The GreenPay credit card works like a debit card. Unlike a traditional prepaid credit card, the GreenPay credit card is a prepaid card that stores money on the card itself so there is no need for a checking account or savings account.
Most prepaid credit cards require you to open and fund a checking or savings account from which to draw your money when you use the card. The prepaid credit card simply allows you to spend the money from the account by using a payment method similar to a credit card instead of carrying cash or a checkbook. Compare credit card offers now!
Most prepaid credit cards do not report your spending and payment history to the credit bureaus, so you cannot really use them to boost your credit score. This is because you are spending your own money so there is really nothing to report. However, it does give you credit card convenience without the high interest rates.
The GreenPay Visa and Master Credit Cards
With GreenPay credit cards, you have the choice of Visa or MasterCard. Both types of cards can be used worldwide anywhere where Visa and MasterCard are accepted.
Since you are not borrowing against a line of credit like a standard credit card, there are no interest rates associated with GreenPay credit cards. However, there are various fees that will be deducted from your stored balance.
Fees Associated with GreenPay Credit Cards
The GreenPay credit card costs $15 to activate and there is a 1.5% load fee every time you fund the card with money. There is also a monthly service fee of $4.50 and a yearly renewal fee of $20. If you do not use your card for 90 days you will be charged a $5 dormancy fee.
Even though your card is accepted worldwide, using your card internationally will cost extra money. ATM withdrawals are a minimum of $3.50, balance inquiries or denials are $1.00, and using your card at a point of sale will cost $2.50.
GreenPay Credit Cards for Gift Cards
GreenPay offers prepaid debit gift cards for Visa, MasterCard, and American Express. Denominations range from $25 to $500, but if the card does not get used soon after purchase, $5 will be withdrawn every month.
Although GreenPay does not have interest rates, there are fees associated with the card. If you need a bad credit credit card but cannot get one then this may be a temporary solution. Compare credit card rates today!