The MAGIC Prepaid MasterCard is an innovative new multipurpose prepaid card that allows consumers to monitor their spending habits and save money.
This card offers a wide variety of features and benefits that assist the cardholder in managing finances.
Ex-basketball player, Magic Johnson, who claims that cash is no longer king, created the MAGIC prepaid MasterCard.
People enjoy the convenience of having a card over carrying around wads of disorganized cash. Magic Johnson came up with the solution for disorganization when he created this wonderful, easy-to-use product.
If you need help finding and comparing credit cards, simply use the FREE chaser tool above!
Why and How Consumers Use the MAGIC Card
Consumers choose the MAGIC Prepaid MasterCard for a number of reasons such as bill payments, saving money, and allotting funds to family members.
The MAGIC card is prepaid, which means the cardholder does not have to worry about monthly payments, over the limit purchases, or late fees.
The amount of money the person loads onto the card is available for his or her use at any time. After that person exhausts the balance on the card, he or she must perform another load before making any additional purchases. This type of card is excellent for parents who want to teach their children about financial responsibility and budgeting.
An individual can use this prepaid card at any location that accepts cards with the MasterCard logo, and millions of merchants accept MasterCard. Therefore, the cardholder can use it when traveling abroad or staying within in the United States.
Additionally, he or she can use the MAGIC card for online purchases and for club memberships and reservations. The MAGIC card also has the ATM withdrawal option, for times when the user may have a financial emergency.
Qualifying for the MAGIC Prepaid Card
The best part about owning a prepaid card is that no special qualifications exist.
As long as the person applying is an adult who is 18 years of age, has a social security number, and is willing to sign the prepaid agreement, he or she is eligible to apply for this product. Interested parties can request a card by calling 1-866-530-2272 or by visiting the website and completing a brief application.
The individual can complete the application in as few as three minutes. The form will ask for the person’s name, address, telephone number, social security number, date of birth and email address.
The provider will also want to know how the person heard about the card. The applicant can select the source from a drop down menu. Additionally, there is a space to enter a promotional code if such applies.
Typically, new prepaid cards arrive in approximately 7 to 10 business days. When the card arrives, the cardholder will have to activate it. The consumer can call 1-866-530-2272 to complete the activation. At such a time, the person will have an opportunity to create a pin for ATM use and online access.
How it Works
The process of using the MAGIC prepaid MasterCard is not at all complex. In fact, it is a three-step process. First, the individual applies for a card online and receives it in the mail within 10 business days.
Next, the individual will load the card with cash.
Funds can be loaded to the card by three different means: Money Pak, bank account or direct deposit.
Finally, the cardholder will enjoy the funds by spending them on necessary items or recreational items. When the money is gone, the person will know it is time to load the card again. There is no rocket science to the art of using a prepaid card. Any consumer can learn how to use this system.
Features and Benefits of the MAGIC Prepaid MasterCard
The MAGIC Prepaid MasterCard comes with a wealth of features and benefits. This product is similar to a credit or debit card, but without all the hassle and complications. The following are some of its best assets:
- No Credit Check -Consumers who have poor or challenged credit do not have to go through an embarrassing credit check process to obtain a MAGIC card. People of all economic and financial statuses can apply for it. With the MAGIC prepaid MasterCard, the consumer is in control. The available balance is the amount of money that he or she loads onto it.
- No Bank Account Needed -While the MAGIC prepaid MasterCard is a debit card, it is not attached to a bank account. Therefore, consumers who are not able to obtain bank accounts can use the card for many of the actions that would require a bank account. A cardholder can have his or her paycheck deposited onto the card and perform tasks such as paying creditors and utility companies.
- Zero Overdraft Fees -Unlike with bank accounts, MAGIC prepaid MasterCard cardholders never have to worry about paying overdraft fees. The prepaid card protects the user from going over his or her balance by only allowing charges on the loaded amount. It is impossible for a person to accrue overdraft fees with this product.
- Legacy Zero Liability Policy -MasterCard protects card users from liability in cases of theft and unauthorized purchases. Anyone who happens to go through any of those two unfortunate occurrences can feel confident knowing that MasterCard is on his or her side. The company will excuse the cardholder from any responsibility for charges made on a lost or stolen card.
