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Bank Freedom(SM) Prepaid MasterCard® Review
Issued by MetaBank
  
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Overall Rating:
Benefit Rating:
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The Bank Freedom(SM) Prepaid MasterCard®, issued by MetaBank, is a stored value card designed for those who may have difficulty in obtaining an unsecured credit card.
This card requires the cardholder to make payments in advance, which are then used to offset future purchases made with the card. The card can be loaded by adding cash using a MoneyPak® at an authorized retailer, card to prepaid card (within the Bank Freedom program), Paypal to prepaid card, checking account to card transfers, or through free direct deposit. In addition, the $4.95 monthly service fee is waived if a minimum direct deposit of $500 is made.
There are other fees associated with this card, including a $1.50 per ATM cash withdrawal, $5.95 paper statement mailing fee, and a $1.50 per ATM cash withdrawal. If $500 in direct deposits are not made monthly cardholders can expect to pay a minimum of $59.40 in fees within the first year.
Cardholders can take advantage of additional services and benefits, including free email and wireless alerts for account information, MasterCard® Zero liability for unauthorized transactions, free direct deposit, and unlimited bill payment.
Therefore, those who are looking for a prepaid card without a large amount of fees may find the Bank Freedom(SM) Prepaid MasterCard® to be a suitable option.
This card requires the cardholder to make payments in advance, which are then used to offset future purchases made with the card. The card can be loaded by adding cash using a MoneyPak® at an authorized retailer, card to prepaid card (within the Bank Freedom program), Paypal to prepaid card, checking account to card transfers, or through free direct deposit. In addition, the $4.95 monthly service fee is waived if a minimum direct deposit of $500 is made.
There are other fees associated with this card, including a $1.50 per ATM cash withdrawal, $5.95 paper statement mailing fee, and a $1.50 per ATM cash withdrawal. If $500 in direct deposits are not made monthly cardholders can expect to pay a minimum of $59.40 in fees within the first year.
Cardholders can take advantage of additional services and benefits, including free email and wireless alerts for account information, MasterCard® Zero liability for unauthorized transactions, free direct deposit, and unlimited bill payment.
Therefore, those who are looking for a prepaid card without a large amount of fees may find the Bank Freedom(SM) Prepaid MasterCard® to be a suitable option.
Review Date: July 31, 2008
Note: The review on this card was updated on July 31, 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.
| Credit Card Rate Details | |
Intro Rate (Intro APR):
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No Introductory Rate Available |
| Credit Card Fee Details | |
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Annual Fee:
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$0 |
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Additional Cardholders:
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$0 |
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Cash Advance Fee:
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$1.50 for ATM transactions; $3.95 for international ATM transactions; $4.95 for cash advances from financial institutions |
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Application Fee:
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$0 |
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Participation Fee:
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$4.95** |
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Reload Fee:
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$0 for direct deposit; $0 for bank account to prepaid card load; $0 for prepaid card to bank account load; $0 for card to prepaid card load; $0 for Paypal to prepaid card load; up to $4.95 for cash load fee may be charged by MoneyPak® retailers. |
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InActive Fee:
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$0 |
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Total First Year Fees:
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$59.40** |
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Minimum Deposit:
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$20 |
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Maximum Deposit:
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$10,000* |
| Features | |
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Most Attractive Feature(s):
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| No annual fee; free direct deposit; no credit checks. | |
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Least Attractive Feature(s):
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| Monthly maintenance fee without direct deposit. | |
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Additional Features:
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| Various Internet account related services. No credit checks or turndowns. No employment verifications. Access to free signature purchase. Access to free automated telephone support. Access to free live customer service. Access to free bank account to prepaid card load. Access to free prepaid card to bank account load. Access to free card to prepaid card load (within Bank Freedom card program). Access to free Paypal to prepaid card load. Access to Bank Freedom Bill Payment services. Access to free email and wireless alerts. No Activation Fee. See website for additional benefits. |
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Important Notations
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| $.50 fee per PIN-Debit transaction. $.50 per ATM balance inquiry. $.50 per ATM withdrawal decline. $1.50 per ATM cash withdrawal. $3.95 per international ATM withdrawal. $1 per international signature transaction. $4.95 fee for 10 bill payments per month; over 10, $0.50 each. $5.95 paper statement mailing fee. $9.95 lost or stolen card replacement. $14.95 check fee. *Cardholders may not load more than $2,500 in personal funds per load and $10,000 for direct deposit loads. There is no limit on the number of times you may value load your Card. However, the maximum value load you may place on your Card when aggregated with any other Cards is restricted to $500 each load. **$4.95 monthly service fee if a minimum direct deposit of $500 is not made. ***Up to $25 special research and documentation fee (may include authorization hold removal, account verification, account balancing, etc). ****1% currency conversion fee. See website for complete terms and conditions of card usage and application disclosure. | |
