The Vision Silver Prepaid MasterCard, as reviewed below, is a practical option for some folks for the following reasons. Just about everyone struggles financially at some point and time in his or her life. Unfortunately, for some, this is a time when bills are not paid and credit card debt is turned over to collections due to lack of payment. However, many people, once they get back on their feet, look for a way to reestablish their good credit, but to no avail because credit card companies simply will not take a risk on someone with poor credit and a poor payment history.
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There are also those individuals who just do not have credit and, in this very tough lending climate, are finding it difficult to find a credit card company that will approve them for a credit card; that is unless they have a co-signer or are willing to pay a large fee to get a card (some companies charge about $200 in fees, which allows them to negate the risk of a defaulted card carrier).
In both of these cases, it can be very frustrating to know that you have the ability to pay your bills but there is no one willing to take a risk on you. However, there is another option, and while it is not as appealing as getting a traditional credit card, it is an excellent way to make purchases that you need a credit card for, such as holding a hotel reservation or renting a car and find a way of eventually getting a traditional credit card.
Is There Really Another Credit Card Option?
Yes! Absolutely, there is an option for you and it is called a prepaid credit card. Prepaid credit cards are a perfect option for those in serious credit trouble or for parents who want to teach their children credit card responsibility or for those individuals who have no credit and do not want to pay in fees in order to establish the credit that they need for future purchases. You can learn about an excellent option for a prepaid credit card right now called the Vision Silver Prepaid MasterCard.
The Vision Silver Prepaid MasterCard is just like other prepaid credit cards in the way that it works. Much like a bank checking account, you deposit money into your card (only you accrue no interest). You can deposit money into your card via wire transfers, bank transfers, from PayPal, and direct deposit from your employer (or other sources such as unemployment or disability payments). There are no limits on the amount of deposits that you can make but the minimum deposit amount is $20.
What About the Fees for the Vision Silver Prepaid MasterCard?
Quite truthfully, when you use a prepaid credit card, you need to face the fact that you are going to pay a lot more fees than you would with a traditional credit card. You will be happy to know that the fees associated with the Vision Silver Prepaid MasterCard are much lower than many of its competitors. However, there are fees for many different things so it is important that you know what the fees are before you start using your card.
The first fee is the activation fee; this is a one-time fee of $9.95. From time to time, the Vision Silver Prepaid MasterCard offers a rebate of this fee, which will show at the time of your application for the card. There will also be a fee of $3.95 a month to use the card, some companies charge ten or more dollars a month in fees, so this fee is very reasonable. If you choose to deactivate the card, regardless of whether you carry a balance or not, the fee is $14.95. You are also charged an additional $3.95 fee if the account remains inactive for more than a month.
There are a myriad of smaller fees that are associated with the Vision Silver Prepaid MasterCard as well. There is a .95¢ fee for the following things, per transaction that requires a pin number to complete: to check your balance by phone, to sign up for auto bill pay (per bill per month) and, to cancel auto bill pay (one time fee per bill). If you want to receive paper statements then the fee is $2.95 (online statements are free and many credit card companies are adopting this fee in order to limit paper statements).
If you want to use an ATM you will pay a $1.95 fee plus the fee charged by the bank that owns the ATM. Cash advances cost $4.95 each as does getting a replacement card if you lose it. You can contact an automated system 24/7 for free, but if you want to speak with a live agent, then your card will be charged $1.95 per call. This fee will be waived if you are calling to report your card lost or stolen.
All These Fees Seem Excessive, is it Really Worth It?
This is a very good question. Yes, there are a lot of fees associated with the Vision Silver Prepaid MasterCard; however, this is true of every prepaid credit card. What’s more, many card fees are much higher. Some will charge you five or more dollars for using an ATM and many charge a fee per transaction as well as annual fees, which the Vision Silver Prepaid MasterCard does not have. Many charge exorbitant activation fees, which can be unaffordable for many people. You should never choose a company that charges more than $10 for an activation fee.
Also, there are many free features to this card that are not offered by other prepaid credit cards. You get unlimited signature transactions, (which technically are credit transactions), free access to your statements online, free email and text message alerts, free direct deposit and wire transfers and free automated customer service. There is also no annual fee for the Vision Silver Prepaid MasterCard.
Is it worth it? Well, the answer to has to come from you. You need to look at your situation and determine if this is the best course of action for you. The Vision Silver Prepaid MasterCard is a guaranteed card; your credit will not be considered in order to receive this card. There is a catch, however, and that is that the Vision Silver Prepaid MasterCard does not report to the major crediting bureaus, which means that you won’t build credit with this card, however, it is a great alternative to regular credit cards, especially if you need to rent a car or other items and you can’t get a credit card to do it. In addition, while you are catching up on your other bills, you have a card that you can use anywhere, just like a credit card.
There are prepaid credit cards that do report to major crediting bureaus, however, their fees are higher. These work the same way as the Vision Silver Prepaid MasterCard, but they also have a credit building option where the bank that holds the card lends you money and you pay it back. This is then reported to the credit reporting agencies. This is a very slow process as the loans will be small, but it is a good first step for those with no credit at all.
The bottom line for the Vision Silver Prepaid MasterCard is that it is an all around good card. With much lower fees than you will see with many other prepaid cards and with no deposit limit and free deposits, you can have the buying power that you need from a prepaid credit card (some cards limit deposits to a max of $500).
The downside here is not about the fees, it is about the credit. If you are looking for a credit card because you need to make a large purchase, such as a washing machine, for example, then a prepaid card simply isn’t going to work for you. Your buying power is only as big as the deposit that you make on the card. However, if that isn’t your need, then this is an excellent prepaid card choice.
If you like what you have read about the Vision Silver Prepaid MasterCard, then click on the apply bottom at the top of the page and apply right now. You will have your prepaid card in just a few short days. If this isn’t the card for you, try our chaser credit card comparison tool and we will help you to find the right card. Take the guesswork out of your credit card search and try our credit card finder tool today!