The SilverCard Prepaid Credit Card
The SilverCard Prepaid MasterCard offers a low-cost alternative to typical plans that charge high fees for basic transactions and account inquiries.
How It Works
You deposit money into your account and then use your card to make purchases, withdraw cash ATM?s, or pay bills over the phone or online. Your balance declines as you use the card. When you need more money, you simply make a deposit to the account.
How You Can Deposit Money
One way is to have your paycheck deposited directly into onto your card. This can also be done with Government issued checks such as social security.
Direct deposit is free to all card holders. If you want you can deposit money at any 100,000 retail locations. And you can add money through a wire or PayPal transfer.
How to Qualify
There is no application or approval process. Federal law requires that you supply information that will verify your identification, such as your name, address, and birth date, but there is no credit check or lengthy application to fill out.
Account Fees
While most cards charge fees for activation, transactions, overdraft protection, and balance inquiries, these services are free for card holders. However you will pay the activation fee up front but will be reimbursed through a mail-in rebate
How You Can Manage Your Account
They truly make account management simple. You can access your information online 24 hrs a day 7 days a week.
In order to help you keep track of your spending, you can sign up for free emails or text messages that include this information. You can also access this information free of charge through their automated voice response system. We strongly suggest you take advantage of these features as it enables you to live within a budget, most of the time.
You can stop writing checks every month because you can use your card to pay bills. It is accepted online and over the phone.
In sum if you are in a position where you can not be approved for a checking account or credit card. And you are paying costly check cashing fees and buying money orders then this is a great choice.
Of course we encourage you to read all the fine print on any credit card before applying.
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