Can any one explain the Green Dot Credit Card, and Debit Card?

Question

First off whats the difference between the visa and the mastercard? And what charges go with it?

I know i have to pay the amount to buy it but do you get charged to load money on it? And do you get charged every month for having it? And do you think its really worth it at all?

Thanks

Answer 1

I have research this alot. Of all the prepaid debit cards out there, only Bank Freedom ( http://www/bankfreedom.com ) has a card with no activation fee. Also they are by far the lowest on total fees. They have Green Dot MoneyPak load and direct deposit, and if you use direct deposit, they waive the monthly fee. So basically, the card is near free. Check it out. Good luck.

RC

Answer 2

Its like a prepaid phone card, you use it until its out of money, then it stops working

Answer 3

I wanted to get one from Walgreens, because I was under 18 and bought things online and was tired of buying prepaid credit cards. I went to the store and read the back, you get charged like $5 a month, or so, just to have it activated. I didn't think it was worth it.

It depends what you need the money for. I guess just for a general "credit card" you can just get prepaid credit cards. But I know from experience that if you have $10 left on your card and you try to charge $11, the card denies you and says you don't have any money left on it. Plus the one I had cost about 75 cents to check the balance each time over the phone. But some places you can say "put $10 on this card and $1 cash" but some places said they couldn't do it. (Although I was a cashier and it was really easy to do that.)

In the end, I don't think the Green Dot is worth it since you have to pay to use it.

Answer 4

ok, there are no difference between visa and mastercard, they are both global companies that manage credit cards. both can be used all over US and internationally. some countries doesnt accept some credit cards. so better be sure if you're visiting a different country if they are accepting the credit card that you have (visa, mastercard, etc.)

the only difference between the two are the APRs (annual percentage rate)  and DPRs (daily periodic rate) that they charge you. basically, they are lending you money with interest in it, so APR is the percentage that you'll accumulate for the whole year that will be added to your borrowed money. DPR is the automatic percentage that will be added to your purchases at the end of the day. Summation of your DPR is equal to APR after 1 year. APRs and DPRs vary depending on the credit company that you have. Each credit cards has different promotion also. so you may want to do a research first before applying for a credit card that you want. so you'll find out which one really does apply to your needs and wants. Visa is much preffered compared to mastercard.

Green Dot Credit Card can be either visa or mastercard. it's not a credit card even though it can be visa or mastercard. the reason is, it doesnt require bank account, credit check, and fees. it's a prepaid card that you can use just like universal gift cards where you can use it at any store. you can even use it to an atm machine if you want to withdraw some money, the money will be taken away from your card.

here's how it works, you go apply for green dot credit card, you'll receive your card, just load some money in to it, just like gift cards. then it's ready to use. you can use it anywhere, anytime, and there is no limit on using it. money will be deducted from the money you deposited in to that card, if you run out of money, just reload some more and it's back and ready to use. in short, it's like having money but in a card.

debit card is a card you'll acquire from a bank. you go to a bank and apply for it. banks require initial deposit into that debit/check account, amounts needed to deposit initially differ from every other banks. after applying, you'll receive a card from the bank, and it you can use it whenever you want. but be careful, there will be some fees if you over use it. some banks only let you use it, just an example, 5 times a day. beyond 5 transactions a day, there will be fees applied to your account and it will be automatically deducted to your money in your debit/check account. another things is, if you over spend your money, which is called overdraft. meaning spending money more than what you have in your account. there will be also fees applied to your account if you overdraft. there should be a maintaining balance every month. every single thing that i mentioned vary from different banks. so you might want to check each bank that you want before applying for it.

in my opinion. green dot credit card is a pretty good card to use if you dont want to deal with all the charges and fees you'll get from a regular credit card or from a debit card. but if you think you can manage your money real good, credit cards or debit card is not an issue then. and i think most of americans have their own debit card. it's just a way of stashing you money. credit card will also help you develop your credit score which will be a big help for you in the future if you're gonna make your major purchases (like houses and cars).

hope i did explain everything you want to know.