This prepaid debit card is an alternative to “no credit” credit cards.
For some of us, dealing with a checking account and its hidden fees can be a hassle. But rather than deal with overdraft fees and waiting for checks to clear, you might want to consider using a debit card to facilitate your transactions. One of these cards that’s picking up in popularity is the Mango Prepaid Debit Card (also called the Mango Money MasterCard Prepaid card).
Mango Money MasterCard Prepaid Card Review
So what’s so great about a prepaid debit card? You can load up a prepaid debit card with money, then use it like a traditional debit card. With this card, you can make purchases at the grocery store, dine at your favorite restaurant, or order online, just like with a credit card. A Mango card can be used in a variety of places like you would your checkbook, but you aren’t required to have a bank account to use it (which is a plus for some folks). And since the Mango card is a MasterCard brand debit card, it will be accepted wherever you see the MasterCard logo.
While you can use it like a credit card, it isn’t one. Because it’s a debit card and the money for your purchases is deducted at the time of sale, you don’t have to stew over high interest rates or worry about late payments to the bank.
Here’s where these debit cards have helped out: for those people who’ve had issues with their credit, these cards have made their lives easier. Have you had bad credit in the past? If that’s the case, or if you don’t really have a credit history, you might find it hard to open a free checking account. Since the Mango card doesn’t require a credit check, it can be a helpful way to establish good money management skills.
Loading Your Mango MasterCard Prepaid Card
There’s a $5 monthly fee with the card, but you can skip the fee if you load your card with $500 each month. You have the option of signing up for free Direct Deposit with this card, so if you have your paychecks deposited in your card account, then you’ll have a chance at bypassing that monthly fee.
Besides the Direct Deposit method, you can refill your Mango card by purchasing a Green Dot MoneyPak. A MoneyPak is just another safe and convenient way to send money where it’s needed and is a way to reload your cards, add money to accounts or send money electronically. MoneyPaks are available from retailers nationwide such as Walmart, Walgreens, Rite Aid, and others and cost $4.95 or less (charges are pegged according to the amount you transport).
Another way to refill your Mango card is to arrange for a transfer from a linked bank account. For instance, if you have an PerkStreet Financial checking account or some other checking or savings account, it might be convenient to send money from here to your Mango card.
Using the Mango Card With Friends & Family
In addition, other Mango customers can send you money without paying a fee for it. This can be great for relatives who live out of state. If an aunt wanted to send you some money to treat you to dinner out on your birthday, she wouldn’t have to worry about her check getting lost in the mail. Or if you have a college student who needs extra money for textbooks, you can just load up his Mango card instead of trying to dig up his bank information.
One more way to fill up your card is by mobile phone. Using the associated YAP service, you or your friends can send each other money to your Mango accounts via text message. It’s free to receive money, to check your balance or to see transactions on your mobile. However, each time you send money via SMS, you’ll pay a $.50 fee. And here’s a good application for this tool: if you split monthly bills with family or roommates, then using a service like this can be less trouble than long check-writing sessions each month.
Sorting Out The Charges & Fees
There are some other fees involved. You’ll pay $2 each time you withdraw money from your card at an ATM. Also, expect to pay $.50 each time you check your balance at an ATM. If you need to convert currency for international transactions, you’ll pay 2%.
On the other hand, the card itself is free, there’s no activation fee, online account statements are free, and you can manage your account online at no cost, anytime you want.
The Verdict? If you’ve had bad credit in the past or you just enjoy the convenience of money management with a prepaid debit card, then the Mango Money MasterCard can be a viable tool for your finances. Before you sign up for any prepaid debit card, though, be sure to go over the terms and conditions. This will prepare you for any fees or issues ahead of time.
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{ 11 comments… read them below or add one }
I’ve had a lot of trouble with prepaid credit cards I received as gifts. Some businesses don’t know how to process them. This card seems to be a bit different since it is more like a credit card than the Visa version which just acts like cash and has no name attached.
