In a 2002 Census Bureau supplement, Hispanics of Mexican origin represent over 66% of the total Hispanic population, while the remaining 33% originate from Central America, South America, Puerto Rico, Cuba and others. As market share for these and other prepaid demographics continues to climb in the U.S., Mango appears poised to capture a good deal of it.

According to the Mango website, the Mango MasterCard is a card with a low fee structure, as well as some added features not found in many other prepaid cards. Some highlights include – no activation fee, no purchase fee, no credit check, smart phone apps, an attached savings account option, free customer service, an instant virtual card, free balance checks/text alerts via mobile device and no bank funds transfer fee. Another benefit worth mentioning is that the $5 monthly maintenance fee can also be credited to customers loading or direct depositing $500 or more each calendar month.

Whether you are considering the Mango MasterCard or any other prepaid card, compare, do your homework and read the terms of conditions before you commit. Make sure it is the right card for you.

Will Tumulty, AccountNow’s Chief Marketing Officer stated:

“Most visitors to www.READYdebit.com will be able to complete their tax return and e-file it in 30 minutes or less. It’s fast, secure and easy… and what could be more convenient than having your tax refund added to your READYdebit®Visa Prepaid Card?”

Ronald Leder of ezTaxReturn.com also commented on the AccountNow/READYdebit partnership:

“Serving customers better, faster and more affordably is always a winning strategy; collaborating with industry leading partners is how that happens.”

Remember to always read any finanical instrument’s terms and conditions and utilize available resources to compare prepaid cards before purchasing.

Given the lack of financial resources available to many U.S. citizens over 50, the partnership endeavors to assist older Americans by providing a tool for better money management, powerful purchasing power and increased retirement savings wrapped up in one safe, secure prepaid card. The AARP Foundation Prepaid MasterCard will be issued by The Bancorp Bank pursuant to license by MasterCard International Inc., and may be used everywhere MasterCard prepaid debit cards are accepted.

Val Kazia, CEO, O2 Secure Wireless was quoted:

“We expect this action to expand the Company, and will not only enable our existing/future clients to take advantage of a distinctly convenient payment method, but we anticipate that executing the opportunity to target such a large and growing part of the population, with financial options not commonly available, will position the Company to generate significantly increased levels of profitably. Considering this market expects to exceed $150 billion in 2012, we believe the results will be a very big advancement for the company.”

O2USA joins an ever expanding universe of prepaid cards to recently hit the market including Suze Orman’s, Approved Card. With an estimated 90 million Americans and over 2 billion people internationally considered to be under banked, it becomes obvious as to why the playing field is getting more and more crowded. With more players competing in the prepaid arena, customers should see more innovations and lower fees coming down the turnpike.

As with most prepaid cards, there is an ATM withdrawal fee ($2.50 per withdrawal) although if you participate in monthly direct deposit (see website for details), you can withdrawal $300 each day from participating ACE retail reload centers. Another benefit of using direct deposit is the $10 no fee cushion that ACE provides cardholders. That’s an extra $10 of safety net – try getting that at a bank with no huge overdraft charge.

We think the ACE Pink Elite Visa card can be a valuable addition to customers who want a powerful card with many features and options, as well as one with a philanthropic theme. Along with the benevolent component for breast cancer detection and awareness, cardholders can enjoy the ease of obtaining a Pink Elite Visa because there is no credit search done. You also do not have a fee to apply for the card nor any requirement to keep the card. The card is also insured by the FDIC and participates in Visa’s Zero Liability protection program. As always, continue to research and evaluate any financial instrument and look for fees or regulations not plainly displayed on a company’s website.

Darryl Huston, CEO of InteliSpend stated:

“Keeping a tight rein on spending is a business necessity. With our new Expense Visa Prepaid Card, we have created a solution that gives companies a better way to manage cash expenses with built-in features that allow for the return of unused funds back to the funding company at any time. Detailed reports that show you where your expense dollars are going and the Visa brand which is known around the world, make this new option a real value for our customers as they search for ways to keep a handle on spending.”

Upon inspection of the InteliSpend website corporate customers can find a fountain of information to help them run and grow their businesses. Some of the more interesting topics include – Sales Incentives, Wellness Incentives, Loyalty Programs, Employee Recognition, Promotions and Giveaways. Also, a cache of various plastic prepaid products offered to corporate clients including – Themed, Universally Accepted and Merchant Specific can be found on the site. If you are a business person looking for some great financial tools, you might want to check out the InteliSpend Expense Prepaid Visa. For information and comparisons of other prepaid products, visit www.getdebit.com.

