Yap Prepaid Debit MasterCard

How We Rated the YAP MasterCard

Card Features Fees Disclosure Clarity BBB Rating Load Options Overall Rating

Rating Explanation YAP MasterCard 4 GetDebit.com Editor The YAP Prepaid Debit MasterCard is an excellent product.  This prepaid card is not designed for people who need to use bill pay, but if you need an inexpensive way to cash your paycheck, send money to others, or to use a credit card type payment device that is accepted at millions of Merchants around the world, the YAP MasterCard may be perfect for you.  The card would have received our highest rating but for two (minor) issues.  First, the company behind the card (Mango Financial, Inc), is relatively new, so they have not yet established a history with the Better Business Bureau.  Second, the card (by design) does not have all the features of some cards (like bill pay or credit builders).  However, if you do not need those features, we highly recommend this product. The YAP Prepaid Debit MasterCard is an excellent product.  This prepaid card is not designed for people who need to use bill pay, but if you need an inexpensive way to cash your paycheck, send money to others, or to use a credit card type payment device that is accepted at millions of Merchants around the world, the YAP MasterCard may be perfect for you.  The card would have received our highest rating but for two (minor) issues.  First, the company behind the card (Mango Financial, Inc), is relatively new, so they have not yet established a history with the Better Business Bureau.  Second, the card (by design) does not have all the features of some cards (like bill pay or credit builders).  However, if you do not need those features, we highly recommend this product.

YAP MasterCard Fee Examples

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

Activation Fee:	$0.00	Card Limit:	$2,500
Monthly Fee:	$5.00	ATM Withdrawal:**	$2.00
Signature Transactions:***	$0.00	ATM Balance Inquiry:	$0.50
PIN Transactions:***	$0.00	Bill Payments:	$0.00

The YAP MasterCard really does have a nice and  simple fee structure.  There are very few "gotchas" in their terms.  The biggest tip is to make sure you use direct deposit or otherwise load $500 each month -- you'll save $5 each month on fees as YAP will waive their monthly maintenance fee.

One of the big features of the YAP Card is their mobile phone integration (called "YAP") which lets you send and receive money via SMS on your mobile phone ... for FREE.  You can also use their iPhone application (called a "YAPLET" to make sending and receiving money even easier).  YAP also provides free customer service (with live humans to talk to!).

Notes:
* Fees verified as of 04/30/2010. 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 YAP 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.

YAP MasterCard Card Options

The YAP Prepaid MasterCard is perfect for users who want to be able to send and receive money using their phones. They even provide a handy iPhone Application (called a "YAPLET") to make it easy for you (get the YAPLET iPhone app here.) Other than some of these additional tools and features, there are no card options with the YAP MasterCard (which is great, if you want a simple product, with no choices or potentially expensive options).

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

The YAP prepaid MasterCard (like all prepaid cards and other financial products), has fees that can be avoided with careful use. One of the reasons why we like the YAP card is that the number of fee "gotchas" is pretty small. Here are a few tips to minimize your monthly fees and costs associated with the YAP 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 can add up quickly).
• 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).
• 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 Yap Prepaid Debit MasterCard

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