Vision Premier Prepaid Visa
The Bancorp Bank issues the Vision Premier Prepaid Visa Card. This is a prepaid card which means that you load money onto it in order to use it.
This can be done by direct deposit and PayPal as well as by other means. You also can transfer funds directly from your bank account to it.
The amount of money which has been loaded to the card minus purchases, fees and other transactions equals the amount available to be used.
You card is only good for the amount of money you have loaded onto it. This Visa card has many features.
There is no opening minimum, no application fee, and no annual fee. There is not a loading fee when you use direct deposit, PayPal or PreCash.
Likewise, there is no weekly maintenance fee when you use direct deposit or when you have 15 or more transactions per month. Adversely, there is a $1.95 fee for ATM use as well as a $.95 fee for each ATM balance inquiry (You can sign up for free balance alerts which are delivered to you either via email or your cell phone).
The weekly maintenance fee is $.95 if you do not use direct deposit or if you have fewer than 15 transactions per month. Additionally, there is a one-time activation fee of $9.95; however, with the mail-in rebate this becomes zero.
If you want to use Visions live agent customer service, be prepared to pay a $1.95 fee.
A few things should be noted:
1) this is a debit card not to be confused with an unsecured credit card.
2) you do not have to pass a credit check to obtain this card, approval is guaranteed
3) there are never any interest or minimum balance fees; and
4) this type of card will not be reported to credit agencies.
Good points regarding this card is the ease of obtaining the card (approval is guaranteed), convenience for making online and phone purchases, it is less expensive to use than check cashing services, you receive the same Visa Zero Liability policy as with a credit card, and, unlike a credit card, interest is not charged.
Be aware that the Visa Zero Liability policy does not cover some transactions. However, there are some bad points as well.
You must have money loaded onto the card to be able to use it and, if you need to use an ATM machine to check your balance, you will be charged a $.95 fee. Therefore, you must always be aware of the balance on the card.
And this card will not help to improve your credit rating like a traditional or secured credit card. If you plan to use this card to build or repair your credit, you should look at a traditional credit card.
Also, be careful of additional fees which are listed in the Terms and Conditions. Also be aware that if you request a retailer to load money onto the card, you may be liable for additional fees which the retailer may charge.
However, if you are looking for a card to use to easily make purchases, a prepaid card is the way to go. Also, if you have a tendency to overspend when you are shopping, a prepaid card will help you by allowing you to spend only what is loaded onto the card. Paying no interest fees is also a nice feature!
