The prepaid SilverCard Mastercard is the self proclaimed “Checking Account Alternative that lets you Manage your Money”. After you take a few moments to sign up for the prepaid SilverCard, your approval will come in seconds. There is no credit check and the SilverCard offers guaranteed approval per the USA Patriot Act identification guidelines. Use the SilverCard prepaid MasterCard anywhere that Debit MasterCard is accepted!
Review of the SilverCard Prepaid MasterCard
Use your prepaid Silver Card anywhere that accepts MasterCard – the grocery store, department store, gas stations, restaurants, online or even over the telephone. If you want to use the card to pay your bills electronically, then take advantage of their automated bill pay service called Click-n-Play(TM). The amount of loading options the SilverCard provides is unbelievable. Direct Deposit of payroll or government benefits checks are simple and easy, but if you would rather load cash, then take advantage of over 100,000 retail options like PreCash retailers, Western Union, MoneyGram, PayXone and ACE Cash Express. You can also perform wire transfers, PayPal transfers and share money with other SilverCard cardholders. The online and mobile account management systems are superb and will help you monitor and budget the funds loaded on your card. These are but a few of the great features offered by SilverCard MasterCard.
This card comes with some great freebies as well – check ‘em out!
- Perfect card for Government/Benefits Checks recipients
- $0 activation with rebate*
- 100% guaranteed approval*/no credit check
- Free direct deposit of your pay or government check
- Free unlimited purchase transactions anywhere where MasterCard Debit card is accepted
- No overdraft fees or minimum balances
- Online Checking – Electronic or paper checks
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How We Rated the SilverCard Prepaid MasterCard
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Rating Explanation
SilverCard Prepaid MasterCard
3
GetDebit.com Editor
The SilverCard MasterCard is a viable prepaid card with good features and all the purchasing power that comes with MasterCard. Some of the great features include online account management, electronic bill pay, free direct deposit, free automated customer service and free signature purchases. It tends to be a pricey card compared to other competitors in the market. The monthly fee is definitely competitive, but when you add in the high activation fee and some of the other incidental fees like all the ATM and PIN transaction fees, you might be somewhat surprised. There is also a potential fee for live customer service support. The fees are sufficiently disclosed in the cardholder agreement, but no where else. There are plenty of load options available including direct deposit and a myriad of retail merchant locations. Cardholders also receive MasterCard's Zero Liability protection as well as being insured by the FDIC. The last thing we would like to point out is the average Better Business Bureau customer service ratings of One Global Finance and MetaBank. The card receives a GOOD rating for very good features although a somewhat higher fee structure than some of the competition.
The SilverCard MasterCard is a viable prepaid card with good features and all the purchasing power that comes with MasterCard. Some of the great features include online account management, electronic bill pay, free direct deposit, free automated customer service and free signature purchases. It tends to be a pricey card compared to other competitors in the market. The monthly fee is definitely competitive, but when you add in the high activation fee and some of the other incidental fees like all the ATM and PIN transaction fees, you might be somewhat surprised. There is also a potential fee for live customer service support. The fees are sufficiently disclosed in the cardholder agreement, but no where else. There are plenty of load options available including direct deposit and a myriad of retail merchant locations. Cardholders also receive MasterCard's Zero Liability protection as well as being insured by the FDIC. The last thing we would like to point out is the average Better Business Bureau customer service ratings of One Global Finance and MetaBank. The card receives a GOOD rating for very good features although a somewhat higher fee structure than some of the competition. |
SilverCard Prepaid MasterCard Fee Examples
Want to know how much the SilverCard Prepaid MasterCard might cost you to use in a typical month? We have crunched the numbers for you! We also show how SilverCard 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.
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 SilverCard Prepaid MasterCard*
| Activation Fee: | $9.95 |
Card Limit: | $1000 |
| Monthly Fee: | $3.95 |
ATM Withdrawal:** | $1.95 |
| Signature Transactions:*** | $0.00 |
ATM Balance Inquiry: | $0.95 |
| PIN Transactions:*** | $0.95 |
Bill Payments: | $0.95 |
Although the Silvercard has many great features, there are several fees on this card you need to watch out for. ATM activity and PIN purchases can accumulate fees that might take you by surprise if not careful. This is a great card for people that engage in many signature or online purchase transactions and avoid ATM's.
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 SilverCard 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.
SilverCard Prepaid MasterCard Card Options
All of the features include on the SilverCard MasterCard come in one basic card package.
Here are GetDebit’s “Low Fee Tips” for this Card
The prepaid SilverCard MasterCard (like all financial tools), has fees that can be avoided with careful use. Some of the main fees to be aware of are - Inactivity Fee, Cancellation Fee, Convenience Fee (retail load), PIN Purchase Transaction Fee, ATM Balance Inquiry Fee, ATM Decline Fee, Paper Statement Fee, Secondary Card Fee, Live Customer Service Fee and Bill Pay Fee.
Tips for Using The SilverCard Prepaid MasterCard