Most of the target market for prepaid cards is the unbanked. Prepaid cards with a VISA and MasterCard logo allow the person have access to the benefits of a debit/credit card without having a checking account or credit account. The big drawback of these cards is the fees such as the monthly fees, reload fees, ATM fees, statement fees, etc.
This card does not seem to be particularly bad in the way of fees, esp if you load the $500 per month. Prepaid cards are becoming more popular to give as a gift and also to load up before you go on a trip – esp outside the USA.
Thanks for the information on the Mango Card. I discourage the use of credit cards, although they are a necessary evil for building good credit. Debit cards are better, but you can still spend more than you should from your account. You may be wondering, what the heck I recommend??!? I recommend cash. Give yourself an allowance and when you are done, you are done. Its seems like the Mango Card could be used much the same way since its a prepaid card. The fees you highlight concern me a bit, so I would probably stick with cash over the Mango Card as my number strategy to control spending.
These cards are indeed a good thing. By effectively just spending what you have you are maintaining a budget and not risking your credit rating; however, at the same time you are able to get the convenience and safety of using a credit card. I think we will continue to see reasonable growth in this area of credit cards within the banking community.
This company is a rip off! I would not suggest that you use this card. I got the card in March … that’s when all hell broken loose! I would go to the atms, twice no money has come out. Then when I called them to tell them the problem, I was told that it would take 30 days to clear up. I called on the 35th day, the freaking Supervisor had deleted my claim. She ended up having to do it all over again! Then the customer service rep, Jose. He’s is just a lazy ass. He does not do anything and chooses to tell me anything like I can’t read. I had a problem with a deposit, he told me my terms, and how my account can be closed for taking out a payday loan. My smart self went and looked up the info myself and found out he was lying. I called him back to call him on his b.s. He ended up hanging up. I recorded every phone call with them. This company is falling apart before they even really get started. I would never use this sorry card.
The problem I’ve experienced with a prepaid credit card is when stores ask for ID when making a purchase. Obviously, there’s no name on a visa gift card, but some people don’t quite get that…
Customer service is no good. They never call you back and are incapable of handling disputes properly!
Do NOT use Mango. You’ll be stuck with (not a large staff, maybe 3 or 4) people who do not understand English usually and do not have the skills to handle money professionally. It makes me wonder how this operation is approved or got started at all, frankly.
That fee structure looks great – especially compared to other prepaid cards!
FIND a better card — there are plenty of debit cards out there and I would suggest any other one. This company has no understanding of Fraud. Someone opened “I think” 5 cards under my name. After receiving 3 within 3-4 days of account opening I called the company. I was advised that they DO NOT have to do a Credit Check — therefore they DO NOT Check for Fraud Alerts — they just let anyone open an account. I was told they would ensure that no new accounts were opened under my name. Over a month later I received 2 new cards. Jessica & Melody in either the Customer Service or Fraud department tried to tell me that the accounts were opened over a month ago and the post office took 5 weeks to deliver the cards. They also said their systems can take 1-3 weeks — YES WEEKS to acknowledge a fraud alert to stop new accounts from being opened. How sad that with today’s technology, a company would take that long to keep FRAUD out.
I notice a lot of issues brought up by customers with regards to banks and issuers and how they handle certain cases in customer service. But my experience and understanding is that this occurs in any institution or company. There are unhappy customers due to some kind of misunderstanding or some unusual case that the company’s Customer Service group is slow to resolve — perhaps because some level of investigation is needed prior to complete resolution.
But having worked at a bank’s customer service IT department in the past, I do see the hard work that these representatives do to try to address customer problems. Yes, once in a while, there may be snags, but many well-known companies (especially those with name recognition) are very particular about customer satisfaction and aim to keep that high. If you do have questions about the Mango card, I would encourage you to call them up and ask about how they handle the matters you are most concerned with (say, prior to signing up with them).