This review of the Wired Plastic Prepaid Visa Card will explain how the card works, its benefits and drawbacks, rewards and your other options. The name Visa is certainly a trusted name in the credit industry and the idea of a prepaid card is definitely appealing since it carries no risk of debt. One thing you will appreciate right off hand is the fact that a prepaid Visa offers the same advantages as a Visa credit card but with none of the negatives—like late fees and interest. When you finish reading this Wired Plastic Prepaid Visa Card review then either click the orange button above to apply or use our free credit card comparison finder to check out other credit cards and prepaid cards.
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How Does the Wired Prepaid Card Work?
The Wired Plastic Prepaid Visa Card is a product of the Bancorp Bank. The function of this card is very similar to a debit card. One major difference is that it has built-in overdraft protection. Otherwise, it allows you to make your choice of debit or credit transactions. The primary difference is that with debit you can enter a PIN (which is instantly withdrawn from your account) or you can sign for a credit transaction (and you will have some disputing rights). The prepaid card can also let you withdraw cash from an ATM machine.
You can even schedule recurring online payments on the card. You have access to electronic checks by way of the Click-N-Pay bill payment service. As soon as you write a check, the money is immediately taken from your account. You are protected from the usual risks associated with debit cards such as NSFs, overdraft charges and bounced checks.
Despite the fact that the card operates as a credit and debit card individually, it cannot be called either one from a technical standpoint. The Plastic Prepaid Visa Card does not require a security deposit like a debit card. However, it does not carry an annual fee like a regular credit card. In fact, you will never have to qualify for this card through a traditional credit check process. Having this card does not require employment verification, as it would with a subprime lending company. In this respect, it acts just like a prepaid card. You don’t even have to have a bank account! You could take this card halfway across the world and still benefit from Visa’s all powerful name.
What are Some of the Wired Prepaid Card’s Benefits?
You can use the card for gas transactions and you don’t have to worry about check cashing fees. The options you do have open with this card largely depend on what options you select. If you so choose, you can add a direct deposit feature at no extra cost. With this account you can also receive checks from Social Security, Medicare, welfare, the IRS and other dividends. There is no waiting time for these funds.
What are Some of the Wired Prepaid Card’s Drawbacks?
Are there any disadvantages to using this card? There are some barely noticeable clauses that may become quite noticeable, and perhaps irritating, if you are not aware of them up front. For example, you will have to pay a monthly participation fee of almost four dollars and a one time set-up fee of nearly ten dollars. This is relative though, considering the terms of most other credit cards.
If you want to enjoy special benefits then you must have a balance on the card. You will have to make an opening deposit, though it can be as low as $10. Obviously, the account will require payments in advance before you start making purchases. You might think that these minor fees are of no great importance; but, consider the cost tallied at the end of the year: a minimum of about $60 when counting all the monthly fees plus the set up fee and the initial deposit.
That said, some credit card holders will eagerly seek this deal out just because of the intrinsic advantages that come from owning a hybrid debt/credit/prepaid card. What might make up your mind on this matter is the rewards program.
Special Wired Plastic Credit Card Rewards Options
Yes, this card has special benefits when you join, the likes of which you usually only see with regular credit cards. For example, you earn one point for each dollar you spend on card purchases. Your points never expire and there are no limits.
What can you do with these points? These points can be redeemed for a variety of phone and Internet related privileges. You can use them for long distance calling cards or for choosing a new ring tone or for using wireless airtime. You can even use these points for music downloads.
Lastly, your Plastic Prepaid Visa Card account will send you free text messages and emails to keep you updated– just like a card. In short, this hybrid card has many of the best features of every other account you ever had and virtually none of the worst. Why not take advantage of the free credit card comparison “Chaser” tool right now to apply for this card at the top of the page or get other credit card offers?