A no-monthly-fee reloadable M/C debit card

[Tdarcos]

I just saw a TV ad, Western Union (WU) is offering two reloadable Master Card debit cards. One is a standard card, the other a "gold card". Not sure of the difference. You can go up on their website at western union.com to learn more or to sign up and get an actual card mailed to you.

Current offer is no monthly fee and currently no setup fee. Or rather, there's a $2.95 monthly fee if your card is inactive for a whole year. But if you're regularly using one of these it should be okay.

Sounds better than the one from Green Dot I purchased at 7-11, I had a problem getting mine activated.

This no-monthly-fee version is definitely preferable to Green Dot's MoneyPak system of reloadable cards which in addition to the load fees charge an unconscionably high monthly service charge of $4.95 after the first month. WU will also sell you one of those, too, if you want a VISA reloadable debit card.

[Correction to above, WU also offers a free reloadable VISA under the same Moneywise trademark; it's issued by Bancorp Bank instead of Metabank. I have therefore signed up for both the reloadable VISA as well as the reloadable Master Card.]

I'm sure WU will still charge the typical $4.95 reload fee, same as Green Dot. But right now they're waiving the setup fee. Also the card can be reloaded with no charge by direct deposit or equivalent to wire transfer as they give a routing and account number, so they are also safe to use for someone who claims they want your bank account number for making a deposit; Metabank - the operator WU is using - allows one way transactions. Money can go in but it can't ever go out. All withdrawal attempts using the bank account number will be denied.

One good use for reloadable debit cards is buying stuff off TV commercials/infomercials where they constantly want to "upsell" you on additional items or try to sell monthly subscriptions. If your card only has $60 on it for a $39.95 + $8 S&H item, all that's left is about $12, no opportunity to debit $19.95 a month from your checking account.

Since banks can't now allow overdrafts on credit and debit cards unless you're stupid enough to opt-in, the need for reloadable cards is less but they are still useful for some transactions. Also for having someone buy something you're paying for, if you give them your prepaid card it's no more dangerous than handing them cash of the preloaded amount and possibly less.

Only problem is in-person reloads require using a WU agent which aren't as prevalent as retailers selling Green Dot's MoneyPak system. You can do some reloads over the Internet.

After I wrote this the commercial that ran during Meet The Press came back on and they're offering a $10 bonus, so the first load is free and you'll get a $5 bonus. (Figure the load fee is $4.95.)

[AArdvark]

I set up a bank account just for internet purchases. Transfer the amount needed into the account and then buy whatever toy I have my eye on. There's no overdraft and I can watch any action in the account like a hawk. Never had a problem with it but take no chances.

[Finsternis]

Only real problem I see with reloadable cards is unless you keep VERY careful track, you'll always wonder how much is on it and if you can afford a purchase. "This lunch was $23, did I have $23 left?" But I prefer to pay in cash for most things anyways.

The best way to notice nuisance charges etc. is to use Quicken and have it set up to download all your bank activity. Each evening I launch Quicken and press "update everything". Then I have an instant picture of what's going on. If I see a "bad" charge I can dispute it within 24 hours. It takes about one minute a day. Also VERY useful for budgeting.

[Tdarcos]

Only real problem I see with reloadable cards is unless you keep VERY careful track, you'll always wonder how much is on it and if you can afford a purchase. "This lunch was $23, did I have $23 left?"

Toll free number on the back of the card, takes 30 seconds to call in if you have a cell phone. The correct practice is or should be, to carry a small amount. I usually limit myself to $40, try to keep the rest either in my bank or on credit or debit cards. I should probably carry no more than about $20 now, mostly for vending machines and hotdog vendors, but even vending machines are taking cards now. Kinkos and Staples have gone to their own prepaid smartcards exclusively for photocopies. You pay cash at the card loader, not at the photocopier.

But I prefer to pay in cash for most things anyways.

A prepaid card is equivalent to but better than cash, you're not liable for fraudulent charges and if it's lost or stolen the card can be replaced along with the funds. How much do you get back if you lose your wallet and the cash inside? As I have unfortunately discovered.

At most your risk is the replacement charge, probably $10 or less. People used to travel on traveler's checks, now gift cards, prepaid cards, debit and credit cards will work any place that can take checks, even McDonalds takes plastic. Once that happened, I knew that was basically the beginning of the end of high use of cash except for very small purchases.

[Ice Cream Jonsey]

Ideally, I would like to just throw twenties at the lower class and smoke cigars, like some sort of prick. Maybe take up chortling as a hobby and a giant, walrus-style beard.

I can't get an American Express card. I'm not 100% certain why. When I got my iPhone I cancelled service with T-mobile. NOW before you judge me, I had been with T-mobile for like 7 years. They would give me a shitty phone for "free" if I agreed to stick with them for two years.

What a terrible deal. There was maybe $4 worth of materials in the shitty phone they gave me. Internet? No. Touch screen? No. How them giving me this translates, fairly, into a two-year contr.... it wasn't fair.

So I took the phone anyway and when I cancelled to get an iPhone, having to switch carriers to the worst one in the world, AT&T, T-mobile wanted $250 because I somehow left early, even though I had been with them for 7 years. So fuck them, I don't care what stupid deal they thought they were getting. It's a difficult economy and I decided I wasn't going to pay an "early termination fee." They need to fucking grow up.

So that's probably why American Express has told me to fuck off. Can't say I blame them.

But I really want the Amex card because it costs businesses more when people use it, and 50% of all businesses I go to are shitty enough where I'd prefer it if they got stung a little.