Silver Prepaid Mastercard
Silver Prepaid Mastercard is a prepaid debit card service aimed at people with credit problems or no credit history. With the Silver prepaid debit card, it is easy and free to set up direct deposit with your employer or government benefit check -- and you can obtain your Silver secured Mastercard with no credit check. In fact, Silver "guarantees" acceptance, as long as you provide them with a few pieces of required information, such as your social security number and home address.
The Silver Prepaid Debit Card Program
Using a Silver prepaid Mastercard is just like using a debit card -- you "load" the card either with cash or through direct deposit, and can spend as much as you load. Unlike a credit card, you won't be purchasing outside of your ability to pay. You get all the benefits of a bank issued debit card without having to pass a credit check or pay the fees related to using a traditional bank. There are many prepaid debit card services to choose from, but the Silver prepaid debit card program is one of the best. Here's why:
Refundable Activation Fee
Your activation fee is fully refundable -- all you need do is return the mail-in rebate and your activation fee will be added to your Silver prepaid Mastercard balance. Some other secured card services charge between $20 and $30 just to activate your card, and offer no rebate. Within 30 days of sending in your mail in rebate, Silver will return your activation fee. This is perfect for those of us that don't want to throw away our hard earned cash on fees.
Free Online Statements
Another great money saving feature available to holders of the Silver prepaid debit card are the free online statements, and a few other ways to check and maintain your Silver prepaid Mastercard balance that are totally free of charge. Silver will never charge you to access your balance online, from the comfort of your desk chair at your convenience. Many prepaid cards will charge a nominal fee just to check your balance, and these fees can pile up and take a bite out of your monthly balance, but with the Silver secured Mastercard, you have all kinds of free access to your balance. If you'd like, Silver will even send you a daily text message that shows your balance, or you can sign up for daily emails reflecting your current account balance. These features take the guesswork out of tracking your balance, and with the text messaging and email options, you may find that you never have to even go online to look at your account -- simply keep track of your balance through your cellphone or email account.
Free Direct Deposit
As for adding cash to your account, few prepaid cards make it as easy as the Silver prepaid debit card. Silver's free direct deposit service means you don't have to wait for your paycheck anymore -- your employer will deposit your paycheck directly to your Silver account. Check cashing fees rob you of a little bit of your paycheck twice a month -- avoid these fees with free direct deposit. Another benefit to direct deposit -- by automatically having your check deposited to your Silver prepaid Mastercard, you have instant access to your money every single pay day. Setting up this free direct deposit service is easy -- simply give your employer the voided check that comes automatically with your Silver prepaid debit card, and the employer does the rest of the work.
Other ways to add cash to your Silver account -- over 100,000 participating retail locations, like Western Union, MoneyGram, and PayXone locations found nationwide. You can also initiate a free of charge Federal Reserve wire transfer of up to $2,500 per day -- simply using your Silver prepaid Mastercard. Money transfers from your Paypal account to your Silver secured Mastercard are always free -- you can transfer money from a PayPal account directly to your Mastercard at no extra charge.
Pay Your Bills
The money transfer options don't end there -- with your Silver secured Mastercard, you can pay any of your bills or send a paper or electronic check to anyone you choose directly from your card, avoiding the fear of late fees or check cashing fees. If you choose, you can set up a regular bill payment online or by phone 24 hours a day with Silver. Have your rent, car payment or utility bills drawn directly from your Silver prepaid Mastercard every month, without lifting a finger. In addition to all of these free bill payment and cash transfer options, you can choose to transfer money from your Silver prepaid debit card to the bank account of your choice for free.
Accepted Anywhere Mastercard is Accepted
Finally, don't forget that your Silver prepaid debit card is a secured Mastercard -- any location that accepts Mastercard for payment will accept your Silver card for payment. This means you have access to millions of retail stores worldwide, as well as the ability to make purchases online or over the phone. Also, any ATM that accepts Mastercard, or shows the Mastercard logo, will give you instant access to your cash -- use your Silver prepaid Mastercard at hundreds of thousands of ATMs nationwide.
If there's a downside to the Silver secured Mastercard program, it is that their customer service is not as friendly and the details of the card, the "fine print", are not as accessible as they should be. The Silver Prepaid website, doesn't make any mention of weekly or monthly fees, making it seem as though there are none. However, when I contacted their customer service to find out about fees, I was surprised to learn that depending on the customer's transaction history, there are a variety of weekly fees that you could face. If you don't use your card a certain number of times per month, you'll be charged a weekly fee for the card -- that's right, a weekly fee. There are plenty of secured cards and prepaid debit cards that don't charge any weekly or monthly fees (though you will certainly face an annual fee of some sort), and in this one regard, Silver prepaid Mastercard is not the best option for some customers. If you don't plan on using your card at least 20 times a month, look elsewhere for a prepaid debit card, or plan on paying a weekly fee with Silver.
If you've having trouble getting a credit card from a bank or a department store, using a prepaid debit card can be your port in a storm. The Silver prepaid debit card program will issue you a Mastercard that you can use for easy and free direct deposit of your paycheck or government benefit check, and there are plenty of free features to justify using this card. Apply today, and within 10 days you'll have your very own Mastercard.
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