Credit Card Review: BuyRIGHT Pre-Paid MasterCard®

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Estimate Reward Earnings

Introducing a stored value card with the benefits of a reward program, a shopping membership, and the strength of the MasterCard® brand name. The BuyRight Pre-Paid MasterCard, issued by MetaBank is a stored value card with a lot to offer, and is accepted at millions of MasterCard locations.

Initial payment for this card is lower than most stored value cards, with an initial load of $20. From there, funds may be added to the card balance in several ways. While fees do apply when it comes to most funding methods, direct depositing funds onto the card is actually a no cost transaction. Any funds loaded onto the card are available for future purchases made with the card.

As is the case with a majority of stored value cards, they are designed for people who find it difficult to obtain credit by other means. As such, this card has some fees to help combat the risks. An account set-up fee of $29.95 will be applied when opening the account. Also, cardholders have the option of choosing between a $4.95 fee per month, or to go with the $1.00 fee per transaction. Therefore, if the cardholder anticipates using the card for upwords of five transactions per month, then the monthly fee is clearly the way to go.

The BuyRIGHT Pre-Paid Mastercard® gives customers a chance to apply for their Credit Building Program. The program gives consumers the opportunity to make purchases online via the SmartCreditShopping.com Web site. Buy going this route, the cardholder is pre-approved for a $7,500 line of credit, and is separate from the actual card itself. It bears noting that merchandise purchases will require a 20% deposit. The program helps to build credit by having the new account, as well as any monthly payment history, reported to at least one of the major credit bureaus.

As for the BuyRIGHT Rewards Program, cardholders earn one point per dollar spent on general purchases. There is no annual limit or expiration date for these points. These points can be redeemed for music downloads, ring tones, pre-paid wireless airtime, or long-distance calling cards.

Not to mention, cardholders will also have access to the BuyRIGHT Cash Back referral program, which offers a $5 reward if they decide to sign up for direct deposit within 30 days and an additional $25 for every cardholder that they refer.

So, if you are looking to rebuild your credit, using a low cost option that offers various Rewards programs, then the BuyRight Pre-Paid MasterCard® just might be the choice for you.

(Review Updated: January 14, 2008)

Estimate Reward Earnings

n/a Intro APR (* see notes for details)

Finance Configuration:

Additional Cardholders: $0

Late Payment Fee:

Over-The-Limit Fee: n/a

Cash Advance Fee: $2 for ATM transactions; $5 for international ATM transactions; $4.50 for cash advances from financial institutions

Minimum Credit Limit: n/a

Maximum Credit Limit: $2,500

Type of Reward: Point

Points per Dollar: 1.00

Expiration: None

Yearly Limit: None

Additional Features for BuyRIGHT Pre-Paid MasterCard®:

Various Internet account related services.
Free BuyRIGHT Membership.
Access to BuyRIGHT Rewards program for free.
Access to the Credit Building Program for an additional fee.
Access to the BuyRIGHT Cash Back program, which rewards cardholders with $5 when they sign up for direct deposit within 30 days and $25 for every cardholder that they refer.
Auto payment option.
See website for additional benefits.

Important Notes for BuyRIGHT Pre-Paid MasterCard®:

**Cardholders have the option to choose between a monthly fee of $4.95 and no monthly fee with a pay per transaction fee of $1.
***The inactivity fee will only be charged to those who choose the pay per transaction option, and it will only be charged after six months of inactivity on the card account.
****If the cardholder chooses the option to pay a $1 fee per transaction rather than pay the monthly fee, the total basic fee for the first year would be $29.95.
No credit checks or turndowns.
No employment verifications.
Cardholders who choose to participate in the Credit Building Program will have their monthly payment history reported to at least one major credit bureau.
Must be at least 18 and a U.S. citizen or permanent resident.
Although residents of HI and AK can apply for the card, merchandise can only be shipped to the 48 contiguous states.
See website for complete terms and conditions of card usage and application disclosure.

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Notes: The review on BuyRIGHT Pre-Paid MasterCard® was updated on January 14, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.