Credit Card Review & Application

MAGIC Prepaid Mastercard


out of 5

- Receive a $10 Bonus Credit* when you enroll in Direct Deposit.
- Add money for free with Direct Deposit
- Get cash for free by choosing cash back at retail stores
- Manage your account for free online and with automated alerts
- No Credit Check or Bank Account Required

Introductory APR: N/A*
Introductory Period: N/A
APR on Purchases: N/A *
Annual Fee: N/A*
Card Issuer: Other Issuers
Card Network: Mastercard®
Card Category: Consumer (Stored Value)
Card Type: - Card for Bad Credit
- Prepaid Debit Card
- Reward Card
Credit Needed: Bad Credit OK*

Prepaid cards are an excellent way to enjoy the benefits of a charge card or credit card without having to have either one. When utilizing prepaid, you simply deposit money into the card's account so that you can use the card everywhere MasterCard is accepted.

In the case of the Magic Prepaid MasterCard, which was created by basketball legend Magic Johnson, consumers have access to a low-fee prepaid card. They are able to use the card everywhere MasterCard is accepted and can also opt for the direct deposit of their paychecks onto the card.

As for the fees, there is a small activation fee and a very small monthly fee. When transactions are made with a signature, they are made for free and also made for free with a PIN. Withdrawals at in-network ATMs are free. If you must make a withdrawal from an out-of-network ATM, then you are allowed two free transactions per month before paying a small fee for each transaction in addition to the ATM owner's fee.

There is no fee for inactivity or for account cancellation. If you need the assistance of customer service, you may access the automated system for free. If you require live support, you receive one live service call per month to then pay $2.00 for each call after that.

The card issuer is OneWest Bank, which is one of the largest banks in Southern California. They have a focus of delivering personalized banking products to its customers. There are 82 retail branches with well over $20 billion in assets. Together with Magic Johnson, a card was created that does not tie individuals to traditional banking. There is no bank account required, no credit check, all money is FDIC insured, there are no overdraft fees, and there is protection from unauthorized purchases due to theft or fraud.

With fraud protection, cardholders can shop online and at retail locations, pay bills, and get cash from ATM machines with ease. This makes budgeting spending much easier. Cardholders may also receive text alerts and emails when something changes within their account, making it a much safer alternative to carrying cash.

The card can also be used as a cash card, which is an effective way of setting savings goals. When the card needs to be reloaded, it can be done through the GreenDot MoneyPak or, if you do have a bank account, money can be transferred from your checking or savings.

As for how you get started with this card, the process is very simple. You first fill out the registration form with your basic information. This states where the personalized card needs to be sent. It takes approximately 7 to 10 business days for the card to arrive. When the card arrives, it is time to activate it. It must be activated before it can be used. After the card is activated, money needs to be added to it. Direct deposit is free or money can be transferred from a bank account. There is also the MoneyPak option, which is available at tens of thousands of locations, making this a flexible form of banking.

There are some programs that can be used with the card. One program is Magic Mojo, which helps reach savings goals. It is free to use and the money is FDIC insured so it is safe. To use it, you simply text how much money you want to save to Magic Mojo if you feel the urge to spend money you shouldn't spend. The money that is saved is transferred from the spending part of the card to the saving side.

The second program is Magic mobile, which is the ability to manage the account from your mobile phone. It is free to set up and is where you can control the email and text alerts you receive.

Overall, this is a card that is unique in its savings capabilities, as well as its fraud protection. This gives cardholders some of the benefits of having a charge card, while not having to worry about a monthly bill.

The review prepared by . Opinions expressed therein are solely those of the reviewer.

Reward Type: - Other Rewards Cards
Rewards: - Receive a $10 Bonus Credit* when you enroll in Direct Deposit.
Other Benefits: *See website for additional benefits
Online Account Access: Yes
Introductory APR: N/A*
Introductory Period: N/A*
APR on Purchases: N/A *
Annual Fee: N/A*
Grace Period: N/A*
Late Payment Fee: N/A*
Balance Transfer: No
Opening Minimum: $5.00
Application Fee: $4.95
ATM Fee: $2.50
Additional Fees Foreign Transaction Fee 2% of Transaction Amount
ATM Balance Inquiry - $0.50
Automated Customer Service - FREE
Bank Teller Fee - $0.50
Cash Back at POS - FREE
Cash at a Retail Store (POS) - $4.95
Direct Deposit - FREE
From a Bank Account - FREE
In-Network ATM (MoneyPass) - FREE
Monthly Fee - $4.95
One Time Setup Fee - $4.95
Online Statement - FREE
Paper Statement - $5.95
Replacement / Second Card - $4.95

We do not offer online application for this card at the moment.

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* The information provided for MAGIC Prepaid Mastercard® is believed to be accurate at the time of evaluation (Mar 23, 2014). We strongly advise visitors to review the terms and conditions to verify accuracy of the information and fees posted prior to applying for the product.

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