Mastercard prepaid cards??

Question

I went to the pharmacy today and i've noticed these "mastercard" prepaid cards that start from 25$-100$.Does anyone know how exactly these cards work?

(you don't need your name i think, you just buy the amount you wish to pay for)

Answer 1

Start a checking account and get a debit card.  Thsi is a better way to go.  You can use the card instead of writing a check. Just make sure you keep it writen down in your check book.

The perpaid cards are good for gifts, but cash is better. You can also put more money on the prepaid card but not over the total that it is rated at.

Answer 2

works like this, you buy a 25.00 card it is activated at the time of purchase and u can use any place with the Mastercard logo.  

Answer 3

There's a couple types:  There's prepaid gift cards (Mastercard, Visa, AMEX) that are accepted wherever those names are accepted, but you cannot reload them.  Once the balance is gone, the balance is gone.  You also cannot use them at ATMs.

There are also cards called GreenDot Mastercard or Visa debit cards.  They're accepted anywhere those names are.  They come with a few more catches though.

When you first purchase the card at the store, you have to pay $9.95 just to activate the card (this does NOT go on your balance) and then you put money on it right there. To reload the card, you can go to any place that sells the greendot cards and give them the money to put on it. You can also have Direct Deposit set up so that your Payroll check goes right into the account.

There are some big "catches" to these cards, though.

The fees are crazy. Here's the big ones.

Activation: $9.95

Reload: $4.95

Monthly Maintenance (charged automatically, no matter what): $4.95

Balance inquiry over the phone: $0.75

Balance inquiry at ATM: $0.50

Withdrawal at ATM: $2.50

I used a GreenDot Mastercard for a little while when I was younger-- I found it to be more of a hassle than anything.  As soon as I turned 18 I opened a checking account and began using a debit card instead.  When you think about all the fees associated with the prepaid card, it's really a better decision financially to just carry cash around with you (except, of course, if you live in a high crime area.)