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The MAGIC Prepaid MasterCard is a prepaid card that behaves like a debit card. Because the card has the MasterCard logo on it, it can be used anywhere MasterCard is accepted. It also comes with security and savings opportunities.
The security that the MAGIC prepaid MasterCard offers starts with the fraud protection. This is a very important aspect of the card because it keeps the cardholder from being responsible for fraudulent charges. In fact, this is a very important aspect because not all prepaid cards offer a protection that is typically afforded to debit card or credit cardholders.
The second security is the fact the card is FDIC insured. This is also very important because this means that the money is insured up to a specific amount. This is made possible because the card is issued by OneWest Bank. Yes, MAGIC Johnson is responsible for the name of the card and his face is on it, but OneWest Bank, a major Southern California bank is what has given the card life.
The fees are low and there are ways in which almost all of the fees can be avoided. This avoidance is able to occur because the fees are based upon what you do. There is a one-time setup fee that is charged as soon as money is added to the card. After that, there is a monthly fee that is comparable or less to the monthly fees that are associated with most bank accounts.
If you want to withdraw cash via an ATM machine, there is no fee for that as long as the ATM is within the network. If the ATM is not within the network, there is a fee after the first two non-network ATM withdrawals for the month and a fee for all balance inquiries regardless of whether the ATM is in the network or out of it. If you want to receive cash back at the point of sale, then you can do so for free. Signature and PIN purchases are also made for free.
When contacting customer service, there may be fees associated with that. If you wish to use the automated system, you can do so for free. Online customer service is also free, but there is a charge after the first live customer service call of the month. If you simply need to do a balance inquiry or find out similar information about the card, you can avoid the customer service fee by using the automated or online system. Customer service calls are reserved for the issues that you cannot resolve on your own.
If you desire to receive a paper statement, there is a fee associated with that. The way to avoid this fee is to opt for online statements instead. Replacement cards or second cards come at a small charge. And because MasterCard can be used anywhere in the world, which means this card can be used anywhere, traveling abroad means being charged a small percentage of each transaction that is made in a foreign country.
There is a lot of flexibility with the card. Even with the transaction limits, you do have plenty of room to move around, but you are also able to keep better track of your money. For instance, there is a daily maximum that can be spent on the card. There is also a monthly maximum, which is typically the same as the maximum amount of money allowed on the card. There is a limit to how much money can be obtained from ATMS and retail cash back, a maximum amount of allowed signature and PIN purchases, and an overall maximum purchase amount.
The limitations on the card ensure money stays in your pocket. Another way that money is kept in your pocket is through MAGIC Mojo. This program is simple because it gives you the ability to reach your savings goals in a safe way. It's a free program and is easy to implement. When you want to save money, all you have to do is text the dollar amount that you want to save from your balance to MAGIC Mojo and the money will be separated from your spending money. A small transfer takes place that transfers your money from the spending side of the card to the saving side. The money is then secured on the saving side until you reach your savings goal.
By using MAGIC Mojo, the money adds up quickly. You can prevent yourself from frivolous spending. For instance, you can move the money you want to spend on a new TV to the saving side of the card so that it can be saved for a vacation, a car, a house, or whatever you want to save money toward.
All in all, this is a very convenient card to own. You are not penalized if you do not use it for long periods of time. In other words, your account isn't going to be closed just because you choose to let the money on the card sit rather than spend it. Of course, the monthly fee will still apply. Nonetheless, you can use the card when you want to and how you want to. This flexibility in use, the security, and the fact that you can add funds at thousands of locations around the country at any time during the day or night due to the availability of MoneyPak gives more freedom than a bank account does. This enables it to fit varying lifestyles.
So when in need of a prepaid card that ensures the cardholder is taken care of and given the flexibility that is desired, the MAGIC Prepaid MasterCard may be just what you're looking for. As for the fees, what you pay and what you don't pay is almost completely up to you.