Western Union® Prepaid MasterCard®

The Western Union® Prepaid MasterCard® is issued by BANKFIRST. This card is ideal for consumers who have previously had difficulties obtaining a credit card for various reasons. It works very much like a debit card, but without being tied to a checking or savings account. Instead, the cardholder makes advance payments on the card for future purchases. The cardholder can then use these funds to make purchases where only credit cards/debit cards are accepted.

The cardholder may add funds at any time to the card. For a charge of $3.95, the cardholder may add funds from any participating U.S. Western Union location. The card may also be funded directly from the cardholder's paycheck. The cardholder sets the desired amount to be added to the account each pay period, and the funds are automatically withdrawn from the paycheck and deposited onto the card. Each month there is a maximum of $9,500 that can be added to the card between paychecks and other deposits. At any one time, the card cannot hold more than $2,500.

There are some fees associated with this card & all very reasonable in comparison with other prepaid cards. There is a $9.95 enrollment fee that must be paid with the first deposit onto the card. There is also a monthly maintenance fee of $4.95, which totals $59.40 annually. However, this monthly maintenance fee is waived if the cardholder chooses the option of having the funds directly deposited from their paycheck. The fee will be waived beginning with the statement immediately following the first direct deposit onto the card. With this option, the cardholder could save themselves a considerable amount.

It should be noted that this card does not report to credit bureaus. Therefore, cardholders attempting to build credit will not benefit from this card. Like all prepaid cards though, cardholders cannot get themselves into debt using this card, so it is a good alternative for many consumers.

Therefore, the Western Union® Prepaid MasterCard® would be beneficial option for any consumer looking to avoid getting themselves into debt with a traditional credit card. It is also a good choice for someone looking to reap the benefits of a credit card without having a bank account from which to get a debit card. However, it will not help to rebuild credit or establish credit for the first time, so it would not be a wise choice for consumers looking for a credit card for those purposes.