.00 fee (which is ALSO bull) only to hear by the automated system they were still closed and when I called customer service back, I was charged again AND they didn’t remove the first $2.00 customer service fee that I was charged when they were closed. This place is really frustrating, horrible customer service, horrible service in general, i wouldn’t recommend using this company.1

  9. dowayne Says:

    Stay away from them i went to the atm to withdraw funds and its saying for me to contact my financial institution when i do they are saying my card numbers or ssn cannot be verified, cannot go online and customer service is closed. get a netspend card and stay away from readydebit

  10. Frank De Santo Says:

    They are suppose to send you your new card 30 days before yours expired. Well I had to call twice for a new card. Meantime my old one expired, I had direct deposit. could not get to any of my money to pay rent and bills. I also agree with Nick and Mike. To many times I had up on customer service for one thing or another and could not understand him. Was Indian so I started Talking to him in Italian till he hung up. :-)
    Frank

  11. readydebithater1 Says:

    I ordered a card from readydebit and it accidentally got thrown out with the junk mail, so i had to order a new one. So i waited the 7-10 days and nothing came, so i waited another 2 days and still nothing. So I call and they said my request was not processed for some reason and i need to re order my card. So now here i wait and it’s been 12 days and still no card. Meanwhile my returns are sitting on the card and i have bills to pay. bullcrap if you ask me. they totally suck. and when i asked them to expedite my card they said no cuz it’s my “initial” card. not recommended at all! Plus it’s so hard to understand anyone.

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