In this addition of Prepaid Spotlight, we are going to discuss another popular debit card, the Mango MasterCard. As pre paid consumers continue to search for the best card, there are two elements that are constantly on their minds, features and fees. Obviously, most people want a ton of features and low, well-disclosed fees. Although it isn’t always easy to find both in one card, you might want to take a look at the Mango MasterCard, whose catch phrase is “The fresh way to manage money”.
The Mango Mastercard prepaid card is a very straight-forward card with a simple fee structure and some great features not found in most prepaid cards.
Mango has a very easy to maneuver web site with a fresh, clean look and obvious links. Several of the main features are prominently displayed on the home page including mobile money management, savings account, adding money and even renter’s insurance. The enrollment page for this prepaid card is simple. All that is needed is full name, home address, email address, mobile phone information, date of birth and social security number. As with almost all financial instruments, social security numbers are required to verify the person’s identity in accordance with the U.S. Patriot Act. You will also need to provide a username, password and a couple of security questions to return and manage finances on the website. Once the info is sent to Mango, you will receive a card in a week to ten days. One great feature to point out here is that you can get a virtual card to use in the meantime. First, load funds on a GreenDot MoneyPak and then on the Mango Virtual MasterCard on Mango’s website.
Like most prepaid debit cards, Mango does not check the customer’s credit. Also, sending money and managing finances is easy using you mobile phone. Should you need cash, just use the Mango card at most ATM machines. Direct deposit of payroll or benefits checks are another great feature to take advantage of. You can get the monthly maintenance fee credited with a $500 monthly direct deposit, as well as earn $20 after 2 direct deposits (limited time). You can also earn up to 6.00% by starting a savings account (check website for details). One last fantastic feature that we will mention is FREE customer support – no phone, chat, email or mail fees are charged to the cardholder.
Mango has a very simple fee structure. After reviewing the Cardholder Agreement, we have determined that this card is quite competitive, simple and has well disclosed fees. Mango’s domestic fees are described below. Be sure to always read a card’s Cardholder Agreement before signing up for ANY debit or credit card!
- Monthly Service Fee – $5.00 (credited with $500 per calendar month load)
- Card Load Fee – $4.95 GreenDot Charge
- Direct Deposit Fee – FREE
- Signature and PIN Purchase Transactions – FREE
- ATM Withdrawal Fee – $2.00 per withdrawal
- ATM Balance Inquiry Fee – $0.50 per instance via ATM, IVR (automated phone system) or customer service
- ATM Balance Inquiry Fee – FREE when checking online, using mobile device or iPhone app
- YAP Mobile Payments Fee – $0.50 per each money transfer with mobile phone
- Account Closure Fee – $10.00
- Maximum Balance – $10,000.00
- Maximum Daily Withdrawal – $600.00
Although we believe that Mango is one of the most competitive cards available, there are some drawbacks. There is no bill pay functionality through Mango’s website although you can use the card to pay at a vendor’s website. Loading options are also somewhat limited. As with any card, check the Cardholder Agreement when traveling abroad for additional charges. Click the following link to find additional information about the Mango MasterCard.