There is a new prepaid card making the rounds of Flyertalk and the Blogosphere. If the reports are true, this card has the potential to be a game changer. More likely, this deal will die a quick death due to more exposure or will lead to many shutdowns with people having money tied up for a while with MetaBank.
The prepaid card is backed by MetaBank, but has a few versions that give a kickback to other organizations.
Here are some links mentioned on Flyertalk
AMHSI JNF (Jewish National Fund)
Delaware Boys and Girls Club
Joshua Harvest Church
Linda's angels
Goodwill Delaware
Why this card might be great:
1) You can load with a credit card. The limits are a little unclear. It may be as low as $250 a week or as high as $2,500 a day.
This is taken from their Cardholder Agreement and it shows you how confusing their language is:
- $3.95 monthly fee if you don't load $800 in that month
- $2.95 fee for loading via credit card. Very different % of overall load if you are loading $250 vs. $2,500.
- Not clear yet if loads will count as regular purchases or cash advances. Based on other cards, likely it will be a purchase for vast majority of cards not named Citibank.
- Heavy hitters will likely get shut down. MetaBank is known for this. If it happens, you money may not be released for a while. Don't put any money on the card that you can't get by without.
I don't have one and I don't think I will be getting one. I'm a little ware of having my money tied up for a while.
Anyone have any experience with this card? Leave a comment.
The prepaid card is backed by MetaBank, but has a few versions that give a kickback to other organizations.
Here are some links mentioned on Flyertalk
AMHSI JNF (Jewish National Fund)
Delaware Boys and Girls Club
Joshua Harvest Church
Linda's angels
Goodwill Delaware
Why this card might be great:
1) You can load with a credit card. The limits are a little unclear. It may be as low as $250 a week or as high as $2,500 a day.
This is taken from their Cardholder Agreement and it shows you how confusing their language is:
Loading Your Card: You may add funds to your Card account, called “value loading”, at any time. The amount of each value load must be at least $10.00 and cannot exceed $2500 per day, and $250 per week for load/reload by debit and/or credit card. The maximum value load you may place on your Card when aggregated with any other Cards you have authorized is restricted to $10,000.2) Bill Pay - if the bill pay includes credit cards, this allows for a Manufactured Spending loop that is done entirely online, similar to Serve with potentially significantly higher limits. $0.50 fee for Billpay.
Fees and other Things to Keep in Mind
- $3.95 monthly fee if you don't load $800 in that month
- $2.95 fee for loading via credit card. Very different % of overall load if you are loading $250 vs. $2,500.
- Not clear yet if loads will count as regular purchases or cash advances. Based on other cards, likely it will be a purchase for vast majority of cards not named Citibank.
- Heavy hitters will likely get shut down. MetaBank is known for this. If it happens, you money may not be released for a while. Don't put any money on the card that you can't get by without.
I don't have one and I don't think I will be getting one. I'm a little ware of having my money tied up for a while.
Anyone have any experience with this card? Leave a comment.
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