The Mango Money MasterCard not only has really low fees, it also pays a very high yield on your savings.
Who the Mango MasterCard Prepaid Card Is For
- People who want a MasterCard without a credit check.
- People who want an alternative to a secured credit card.
Credit Rating Required
- No credit check required
About the Mango MasterCard Prepaid Card
- Very low fees.
- Free direct deposit.
- Savings account with a high APY.
- No online bill payment or check writing.
- Maximum balance in savings account at any time: $10,000.
- Monthly fee: $5.00, waived if you load at least $500 per month.
- Reload fee at retail location: $4.95.
- ATM fee: $2.00 to withdraw funds, $0.50 for balance inquiry.
- Customer service: Free.
Mango MasterCard Prepaid Card Review
In addition to low fees, the Mango MasterCard also offers you the option of opening a savings account that pays a whopping 5.1% annual percentage yield (APY).
There's no signup or activation fee, and direct deposit is free. There is a monthly $5.00 fee, that's waived if you load at least $500 to the card each month. ATM withdrawals cost $2.00, and balance inquiries cost $.50 each. Those fees are in-line with what many banks charge.
Although most fees are clearly spelled out, it doesn't appear that this card offers online bill payment, which it's only negative feature. In the fine print, Mango states: "We reserve the right to restrict certain bill payments, the number of attempted bill payments on a monthly basis, or the amounts to be paid under attempted bill payments." But it doesn't state what those restrictions are. Therefore, it's safe to assume you can't use this card to pay bills.
The most unique feature of the card is the no-fee savings account option. To load funds to the savings account, you first load money to your card and then transfer the desired amount to your savings account. You can't make any purchases or ATM withdrawals from your savings account, and you can't make more than six transfers per month.
The savings account pays an introductory APY of 5.1%, and the standard rate is 3%. Both are several times what most banks pay, and the funds are FDIC insured. You only earn interest on the first $5,000, and you can have a maximum of $10,000 in the account.
This card is one of the better (meaning cheapest) prepaid cards on the market. It's a lot cheaper than a secured credit card, and the savings account feature actually helps you make money. The fee schedule is clearly spelled out in nice big print. The only negative is the lack of a bill payment feature, which means you can't use it to replace a bank account.