The Millennium Advantage Prepaid MasterCard exists in a gray area between credit card and debit card. It is not a credit card: there is no line of credit, no monthly bill, and no interest. It is also not a debit card, as it is not attached the cardholder’s checking account. Entering into this financial netherworld is guaranteed to be a costly endeavor, and should only be attempted by those who are fully aware what they are getting themselves into, and need the benefits of a secured card or a prepaid card.
Read through this Millennium Advantage Prepaid MasterCard review to decide if this is the right credit card for you and if it is then click on the apply button above and if it’s not then use our free credit card finder to search more credit cards!
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Who is the Millennium Advantage Prepaid Card for?
The Millennium Advantage Prepaid MasterCard is designed for those with no credit or poor credit. Anyone can get it. By fully and accurately supplying one’s name, address, date of birth and social security number, approval is virtually guaranteed.
The prepaid MasterCard allows cardholders to make purchases over the phone and on-line, which is almost impossible to do without the small rectangle of plastic that has become omnipresent in today’s marketplace. Since an unsecured credit card is almost impossible to get with little or no credit, and a secured card requires a significant cash outlay to be used as collateral, the prepaid card is one of the only remaining options for those with poor credit and uncertain income.
One very important distinction to be aware of is that this prepaid MasterCard will not help cardholders build credit, as it is NOT reported to any of the credit bureaus that determine consumer credit scores.
What is the Millennium Advantage Prepaid Credit Card Exactly?
A prepaid card is loaded with money by the cardholder. Each load, or pre-payment, can be sent through Internet, the postal service, or at the load stations of authorized partners. Every time money is added to the card, the holder is charged a $4.95 fee. The interest rate on the money loaded to a card is 0% with an annual percentage yield of 0%. On the other hand, the immediate funding of purchases with money already supplied by the cardholder ensures that there will be no interest charged on purchases, either. While one won’t make money on interest, one won’t lose money from interest. The loss will come from fees.
Paying for Convenience
The laundry list of fees is long and all-encompassing, from the $4.95 fee each time a cardholder loads money onto his or her card to the $1 per minute fee for speaking with a customer service representative, to the $0.75 fee for paying bills online or over the phone. This is just a sampling of the extra expenditures required to maintain the Millennium Advantage Prepaid MasterCard:
Application Fee: (otherwise known as set-up or processing fee): $99.00
Load Fee: $4.95 (each time money is added to the card)
Maintenance Fee: $5.95 per month (assessed whether card is used or not)
Cash Transaction Fee: $1.95 (charged each time cardholder withdraws cash from an ATM, even if that ATM is owned by Millennium Bank)
Rental Car Transaction Fee: $5.00 (every time a cardholder rents a car with the Millennium Advantage Prepaid MasterCard
Automated Voice Response Fee: $0.50 (charged each time a cardholder calls customer service to check his or her balance using the Automated Voice Response system)
Call Center Fee: $1.00 per minute (charged each time a cardholder talks to a customer service representative)
Card Replacement Fee: $9.95: (charged to issue a new card if one’s card is reported lost or stolen)
Non-Activity Card Fee: $3.00 per month (charged when there is no activity on an account 60 days after the last transaction was made)
Chargeback Fee: $10.00 (charged if there are any items that need to be charged back to the merchant.
Bill Payment Fee: $0.75 (charged for every bill paid online or over the phone with the card)
Merchant Pre-Authorizations and Holds
One inconvenience that comes up from time to time when using a prepaid card revolves around pre-authorization requests from merchants. When a cardholder uses his card at a place of business in which the merchant requests a pre-authorization (their way of guaranteeing that they will get paid), a hold in the amount of the purchase is placed on the cardholder’s account.
This means that the money is tied up for that purchase only. It’s usually not an issue because the hold expires as soon as the transaction is paid for. However, if the amount of the transaction is less than the pre-authorization requested (which is often the case at gas stations, where pre-authorizations of $75 are requested even when you spend less than that on gas) then the difference will not be released from the hold until the authorization expires. This can be anywhere from 2 days to a week.
Protection Against Theft
The good news is that the Millennium Advantage Prepaid MasterCard is subject to the same Fair Credit Billing Act provisions that govern all other credit cards in regard to theft and fraudulent purchases. A cardholder’s liability is capped at $50 for purchases made on a stolen card.
Applying for the Millennium Advantage Prepaid MasterCard
Once you’ve determined that the Millennium Advantage Prepaid MasterCard is the best way that you can operate in a credit card dominated marketplace, the application process is quick and easy, with sure-fire approval on all forms filled out fully and accurately. Compare your credit card options and then apply today!