- Free Direct Deposit -Anyone who owns a MAGIC prepaid MasterCard has the option to use the free direct deposit to load weekly paychecks, government assistance, or other incoming funds onto the card. Not only is the direct deposit option free, but also the company will issue the cardholder $10 for signing up for this amazing feature.
- Dual Purpose Money Saving Card -The MAGIC prepaid MasterCard acts as a money saving card with the Magic Mojo feature. The cardholder is able to split his or her cash into spending funds and savings funds. The individual can set up savings goals and only spend from the side that he or she assigned for spending. Using this card is a great way to build a cushion fund for emergencies and special needs.
- Easy Expense Tracking -Anyone who has a MAGIC card can set up text or email alerts and track spending online every day of the week or hour of the day. Text alerts allow a person to view balances and charges on his or her mobile phones. The cardholder can set up these features online.
Fees Associated with the MAGIC Prepaid MasterCard
As with any card, the user must pay certain fees to enjoy the many benefits that it offers. However, the MAGIC card has very inexpensive fees for only some items. The one time setup fee for obtaining a card is $4.95.
The card company also assesses a monthly fee of $4.95.
Adding cash to the card from a bank account or direct deposit costs the consumer nothing.
However, a private retailer may charge the customer $4.95 or more to purchase Money Paks or add funds from a retail location.
Getting cash Back from a POS system or an in-network ATM machine is completely free. The company also grants the cardholder two free monthly withdrawals from an out-of-network ATM machine. After such withdrawals, the cardholder will accrue a fee of $2.50.
The customer never has to pay to spend money by signature or by pin number, and checking balances online or by email is always free. Additionally, phone customer service help is free. Live customer service actions will cost the consumer $2.50 after the first free session.
Balance inquiries have a fee of only $.50, and receiving a balance inquiry online is free. However, it does cost the cardholder $4.95 if he or she desires to receive paper statements. Additionally, any foreign transaction will cost the consumer 2 percent of the transaction amount.
MAGIC Prepaid MasterCard Transaction Limits
The MAGIC card has flexible limits on consumer transactions. For example, the consumer cannot load more than $5,000 in a single day or $10,000 in a single month to the card. He or she also cannot have more than 10 loading activities in one month, nor can he or she have more than $10,000 total on the card.
The most money that a person can remove from the MAGIC card via ATM is $500 in a day. Daily signature store purchases cannot be any higher than $1,500 and daily pin purchases cannot be greater than $500. Additionally, the maximum daily purchase amount is $1,500.
Managing the MAGIC Prepaid MasterCard
A cardholder can easily manage the MAGIC prepaid MasterCard by registering for online access. Registration takes only a few minutes, and the person will be able to complete a number of tasks such as adding money to the card, viewing balance information, analyzing transactions, and setting up alerts. The individual may also set up authorized signers.
Authorized signers are other people who can use the card to make purchases at various locations. This may include a spouse, family member, or the person’s teenage child. An authorized signer must be at least 13 years of age.
To register online, the person must visit the website and enter his or her card number, pin number, first and last name, and the last four digits of his or her social security number. The screen will prompt the individual to continue. At such a time, the cardholder can create a username and password to complete the registration process. From that point, card management is simple.
Lost, Stolen or Misused MAGIC Prepaid MasterCard
Anyone who loses a card or has it stolen can get an immediate replacement by calling 1.866.530.2272 and reporting the situation. The representative will do his or her best to remedy the incident.
The card company will not charge the cardholder any money for purchases that came from a fraudulent source.
In most cases, the company will replace the first card with a newly numbered card and move any remaining funds to the new card. The company may also refund the cardholder for unauthorized charges. The MAGIC card is FDIC insured, which means the customer’s money is protected.
Apply Now to Make Life Easier
Interested consumers can take a few minutes to complete a short from online. Within 10 business days, those individuals will receive their permanent cards and start spending and saving at the same time. The MAGIC prepaid MasterCard is one of the most helpful and convenient cards of present time.
No other card is designed to help a consumer to gain financial stability and strength quite like this product. The MAGIC card is a unique financial product that is just as productive as its creator is.
Be sure to check out our FREE credit card chaser tool above for all of your credit card needs!