MUCH MUSIC PRE-PAID MASTERCARD is it worth it or no?

Question

So i was thinking of getting this card because i figured i could use a credit card where dealing with interest isn't involved because it's just well....convenient.

But upon further research i found out they charge you for all sorts of stupid things that should be free (and are if you're a member at any bank) like checking your balance and depositing money in your account! Although these charges are small-i'm not stupid and know they would add up over time.

They preach about the "freedom" of the card on the ads and while the whole idea seems convenient it sure looks like there are alot of rules. I'm wondering if anyone could tell me if it really is the godsend it appears or is it just another pain in the a**?

Answer 1

i can not understand anyone buying a prepaid credit card -- go to the back where you have your checking account and apply for a visa/master card with say 200 dollar limit and just pay the complete balance off monthly and you have the best all worlds free!!!

Answer 2

Prepaid cards seem to sting their members for almost every feature, I'm not sure it's worth it in the long run.

This website;

http://www.canadacreditcentral.com/ppaid...

lists several prepaid credit cards and their associated fees, they are also listed in order of "best deal" descending to "worst deal", while the MuchMusic card is not listed it seems like it would weigh in midway down the list.

If you're determined to get a prepaid card (and not a regular credit card, which seems to have fewer fees) then take a look at;

CAA Prepaid Visa

https://www.caamyaccount.com/

(sign up fee of $10.95 and no monthly fee)

BMO Mosaik Mastercard

http://www3.bmo.com/mosaik/perform_home_...

(Sign up fee of $9.95 and no monthly fee)

Citizens Bank of Canada Visa

https://www.citizensbank.ca/Personal/Pro...

(Sign up fee of $2.00 and monthly fee of $1.50)

compared with

MuchMusic Card

http://www.muchmusic.com/muchmusiccard/

(sign up fee of $39.95, no monthly fee)

None of them charge a fee for purchases, and all have a surcharge for cash withdrawls.

Doesn't make the MuchMusic card look like much of a deal, does it?