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The Magic Prepaid MasterCard Doesn't Tie You Down

November 15, 2013 by CreditCardsCo™

Everyone wants a banking option that caters to their needs. The Magic PrePaid MasterCard gives cardholders the benefit of a debit card without being subject to the limitations of a bank. Instead, it gives a person with or without an actual bank account the ability to spend and save money safely.

Who knew a prepaid card could have a savings element to it? That's what the MAGIC prepaid MasterCard does. It gives individuals the opportunity to spend money confidently, as well as save money.

This savings element is due to MAGIC Mojo. If you ever find yourself in a situation where you want to spend money when you know you shouldn't, MAGIC Mojo allows you to text the amount of money you want to save from your balance. This sends the money to the "savings side" of your card so you don't spend it on the "spending side." So rather than have one account for spending and one account for saving, everything is housed under one account.

Deposits

Opening the account is very simple. All you do is sign up, wait to receive your card, activate it when you receive it, and you can then deposit money. Deposits are easy to make in that you can sign up for free direct deposit, free transfers from a bank account, or you can add cash through GreenDot MoneyPaks, which are available at thousands of retail locations. These retail locations include department stores, drug stores, grocery stores, and gas stations. There is a service fee that does apply when depositing money with a MoneyPak and that fee varies by retailer. However, MoneyPak is so widely available that you are able to add money to your account day or night.

When you make your initial deposit on the card, you may be entitled to a small bonus if that deposit is made by direct deposit. When you set up bank account transfers, you can go to your bank's website to set up scheduled transfers or a one-time transfer. To do this, the prepaid card has a routing number you can use. You will also be given an account number that you can give your bank so that the transfer can be made. The routing and account numbers are also needed for when you schedule direct deposit.

Benefits

While not a credit or debit card, this card can be used in all the same ways. It is accepted at millions of locations all around the world. You can also use it for online purchases, telephone purchases, to pay your bills, make ATM withdrawals, and much more. No bank account is necessary to open an account. All you do is add money to the card using one of the aforementioned deposit methods and you are ready to go. There are no hidden fees, as they are all clearly disclosed, and there are no overdraft fees or late charges. There is also no interest rate.

When opening the account, there is no credit check required, the money is insured by the FDIC, and you are protected from unauthorized charges due to fraud or theft if the card is ever lost or stolen. This is possible due to the MasterCard Zero Liability Policy.

You can also budget your spending with 24/7 text and email alerts, in addition to Magic Mojo. This is important due to how widely the card can be used. If you are traveling, you can use the card worldwide. An international transaction fee does apply. However, this is much safer than carrying cash. Plus, you can do things that cash can't like purchase your airline tickets or guarantee your hotel reservation.

Accessibility

Accessibility to account information is extremely important. In today's technological world, it is important to be able to access account information and other aspects of the card any time you want and through as many means as possible.

The first way you can access card data is through customer service. The first call of the month is free, but there is a fee for every call after that. The way to avoid the fee is to use the telephone automated system or your Smart Phone to access information. You can sign up for text and email alerts as well. This enables you to know what is happening with your account no matter where you are in the world.

Flexibility

What you receive from this card is a great deal of flexibility. While you may have a bank account with a financial institution, this card is a way in which you can house your money elsewhere. It does not hurt to have money spread out, especially when you wish to save it in another place that is secure. This is especially beneficial when traveling so that you always have a backup method of funding. In fact, it is always good to have a backup in case the debit card associated with your bank account is lost, stolen, or does not work for one reason or another. This will prevent you from being in a situation where you are without money or one in which you realize you have forgotten your debit card, but you are okay because you have a backup account.

Conclusion

The way you choose to use your Magic Prepaid MasterCard is entirely up to you. It is a card that is made to be flexible and convenient, while giving cardholders security. That way you can use it as a primary funding method or a backup.

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The " The Magic Prepaid MasterCard Does Not Tie You Down" article is property of CreditCardsCo™ and is copyrighted. The article may not be published, rewritten, broadcast or redistributed without prior written permission.




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