Prepaid Debit Card Reviews, Complaints, Etc

Tag: Debit card

Nigeria’s National ID Cards Double Also as Debit Cards

Nigeria’s New Biometric Identification Cards Can Be Used At Stores and ATM’s

In an announcement at the World Economic Forum on Africa last month, MasterCard and the Nigerian National Identity Management Commission announced their partnership to release 13 million ID/Debit cards. The combination government ID/debit cards will be rolled out over the next year as part of a pilot program, after which, the government hopes to deploy 120 million ID cards/debit cards to all of its adult citizens. The ID cards contain demographic and biometric data belonging to each Nigerian citizen encoded on a microchip and linked to bank accounts. For one of the first programs of its type, Nigeria’s national ID cards double as debit cards.

Nigeria is undergoing an economic boom fueled by new businesses and mobile phones, but there is a fear that ethnic violence and omnipresent corruption could slow down growth. One way the Nigerian government hopes to combat this is through the tracking capabilities, security and built-in paper trail of a cashless currency.

The cards use chip-and-pin technology more sophisticated than American debit or credit cards and “will allow cardholders to deposit funds on the card, receive social benefits, pay for goods and services, withdraw cash from all ATMs that accept MasterCard, and engage in many other financial transactions that are facilitated by electronic payments,” MasterCard’s Michael Miebach told Fast Company via email. “In addition to the various functionalities of a Smart ID, the scheme will allow Nigerians, 70% of whom currently having no bank account, to participate in the global economy.” Experts believe they have amazing potential and have the potential to cause a banking boom in Nigeria by connecting the over 70% of unbanked Nigerian citizens with bank accounts.

“The reality is that combating poverty means finding ways to get people access to basic financial services and that can’t really happen without money in electronic form. It’s not a panacea, obviously, and no one can predict if this particular program will succeed or flop. But that doesn’t change the fact that services of this sort are desperately needed.”

According to World Bank statistics, Nigeria has a massive 7.3% GDP growth rate—but 62.6% of the population lives below the poverty line.

For more information, visit: http://www.worldbank.org/en/country/nigeria

June 3, 2013
eForexGold Introduces Multi-Currency Debit Card
For years, eForexGold, one of the leading players of the Digital Electronic Currencies industry, has provided customers with convenient ways to buy, sell and trade currency. Now, with the introduction of its new multi-currency debit card, they have made trading currency even more convenient.

Customers can use the new debit card to transfer funds from electronic accounts like Liberty Reserve, c-gold, pecunix, Webmoney, Solidtrustpa, Technocash and TransXpress.

Although the primary function of the card is to withdraw cash from e-currency accounts, it can also be funded by a bank wire transfer and can be used for purchases at shops, restaurants, and at most ATMs worldwide. No name appears on the card and funds are disbursed in your local currency.

The card carries a daily withdrawal limit of $1,500 and a maximum daily balance of $10,000 with loading limits of $20,000 per month. Other fees associated with the debit card are:

Fees and Charges
- ATM transactions: $3.00
- ATM declines (NSF): $1.00
- POS and Internet transactions: $1.10
- Monthly card fee: $4.95
- Lost or stolen card (or PIN) replacement fee: $35
Funding fees
- by Liberty Reserve – 8% (min. $7)
- by c-gold – 5% (min. $7)
- by pecunix – 5% (min. $7)
- by WebMoney – 5% (min. $7)
- by SolidTrust Pay – 7.95% (min. $7)
- by Technocash – 1.5%
- by TransXpress – 2.5% (min. $7)
- by bank wire transfer – 2%
About eForexGold

eForexGold is a leading e-currency exchange provider. Online since 2000. Exchanges Liberty Reserve, pecunix, c-gold, Webmoney, SolidTrustPay, Technocash and TransXpress.

For more information on this story, visit: http://www.pr.com/press-release/493691

For more from this author visit: Tameka Riley’s Author Page
May 27, 2013
Banks Are Falling In Love With the Debit Card All Over Again

When financial reform targeted the lucrative overdraft and interchange/“swipe” fees, the banking industry began to move away from debit cards, but now banks are singing a different tune. With new Federal Reserve data showing that caps on swipe fees are working as intended, banks are going a different route to make up for the lost revenue: volume. Targeting tech savvy millenials, banks are marketing debit cards now more aggressively than ever; even resurrecting rewards programs in some areas.

Last year, banks sent out 42 million direct-mail offers for new debit cards, up 6% from 2011 according to Mintel Compermedia. “It does appear that banks have regained their footing to some degree and are beginning to focus on debit card marketing,” says Susan Wolfe, vice president of research at Mintel Compermedia. Numbers don’t take into account the exponential rise in online marketing that’s taking place. With online marketing being far more cost effective than direct-mail, actual numbers are probably a lot higher.

“Interestingly, banks are promoting online banking, mobile banking and text banking as ways to stay on top of debit card spending,” Wolfe says. “Debit is also positioned as a better way to manage finances,” since users can keep track of account balances in real time via text or email alerts on their cell phones.

While debit card usage is up, credit card usage among 18-24 year-old college undergraduate students fell by 10% in just two years. Millenials are more money-conscious now, opting for debit card rewards, rather than credit card fees charging them to use their own money.

For more information on this story, visit: http://business.time.com/2013/03/28/why-banks-love-debit-cards-again/

For more from this author visit: Tameka Riley’s Author Page

May 22, 2013
New BlueBird Prepaid Debit Card Now Offering Checks

Since American Express launched the BlueBird Prepaid Debit Card, it has offered a fabulous product for the unbanked. Starting out as a prepaid American Express debit card, it serves many of the same functions of an online checking account. Working in concert with WalMart, users can load deposits free of charge, make ATM withdrawals, use online billpay, track spending and set limits, all without the extra fees banks often charge.

