rush card

[Inkstain82]

It's not a secured credit card, which reports to credit bureaus. It's a pre-paid debit card.

It appeals to one type of person: Those who can't or don't have a checking account for various reasons. (Two big ones are illegal immigrants and people who've had a bank account closed with a negative balance in the past. Guess which one I am? )

I use a Wal-Mart brand pre-paid visa card. It's not an ideal solution, and the fees are a bit higher than I like, but that's the price you pay. Nothing compared to what I paid in fees on my bank account back in the day.

[Palooka]

It appeals to one type of person: Those who can't or don't have a checking account for various reasons. (Two big ones are illegal immigrants and people who've had a bank account closed with a negative balance in the past. Guess which one I am? )

I knew you was an illegal immigrant. j/k

Anyhoo, these types of cards are new to me.

[Kim_Mango]

Hi Sinopa,
As the other readers point out, be very careful about hidden fees with any kind of account that you choose to open.

Not getting educated about fees can really cost you a lot.

I've been freelance writing for a company that offers a prepaid MasterCard called Mango Money, http://www.mangomoney.com.

Their fees are very simple and the lowest I've seen as I compare it with competitor products.
Before this gig I had never considered using a prepaid debit card before because I didn't see the point. However, after I started trying different approaches I realized that it can be a great budgeting tool for me.

This is how I use it...

First, I figure out how much money I need to pay for my household bills such as cable, electric, rent, car payments, insurance, etc. I keep enough money in my checking account to pay for these items.

Second, then I figure out how much spending money I need for gasoline, groceries, vet bills, etc. I move this money from my checking account to my prepaid debit card. Now there is no 'intermingling' of this money so when the money is gone, it's gone. It has really made me more conscious of how much money I'm spending on luxury items like clothes, eating out, and having drinks after work. Needless to say, it keeps me more honest about my budget!


Here is a quick fee structure of the card:


Free card

Free activation fee

Free transaction fees (signature or PIN)

Free shipping and handling

Free to receive money

Free to get balance or see transactions by mobile phone

If you load $500 or more per month, the monthly fee is waived otherwise it's $5

Here is the link to the full list of fees:
https://www.mangomoney.com/prepaid-debit-card-fees.do

Best of luck to you!