Account Now™ Vantage Debit MasterCard®
There are many individuals who have trouble securing a standard unsecured credit card for various reasons. For some, the answer is a stored value card. The Account Now® Vantage Debit MasterCard, issued by MetaBank, is one such card.
And while the card does not require a checking or savings account to be opened, it does require advance payments. These payments are then used to offset future purchases made with the card.
Advance payments can be initiated via direct deposit from the cardholder's paycheck, and automatically loaded onto the card with every pay period. The process to sign up for this is quite simple and free of charge. This method puts the cardholder in control by allowing them to choose how much money to add, and setting up an automatic method for saving funds onto the card. Additionally, the card can be funded by wiring money from an established bank account, or through MoneyGram® ExpressPayment®.
As with most cards designed for those having difficulty obtaining traditional credit, there are some associated fees. There is the initial activation fee of $29.95, along with a monthly participation fee of $9.95, or $119.40 per year. There are no additional charges for purchases made in the United States. In the first year after opening an account, the cardholder should expect to pay a minimum of $149.35 in fees.
While it is common for most stored value cards to lack many perks, this particular card does offer a free bill pay service for the first seven transactions in a month, along with access to a free credit builder service. The credit builder service is important for those trying to get back into the credit game. The service reports bill payment information to a national credit reporting agency.
If safety is a concern, consider this. Your money is backed by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States Government.
There are three unique plans that the cardholder can choose between. The differences are in the fees and services associated with each plan. Therefore, cardholders should carefully review the terms and conditions before applying, so they can see which plan is most suited for their needs. As a side note, this card review corresponds with the premium plan.
So if you are in need of a stored value card that can help re-build your credit, allows the flexibility to pay in advance for purchases while funding the card through direct deposit, and can manage the upfront fees, then the Account Now® Vantage Debit MasterCard® just might be the best choice.