Adding even more benefits to their product, BlueBirds now offer its users the ability to order physical checks right from their online account. Though the website shows fees associated with ordering physical check, checks are actually free until May 21^st. Shipping is also free. With this new move, American Express has effectively turned 4,000 WalMart stores into bank literal branches.

In some ways, the BlueBird is actually better than a traditional checking account without the extra fees piled on since the passage of Dodd Frank Financial Reform Bill. According to American Banker, “American Express (AXP) has just given its checking account alternative, BlueBird, more bank-like checking account features. It has added FDIC insurance, increased the amount of money a customer can place in an account and added physical checkbooks. The New York credit card company said Bluebird customers who can already deposit checks by snapping a picture from their smartphones, electronically pays billers and send cash to friends, can now place up to $100,000 in an account at any one time.” Funds received from BlueBird are moved to Wells Fargo within 24hrs, allowing the funds to be protected via FDIC insurance coverage.

For more information on the American Express BlueBird Prepaid Debit Card, visit www.bluebird.com.

For more from this author visit: Tameka Riley’s Author Page

April 12, 2013
Approved Card From Suze Orman

If you find yourself among the unbanked or under-banked a prepaid debit card may be the checking account alternative you are looking for. Suze Orman has recently launched her Approved Card – a prepaid debit card that is supposed to be better than the competition. But is it really? Does it have low or no fees?

Suze Orman says about the Approved Card, “It’s the single most important thing I’ve done in my whole career.”

She says it’s a better way to bank.

It is safer than cash, comes with no credit checks, no check cashing fees, no bank account required, no overdraft fees, no interest charges and it is easy to load and use.

The Appoved Card (http://www.theapprovedcard.com) also comes with free identity theft protection, free Transunion credit reports, credit scores and credit monitoring. These features are not seen on many of the best prepaid debit cards. You can expect to see services like this included because Suze Orman is a big proponent of keeping an eye on your credit report and score.

So let’s talk about getting this prepaid debit card’s fees. You will have to pay $3 to purchase it. This fee is lower than most other prepaid debit cards. And then you have a $3 monthly account maintenance fee with the first month waived. Compare this to other cards which can run from no cost per month all the way to $9.95 a month.

You can get free ATM withdrawals at over 35,000 Allpoint locations for the following 30 days you make a Direct Deposit of $20 or more. You can find these ATMs at places like 7-Eleven, CVS, Costco, Kroger, Target and Walgreens. Otherwise you will have to pay a $2.00 fee.

You also get free online bill pay and a free additional card along with no activation fee.

You do not have to pay a fee to purchase with a signature or PIN transaction.

You also get one free live customer service agent call per month and $2.00 per call after that.

If you like to receive a paper statement that will cost you $2.00 per statement.

When you check out the fee chart you will see that most of the fees can be waived for a 30 day period after you Direct Deposit $20 or more.

So who is the Approved Card by Suze Orman for? People who do not want to use a secured credit card, people who cannot get approved for a checking account due to bad credit, and people who will deposit less than $1,000 each month through Direct Deposit.

It’s not the best prepaid debit card but it is also not the worst prepaid debit card.

For more from this author visit: Tameka Riley’s Author Page

January 29, 2012
The American Express Prepaid Debit Card

The American Express prepaid debit card stands out from its peers in several ways. Other than the media attention it attracted during its launch, there is much more to write about; and you can already guess that most of it is positive. It’s only by looking further at its features that you begin to understand why it generated so much publicity.

One of the most attractive features about the debit card is the fees. Fees are one of the most important considerations to make when comparing prepaid debit cards—and the American Express prepaid debit card scored big on this one. Its fee is what most people who deal with financial institutions would call free. The only fee that the card holder pays is the ATM withdrawal charges. They are still offering you an incentive in that you pay absolutely nothing for the first withdrawal.

For any other subsequent withdrawals you pay $2 dollars, of course to this, you will have to add the charges levied by the ATM owner. Unlike most other prepaid debit cards, there will be no charges levied on you when you are activating or reloading the card. Better still, there are no fees charged when you use the card.

The American Express prepaid debit card has several benefits over the other such cards in the market. For instance, one is allowed to have up to three cards as long as you are above 18 years of age. You can choose to have all the three cards in the name of the children or you can have one of the cards. Very few prepaid debit card providers will allow you such a privilege. This means that a parent with teenage children can acquire the prepaid debit cards for them so that they don’t have to keep asking for cash to refuel or other routine expenses.

Since the prepaid card is being shared with teenagers, you might feel that the kids might overspend which can have very adverse effects in these hard economic times. American Express thought of that too and put measures in place so that a parent can monitor the spending that goes on using the card. It’s possible to view the transaction history so as to keep track of how the cash is being used and detect misuse if any. You are also able to suspend the card if you feel it is being misused and you can reactivate the card again when you’re ready.

Most people will tell you that a card that allows you to track every transaction carried out on it is good enough, but American Express prepaid debit card has gone a step further. You receive an email alerting of every transaction made on the card. This makes it very conducive for parents with teenagers since you can track their every purchase from home. The card even allows you to load it from your bank account.

Overall, the American Express prepaid debit card is one of the best prepaid debit cards you can use. It has very low fees and is accepted wherever American Express credit cards are accepted.

For more from this author visit: Tameka Riley’s Author Page

January 29, 2012