A ReadyDebit visa is a prepaid card that is issued by MetaBank. It is designed for individuals with a less than perfect financial history as there is no credit check.
First you must deposit funds before you are able to make use of your card. This is as opposed to a standard card, where you are issued a line of credit. As a result, there is no limit or rate of interest, as you cannot take your account into a minus figure and can only spend what you have. This makes it ideal for those that have had previous trouble managing their money.
You can load your account through number of methods which include direct deposit, bank transfer and cash loading at a designated location. Once you have added money you will be able to use it to buy items in stores and online, pay bills and rent a car. You can also withdraw cash from one of over one million ATM’s, both at home and abroad.
Additionally you get access to a free online bill payment service. And your card is also protected by Visa’s ‘zero liability’ policy. This means that if your card is stolen or lost, you will not be liable for costs incurred and your money will remain safe.
Application are typically made online, and as long as you meet the criteria you will be accepted. These criteria require that you prove certain identification aspects, such as your name, address, date of birth and social security number. Subject to this, you will receive your card through the mail within a few business days. Your credit score is not looked at and there is no chexsystem verification.
This card carries a one-time application fee of $10, a $5 monthly transaction fee for purchases made using signature (PIN purchases carry no charge), and an ATM withdrawal fee of $1.50 ($5 if used abroad). As with any financial product you should read the terms and conditions carefully before applying for the ReadyDebit Visa, as there are a several fees and charges which you should be aware of.
It will be issued in either a pink, blue or black design you will choose during the application process. The money you have deposited in your account is fully FDIC insured. In other words the government is guaranteeing it! You will have 24/7 online account access. And ReadyDebit is an accredited member of the BBB.