As one of the prepaid cards that offer the lowest fees, the Capital One Reloadable Prepaid MasterCard is an excellent choice for individuals who need a MasterCard card but want to avoid fees.
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Prepaid credit cards, are also a good choice for parents that want to teach their teenagers and college-aged children how to be responsible with money. With a prepaid credit card, the cardholder can spend without the risk of going over their limit.
There are several ways to add money to the Capital One Prepaid MasterCard. These include adding money through direct deposit either from a paycheck or government check, at any Western Union site, or by transferring money through a checking or savings account.
The Capital One Reloadable Prepaid MasterCard Benefits
The Capital One Prepaid MasterCard does not charge any fees if there is at least $500 deposited onto the card each month. In addition, there is no charge to activate the card, and customers can receive one free ATM withdrawal each month.
If there is less than $500 loaded onto the card during one month, there is a $4.95 charge. The second and each subsequent ATM charge costs $1.95.
Capital One is FDIC insured, and offers zero liability from unauthorized purchases. Customer can utilize the online bill pay option to pay almost any bill online for no charge.
While Capital One does not charge to reload money onto the card, retailers may charge up to $4.50 to do so.
How the Capital One Prepaid Master Card Works
With this card option all a person has to do is fill out an application and once his or her information has been verified, the card will be issued. This card does not require a credit check because it is technically not a credit card since the cardholders put money on the card themselves.
There are three ways a cardholder can add money to their Capital One Prepaid Master Card. The first way is by having their weekly paychecks directly deposited. This offers the cardholder the option of not having to cash their checks at a bank where they would have to have an account or a check cashing business that charges fees.
The cardholder can also deposit money to their prepaid credit card through Western Union. This means that a person other than the cardholder could deposit money to this credit card as long as they have the proper information.
The final way to add money to a prepaid credit card is by a direct transfer from a bank account. This is a good option if the cardholder is on vacation and wants to set a very specific budget.
Why the Capital One Prepaid Master Card is a Good Choice
This type of card is a good choice for a person who is trying to stick to a budget or does not want to travel with a lot of cash. The prepaid credit card is also a good way to protect against theft. If a person were to steal a debit card or regular credit card they would have access to all of a person’s money, with a prepaid credit card they would only be able to access a limited amount.
To see if the Capital One Prepaid Master Card is the best choice for you, compare credit cards with the credit card chaser!