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Tuesday, February 24, 2009

Face Card Prepaid Visa

By Dan Moskel

Facecard prepaid MasterCard is a debit card. This means you must deposit money on the card and then you can use it to make purchases.

You must deposit a minimum of $10 to load your card, and the maximum balance is $2,500. You may load money at no charge through bank transfers and with the ach network. There are other methods available as well, but in order to use those, you must pay a fee.

This card is frequently used by parents to help teach financial responsibility to a child. Parents can access all of their childs account information.

There is free activation and no monthly fees. There is a $1.50 ATM fee from Facecard plus the banks ATM fee. There is a maximum of $200 a day that can be withdrawn from the ATM.

You can only load money onto the card a maximum of two times per day, four times per week and 10 times per month. Other than the ability to monitor your childs spending, this card doesnt provide many benefits, so we only mildly suggest this card.

Additionally this card can be used internationally; however I wouldn't count on it in a financial emergency. This is because you can only withdraw $200 a day at the ATM.

This is a MasterCard that issued by Meta Bank, so you may use it wherever MasterCard is accepted.

There is one unique benefit to the card: at a restaurant, if you are short of money, you still will be approved for the total, plus an additional 20% for a tip.

Facecard can afford to charge no monthly fees because they market offers to your cell phone. In other words, from time to time they will send you a text message explaining that you can save 10% at a specific retailer for a limited time.

The Facecard is not without its advantages, but because of the low $200 daily ATM withdrawal maximum, we recommend that you do not use this as your only card.

People often experience financial emergencies and most of the time, $200 is not enough to cover such an emergency. For example, $200 is not enough money to pay for textbooks for your child who is away at college.

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