The Bank Freedom MasterCard Prepaid Expense Card helps you manage, control, and track employee spending in real-time. Small busineses and even larger businesses can use the Expense Card to manage and control employee spending. There’s no credit check so you don’t worry if your business has bad credit or no credit history. Since it’s prepaid, you never have to worry about excessive employee spending, overspending your budget, overdraft fees or over-the-limit fees.
Review of the Bank Freedom MasterCard Prepaid Expense Card
With BankFreedom’s Online Business Portal you can easily allocate and remove funds to and from your employee Expense Cards and can rest assured they won’t over spend. You can setup free real-time alerts to receive e-mail or text messages for every purchase they make. You decide if your employee cards need a PIN for withdrawing cash, while restricting other employees to only making signature purchases, it’s up to you (as the employer) as you are in control with this card.
Enjoy the convenience of having 24 x 7 free live customer support to make sure that nothing gets in the way of your business.
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No Monthly Fee
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No Transaction Fee for signature transactions
- Employees can access cash, as these cards can be used to withdraw cash at ATMs
- High spending and account limits
- Online Business Portal makes managing your employees business expenses simple
These and other features may make the BankFreedom ExpenseCard the right prepaid debit card for your business.
How We Rated the BankFreedom Prepaid Expense Card
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Rating Explanation
BankFreedom Prepaid Expense Card
5
GetDebit.com Editor
The BankFreedom ExpenseCard Prepaid Debit MasterCard is an excellent product, and is perfect for small (or even larger) businesses that need a way to control and manage employee spending. This prepaid business card is not designed for individual consumers, but is for business users. The ExpenseCard received high rankings in many of our categories, and the company behind the Expense Card has substantial experience in the prepaid market. In general, if your business is looking for a business debit card, we highly recommend this product.
The BankFreedom ExpenseCard Prepaid Debit MasterCard is an excellent product, and is perfect for small (or even larger) businesses that need a way to control and manage employee spending. This prepaid business card is not designed for individual consumers, but is for business users. The ExpenseCard received high rankings in many of our categories, and the company behind the Expense Card has substantial experience in the prepaid market. In general, if your business is looking for a business debit card, we highly recommend this product. |
BankFreedom Prepaid Expense Card Fee Examples
Want to know how much the BankFreedom Prepaid Expense Card might cost you to use in a typical month? We have crunched the numbers for you! We also show how BankFreedom Prepaid Expense Cardstacks up against some common alternatives so you can see if you would save money using this card. Please remember -- cost should NOT be the only reason why you pick a card -- make sure to consider the card's features (some cards have more features than a typical bank account).
To see different scenarios, change the following variables.
Note: * Based on a U.S. Average check cashing rate of 4.54% (per the Brookings Institution),
**Using the Money Order fees from the U.S. Post Office (Some of the lowest available),
*** We assume that 1/2 of your in-store purchases will be made using your PIN,
****A LARGE portion of Americans experience at least 1 overdraft each Month. Also note that the Check Casher CANNOT buy items online, and must use cash for all purchases.
Fees Associated With The BankFreedom Prepaid Expense Card*
| Activation Fee: | $0.00 |
Card Limit: | $20000 |
| Monthly Fee: | $0.00 |
ATM Withdrawal:** | $2.00 |
| Signature Transactions:*** | $0.00 |
ATM Balance Inquiry: | $0.50 |
| PIN Transactions:*** | $2.00 |
Bill Payments: | $0.00 |
The BankFreedom Expense MasterCard has a nice and simple fee structure. There are very few "gotchas" in their terms. The biggest tip is to make sure you minimize the number of ATM withdrawals your employees make each month (otherwise those fees can add up!). Also realize that this is a "Business Expense" card and comes with a $100 one-time application fee.
Notes:
* Fees verified as of 12/02/2011. Check the Current Terms & Conditions for a list of all the fees.
** Some ATM operators may charge a fee for use of their ATMs in addition to this fee.
*** To use your BankFreedom Prepaid Expense Card in a "signature" transaction, select "Credit" when checking out at a brick and mortar merchant. Most internet transactions are automatically processed as "signature" transactions.
BankFreedom Prepaid Expense Card Card Options
The BankFreedom Prepaid Expense MasterCard is perfect for busines users who want to allow their employees to have plastic cards to purchase supplies or for travel, and who want to control expenses. BankFreedom provides a number of features that make the card easy to use for business owners and employees, including text and email alerts (where employees and the employer can receive a text or email message with each purchase), easy accounting, with a central website for all employees and management, 24/7 customer service, a dedicated account manager, and personalized cards. The card also comes with either a with Cash Access option or without Cash Access option. The with Cash Access option requires a PIN debit transaction whether at an ATM or retail merchant.
Here are GetDebit’s “Low Fee Tips” for this Card
The BankFreedom Prepaid Expense Card is similar to other financial products in that it has several fees that you can avoid (or reduce) with proper knowledge. One thing we like about the BankFreedom Business Card is that the number of "extra" fees is relatively low. Here are a few things you can do to avoid extra fees. First, consider using "signature" debit whenever you can -- there are no fees for signature transactions. Next, minimize the number of times you use ATMs to withdraw money or check balances -- the ATM transaction fees can add up each month. Also, ATM withdrawal declines can add up as well. Replacement cards and expedited card delivery fees can get expensive if you are not careful. Realize if this card is used internationally, foreign exchange rate fees and higher ATM fees are applicable.
Tips for Using The Bank Freedom MasterCard Prepaid Expense Card
