A new card is hitting the already crowded reloadable prepaid market, aiming to lure people away from traditional checking accounts and show them the convenience that a prepaid card offers.
The BlazePays Visa prepaid card lets people load up to $10,000 to use anywhere Visa credit cards are accepted. Cardholders can also get cash from ATMs, pay utility bills, and have funds direct deposited to their cards. No minimum deposit is required to open an account, and no credit check is run on applicants. People must, however, provide identifying information including birthdate and social security number when applying for the card.
Anyone over the age of 13 can get a BlazePays card, making it useful for teens and college students—and the parents who want to monitor their spending. There is a monthly fee of $5.95, but if the card has no funds on it at the beginning of the month, the fee is waived.
Direct deposit is free, and people can have government benefit checks or paychecks deposited quickly and easily to their prepaid cards, which provides immediate access to the funds.
Benefits of prepaid cards
Because prepaid cards are not credit cards, there is no danger of going into debt by using one. They are more similar to a bank account than a credit card, and are replacing bank accounts for some folks.
The BlazePays free mobile app lets cardholders check their account balance, track their budget, and locate a Visa ReadyLink location where they can add funds to their cards. Transactions such as bill payment can be made online via web or mobile app. Customers can also sign up for email and text alerts that will tell them when their balance is approaching a certain minimum level, when they’ve received a deposit, or when a withdrawal has been made.
Money management can be easier for young people who use a prepaid card, making it a popular starter tool for parents to give kids, before giving them a credit card. Parents can limit the amount of funds their kids have access to, see what the kids are spending money on, and be alerted if cash is taken out.
Although the BlazePays prepaid card has a monthly fee, some prepaid cards do not have one. Even a monthly charge can be less expensive than a bank account, depending on the type of fees charged by the bank. With prepaid cards, it’s impossible to overdraw your account. If the money isn’t there, the transaction will be denied.
The BlazePays card is FDIC insured, and backed by Visa’s Zero Liability policy in case of loss or theft.