MiCash Prepaid MasterCard

How We Rated the MiCash Prepaid MasterCard

Card Features Fees Disclosure Clarity BBB Rating Load Options Overall Rating

Rating Explanation MiCash Prepaid MasterCard 4 GetDebit.com Editor The MiCash pre paid debit MasterCard received some of our highest scores for it's features (it has a lot of features -- credit line, bill pay, you name it) and for it's load options (you can load this card in tons of different ways). Also, the company behind the MiCash MasterCard (MiCash, Inc.) is very highly rated by the Better Business Bureau (which shows that they are serious about dealing with consumer issues). The only reasons why this card is not the absolute highest rated card is because the fees are slightly higher than some other cards. However, if you need extra features, we think the small fees on the MiCash debit MasterCard is well worth it. If you want a card with a lot of features, and understand that those features come with a small additional cost, the MiCash MasterCard with direct deposit may be for you. The MiCash pre paid debit MasterCard received some of our highest scores for it's features (it has a lot of features -- credit line, bill pay, you name it) and for it's load options (you can load this card in tons of different ways). Also, the company behind the MiCash MasterCard (MiCash, Inc.) is very highly rated by the Better Business Bureau (which shows that they are serious about dealing with consumer issues). The only reasons why this card is not the absolute highest rated card is because the fees are slightly higher than some other cards. However, if you need extra features, we think the small fees on the MiCash debit MasterCard is well worth it. If you want a card with a lot of features, and understand that those features come with a small additional cost, the MiCash MasterCard with direct deposit may be for you.

MiCash Prepaid MasterCard Fee Examples

Want to know how much the MiCash Prepaid MasterCard might cost you to use in a typical month? We have crunched the numbers for you! We also show how MiCash Prepaid MasterCardstacks 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.

	Number of transactions each month	MiCash Prepaid MasterCard	Bank of America "Regular" Checking	Check Cashing Store
Monthly Fee	Once per month	$	$	$
Cash paycheck (per month)	$	$	$	$*
ATM Withdrawals	0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	$	$	$
Bill Payments	0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	$	$	$
Online Purchases	0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	$	$	N/A
In-Store Purchases***	0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	$	$	N/A
Overdrafts:****	0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20		$	$
Total		$	$	$

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 MiCash Prepaid MasterCard*

Activation Fee:	$9.95	Card Limit:	$2500
Monthly Fee:	$4.00	ATM Withdrawal:**	$1.75
Signature Transactions:***	$0.00	ATM Balance Inquiry:	$1.00
PIN Transactions:***	$0.50	Bill Payments:	$0.00

The MiCash MasterCard with direct deposit has very few fees. With normal use, your primary fees will be the monthly fee ($4.00), and ATM fees ($1.75 for ATM withdrawals, and $1 for balance inquiries, in addition to any fees charged by the ATM operators). Make sure to avoid some of the special situation fees, like stop payment, ordering paper statements, etc. These can add up (and they can be avoided for the most part). Make sure to set up direct deposit with this card to get the most benefit.

Notes:
* Fees verified as of 02/15/2010. 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 MiCash Prepaid MasterCard in a "signature" transaction, select "Credit" when checking out at a brick and mortar merchant. Most internet transactions are automatically processed as "signature" transactions.

MiCash Prepaid MasterCard Card Options

The MiCash Prepaid MasterCard comes in a single flavor --the only choice you'll need to make is whether you will set up direct deposit or not. GetDebit.com is a huge supporter of direct deposit, and we ALWAYS recommend using it if you can. If you need access to short term loans, consider adding the iAdvance loan option to your MiCash card. The option also lets you build credit using your prepaid card!

Here are GetDebit’s “Low Fee Tips” for this Card

Many prepaid cards, including the MiCash prepaid MasterCard, have fees that can be avoided with careful use. Here are a few tips to minimize your monthly fees and costs associated with the MiCash Prepaid Debit MasterCard.

• First reduce the number of ATM withdrawals you make. If you need a few hundred dollars in cash for the week, take that whole amount in one withdrawal from the ATM (assuming you have enough funds in the account!). Don't withdraw $20 or $40 at a time (the fees add up FAST).
• Save paper. Don't order paper copies of your account statements. MiCash (like many prepaid debit card providers) charges you extra to receive statements by mail. Why not save a tree and save yourself some money?
• Treat your card like a checkbook. Don't try to take money out when you don't have it (you won't get an overdraft charge, but you could get a ""decline"" transaction at an ATM).
• Avoid the need for special fees, like stop payments on bill pay transactions, or special customer service.
• You really should use direct deposit if you can. Ask your employer (they should be able to set it up for you). Direct deposit is great. It reduces paper waste, and you get access to your pay much faster than waiting for a paycheck to cash.

Tips for Using The MiCash Prepaid MasterCard

• How to Dispute a Debit Card Charge
• Why Do I Need to Provide a Social Security Number to Get a Prepaid Debit Card?
• Loading Funds On Your Prepaid Card with MasterCard’s rePower Network
• Can I Get a Secondary Card on a Prepaid Debit Card Account?
• Lost or Stolen MasterCard? Here’s What to Do