mPower Prepaid Card Review - Possibly The Lowest Cost Prepaid Card

The mPower^TM Visa® Prepaid Card - Build Credit History is possibly the lowest prepaid card that is available in the market today if you choose to load your card with direct deposit. When you do that, the monthly maintenance fee is waived and you do not pay any signature based or online transaction fee. Furthermore, enrolling in their direct bill pay online may actually help you build your credit history.

No monthly maintenance fees? - One of the most attractive feature of this card is that if you choose to load your card via direct deposit, then the monthly maintenance fee is waived. Furthermore, the is no fee for any signature based or online transactions. The first time (and one time) activation fee of $9.95 is also waived when you choose to use direct deposit.

If however, you choose not to load your card via direct deposit, you will be billed a monthly fee of $6.95 a month. This amount is about average among prepaid cards. You would also have to come up with $9.95 as a one time activation fee.

mPower has an online bill pay feature (which actually charges $1 per transaction) and they claim that if a customer signs up for this service (presumably to pay a monthly recurring bill), then it will help to build credit. We would assume that these payments may actually be made to PBRC, an alternative credit reporting bureau.
 

There are a few things we would like to point out about managing this card. The first thing is that the mPower charges you a fee for any telephone calls you to their customer representative. Therefore, it is best that you do not make any calls. If you are the sort that constantly needs hand holding, then maybe this is not the card to get for yourself.

The other thing to be aware is that (like all prepaid cards), there are fees charged for ATM withdrawals. Though the fees are low ($0.75), I would suggesting avoiding using this card for cash withdrawals too often.

The last advice we would give is to make sure you sign up for email and text alerts because these are the best ways for you to check your account balance etc without incurring any fees.

We've said this right from the start and we'll say this again. But the mPower Card is is most cost effective card if you use direct deposit to load your card. There are other cards that will waive the monthly fee if you use direct deposit as well. Some require a huge hurdle in terms of the amount that you have to deposit. For example, the Walmart Money prepaid card and the Green Dot Card will waive the monthly fee if you direct deposit at least $1,000 a month. While this is alright, not everybody will be making that amount. But there are others like the American Express Prepaid Card that does not even charge any monthly fee or activation fee.

If you do not wish to use direct deposit as a means of loading your card, then the Amex Prepaid Card would be better.

If you are looking for a low cost prepaid card and use direct deposit, then the mPower^TM Visa® Prepaid Card - Build Credit History is probably a card to consider. However, bear in mind that if you have to pay a small fee for cash withdrawals and there are also charges for calling a rep over the phone. I would seriously urge your to consider the American Express Prepaid Card because it is the most cost effective card in the market (with no strings attached).