Credit Cards

[Ron1]

It is a cool looking card. It is too bad. It is not a credit card.

link:

http://money.cnn.com/2012/05/09/pf/chase-prepaid-card/index.htm?iid=HP_Highlight

Ron.

[FrugalRican]

4.95 a month. EEK.

I know it's in the median for a prepaid card, but I could never see myself paying $60 a year for a prepaid card/bank account.

[crunching_numbers]

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FrugalRican wrote:

4.95 a month. EEK.

I know it's in the median for a prepaid card, but I could never see myself paying $60 a year for a prepaid card/bank account.

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Think of it as an alternative for people who have no credit. It is cheaper than FP or one of the other high priced rebuilder cards, and will get the person the use of a VISA logo card. Your credit can be really bad, and still you can use this reasonably priced prepaid.   I think as an initial step post BK, it might be better than many of the highest priced alternatives. Or for a college kid who has sporatic work, and might not be ready for a student card yet, but needs a VISA card for transactions.

And it is one of the coolest cards appearance wise.

[SamsungHDTV]

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FrugalRican wrote:

4.95 a month. EEK.

I know it's in the median for a prepaid card, but I could never see myself paying $60 a year for a prepaid card/bank account.

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That's because you probably have a checking account to cash/deposit payroll checks or conduct everyday transactions. This card is ment for millions of people who don't qualify for a checking account. Compare $60/year to the check cashing fees people pay for cashing checks. Much more than $60 a year. Also the convenience of VISA, instead of paying $1-2 per transaction, just pay the $5 monthly. 

[rootpooty]

I posted about this late last year. Well looks like my local branch doesn't know what they are talking about lol they told me it would be a secured card.

[SamsungHDTV]

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rootpooty wrote:
I posted about this late last year. Well looks like my local branch doesn't know what they are talking about lol they told me it would be a secured card.

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lol well that sucks. Keep in mind it always depends on which banker you get. Sometimes its that banker that doesn't know, or the whole branch. Awful bankers will just say nonsense that isn't true when they don't know so that they don't seem unknowledgable (at the moment). Other bankers will say, I don't know (atleast they're honest). Better bankers will say they don't know but will find out for you right now. And the good bankers will just simply always know what products/services they're employer is offering.  

The worst bankers are the ones that know what it is, but sell it as something else. I've seen bankers saying a checking account will help your application for a credit card. Maybe a greedy banker will sell this card as a secured card. Who knows, but key is to find a good banker with integrity. 

[CreditWorld2013]

I like the design of it. Perhaps they should think of expanding similar designs to their checking account debit cards and their credit cards. 

[Revelate]

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rootpooty wrote:
I posted about this late last year. Well looks like my local branch doesn't know what they are talking about lol they told me it would be a secured card.

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I wish it were a secured card, to my knowledge Chase doesn't have any subprime credit-card offer... I'm a little disappointed because I'd heard they were coming out with one (Chase is one of the lenders I'd like to establish a relationship with, however little that sometimes matters) and if this is it, I fail to see how it's better than the Amex prepaid which doesn't cost a dime, other than the Visa network access which is more extensive than Amex in the vast majority of areas.

[Dadaluma83]

As far as prepaid cards go this one looks to be the best of the bunch. Only say it is better than AMEX because it will be accepted in more places.

Before this a pre paid debit card consisted of wal-mart, some washed up old rapper, and a no talent reality tv show family all with fees up the bottom, but now it is nice to see some well known and reputable financial institutions get in on it.

Before a prepaid debit card was only for people who could not get a checking account for whatever reason, now the chase and amex cards are actually a very good alternative for people who can get checking accounts, but are unable to meet the requirements to have the fees waived.