Mr Credit CardSecure Deposit Card Prepaid MasterCard Review
Summary - The Secure Deposit Card Pre-Paid MasterCard is issued by Bank First. This is a prepaid credit card with a cash rebate program. In addition to that, you get an additional card for the price of one, and hence is suitable for parents who want to start their teens or students on a prepaid credit card (with limits on how much can be spent) rather than a credit card. Find out more...
Cost and Fees - Like most prepaid credit cards, the Secure Deposit Card Prepaid Mastercard charges a one-time application and fee and processing fee when you apply. The one-time application fee is $59.95, which is non-refundable. You also have to pay a one-time processing fee of $90.00. You will also have to load your card with $10.00 (as an initial first load). Hence, in total, you will pay $159.95 upfront when you get your card. This charge will be debited from your bank account. There is a monthly fee of $5.95.
AmeriDollars Cash Back Program - The Secure Deposit Card Prepaid MasterCard allows cardholders to register for free in the AmeriDollars cash back program. Under this program, you can get cash rebates from purchases made at partner merchants of the AmeriDollars. Rebates can go as high as 10% depending on the merchant. This program is actually quite good. Read our review of the AmeriDollars Cash Rebate Program.
Additonal Card - When you apply for the Secure Deposit Card Prepaid Mastercard, you will get an additional card for the price of one. Hence, this is very useful for parents who want to give their teens a prepaid credit card rather than a credit card. Recall that with a prepaid credit card, you can only spend what you load into the card.
Conclusions - The Secure Deposit Card Pre-Paid MasterCard has a very broad appeal. Those who want a prepaid credit card with a cash rebate program will like the AmeriDollar program. Parents who want to give their teens a credit card but yet are concerned about their overspending can get an additional card for no extra cost. Note that because this is a prepaid credit card, you will not be able to build a credit history with this card.
Positives
- No credit checks
- No employment checks
- Good cash rebate program
- Additional card for the price of one
- Various application fees and transaction fees (which are common in prepaid credit cards).
Negatives
| Secure Deposit Card Prepaid Mastercard | |
| Cost/Fees | |
| Annual Fee | $No annual fee |
| Monthly Maintanence Fee | $5.95 |
| Application Fee | $59.95 |
| Processing Fee | $90.00 |
| Bank Account to Card Reload Fee | $2.50 |
| Direct Deposit Reload Fee | $1.50 |
| Purchase at Merchant Fee | $0.75 |
| ATM Withdrawal Fee | $1.50 |
| Point of Sale Withdrawal Fee | $2.00 |
| ATM Balance Inquiry | $1.50 |
| Customer Live Call Fee | $2.95 |
| Paper Statement Fee | $5.00 |
| Card replacement/cancellation/reactivation Fee | $25.00 |
| Maximum Load |
Not more than twice a day or ten times a week not more than $1,500 a day or $5,000 a week |
| Maximum ATM Withdrawal | $300 within 24 hours |