One prepaid advantage many customers jump on is the fact that prepaid cards usually require no credit check or qualifying to get the card. Just fill out a simple one page form with some basic information and assuming you have a valid social security number, you are good to go. Using a prepaid card cannot enhance or diminish your fico credit scores, although in some cases, alternative credit reporting can be done. Depending on the card, there are a variety of loading and reloading methods available to consumers wishing to increase their available balance. Some of these methods include – direct deposit, cash load, card-to-card money transfer, wire transfer or bank transfer.

If you want the convenience of using a plastic card, but dislike increasing your debt, interest and monthly payments, then prepaid debit cards may be your cup of tea. Keep in mind that as with any financial tool, there are costs of doing business associated with prepaid products. Always review each product’s terms and conditions regarding usage and fees. There are a plentiful variety of cards available, as well as resources to help you choose the right prepaid card for you.

• Open Loop vs. Closed Loop – Open Loop cards typically come in Visa, M/C, AmEx or Discover and can be used most anywhere that accepts network branded cards. Closed Loop cards are usually store-specific like Chili’s restaurants, Home Depot or Starbucks and can can only be used in that retail chain. Either type card can typically be reloaded, although you should always check to make sure. Some Closed Loop cards could have an expiration date as well, especially if they are older and Open Loop cards can carry inactivity fees if not used regularly.
• Multiple Load Options- It is always nice to have options and several reloadable Open Loop cards have a variety of ways you can load money on to the card. Here are a few:
  • Direct Deposit – by simply filling out a form and giving it to your employer or government benefits provider, your pay can be electronically transferred on to your prepaid card every pay period.
  • Green Dot – the ubiquitous Green Dot MoneyPak can be found at many retail merchants nationwide where you can load cash (for a fee) on the MoneyPak card and then transfer it to your prepaid card. There can be dollar load limitations and once you use a Green Dot MoneyPak, it cannot be reloaded and you will have to purchase another.
  • Retail Load Center- there are thousands of branded load centers located throughout the U.S. like Western Union and ACE Cash Express that are accessible for many prepaid cards. Also, many grocery, convenience, discount and drug stores have money centers offering load services through Visa ReadyLink, Green Dot, MoneyGram and PayXone to mention a few.
  • ACH Load or Wire Transfer – some prepaid products allow customers with an existing bank account, credit card or PayPal account to transfer or wire funds on to a card.
• Direct Deposit Incentive – one of the best ways to avoid monthly maintenance or other fees with many prepaid cards is to take advantage of the direct deposit load option.
• Easy Online Account Management – almost all prepaid debit cards now have an online tool to help you create a budget, set spending limits, create account alerts, pay bills and balance your account. There is really no need for a traditional bank account anymore.

There are other considerations when comparing loading options on any prepaid card like reload fees, maximum/minimum load amounts and potential incentives or rewards you might receive when loading money. Don’t forget to check any resources available that can help you choose the best option for your financial needs.

The MoneyCard website is simple to use with plainly displayed links guiding you through sign up and product description information. Just click on the MoneyCard logo in the top left corner of the web page to get to the home page. The MoneyCard is easy to get, easy to use, convenient, reloadable and safer than cash.

Here are some features and benefits that the MoneyCard is most proud of:

• No issuance fee online
• No credit check or bank account required No overdraft fees No minimum balance required Free Direct Deposit
• $10 bonus with qualifying Direct Deposit (for a limited time only) Use everywhere Visa debit is accepted, including shop online, pay bills, get cash at ATMs Get 1% cash back for gas
• purchases nationwide (see program rules for details)

Apply Now!

• Closed Loop – Closed loop cards are typically retail merchant specific, so you can only use them in the store chain that you purchased them from.
• Open Loop – You will be able to use open loop cards anywhere that accepts one of the major network branded cards, not just the retailer you purchased them from. These might also be General Purpose Reloadable or “GPR” prepaid cards.
• Expiration Date – New federal legislation has expanded protections when it comes to the expiration of gift cards. Some older cards may not be protected, so always check each cards terms and conditions.
• Closed Loop Card Fees – One of the benefits of using these merchant specific cards is that they more than likely don’t have any fees associated with them as the retailer intends to encourage you to shop at their store.
• Open Loop “Gift” Card Fees – These cards usually have some sort of purchase fee ranging from a couple of bucks to five or six dollars. After that fee is paid up front, there probably aren’t any further fees associated with the card. Once again, always check to make sure.
• Open Loop “GPR” Card Fees – These cards are probably not best suited as a gift unless you intend to help reload the card for the recipient throughout the year. There can be many fees associated with these cards including – Activation, Monthly Maintenance, Inactivity, ATM Withdrawal and Reloading.

There can be many nuances to these different cards, so explore available resources when you are deciding how to get a prepaid debit card. Now get cracking! Happy Holidays!