In this week’s Prepaid Spotlight, we are going to preview the READYdebit Visa card. Ready Financial is the prepaid company behind the READYdebit Visa prepaid debit card and their claim is a strong commitment to getting their customers a better deal on banking products. With features such as FREE online Bill Pay, FREE direct deposit, FREE monthly fees (with $1500 per month direct deposit) and NO overdraft fees…EVER, ReadyDebit can be a valuable prepaid card for many consumers.

The READYdebit prepaid card has three different plans to choose from depending on your financial needs. What we really like about the ReadyDebit program is the flexibility offered to accommodate different users. It is extremely important to read the Cardholder Agreement so you get the best card for you. The three plans offered are the Platinum, Select and Control. The differences are the features offered and fees charged:

• The Platinum Plan is $14.95 per month, the Select Plan is $9.95 per month, and the Control Plan has no monthly fee with $1500 per month in direct deposits (otherwise it is $3.95 per month).
• The Platinum Plan is $14.95 per month. It gives you unlimited purchase transactions, ACH debits, ATM balance inquiries and live customer service with no additional fees. Also, secondary cards are free and ATM withdrawals are less expensive.
• The Select Plan is $9.95 per month. There are additional fees for secondary cards, ACH debits, and live customer service (after 1 free call per month).
• The Control Plan has no monthly fee with at least $1500 per month in direct deposits (otherwise it is $3.95 per month). It has additional fees for purchase transactions and declines, ACH debits, and live customer service calls. Also, secondary cards are not an option with the Control Plan.

When you visit the ReadyDebit signup page, you will notice a very simplistic electronic form for you to fill out. The information required is the same most cards require – name, street address, city, state, zip, email address, phone number, birth date 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 should definitely click out the FAQ’s on their site – ReadyDebit covers some great Frequently Asked Questions.

Other great features include:

• FREE money sharing between two ReadyDebit cards
• 24/7 customer support
• No credit check or ChexSystems(TM) checks
• Now available – iPhone and Android apps!
• No bounced checks EVER
• Fully FDIC insured account
• Over 50,000 retail cash reloading locations
• Visa’s Zero Liability protection
• FREE ScoreTracker

READY could be one of the most flexible prepaid cards available, but you can get into trouble if you don’t pay attention to the fees. There is an activation fee of $9.95 that you should be aware of. As with any card, check the Cardholder Agreement when traveling abroad for additional charges. You can find additional information and sign up for the READYdebit prepaid card here.