Capital One prepaid has recently launched a reloadable prepaid debit MasterCard. This prepaid reloadable Mastercard is not an unsecured or traditional credit card.
Instead, you must first deposit money on your Capital One prepaid card. And then you can use your card for purchases online and over the phone.
The prepaid and debit card industry was initially created and marketed to people looking for second chance checking accounts or non ChexSystem banks.
This is because many prepaid debit cards provide direct deposit with no fees which eliminates consumers from paying check-cashing fees. And an online bill pay system.
This online bill pay system is a convenient way for cardholders to pay their bills without going to the store to purchase a money order, mail in a payment …
This prepaid MasterCard by Capital One is ideal because there is no credit check. And in today’s economy it has become required to have a major MasterCard or Visa.
Reloadable prepaid debit cards have grown like wildfire in popularity. Many more major credit card issuers such as prepaid American Express, Chase Bank, Discover Card and many more are now offering a prepaid debit card.
It is important to do your research and make sure you get a reputable and legitimate prepaid debit card with minimal or no fees.
Capital One Prepaid Card – How Does It Work
This is not an unsecured credit card but instead is a prepaid debit card. Before you can use it to make purchases you must first deposit money in your account.
This can be done for free by using direct deposit, you can also deposit cash at a Western Union locations, or by transferring money from a bank account.
There is no activation fee and your Capital One Prepaid Card is protected with a $0 fraud liability in case of theft or you lose your card.
The money you deposit in your Capital One prepaid account is FDIC insured. You will pay a low $4.95 monthly maintenance fee. And you can sign up for free text or e-mail alerts about your account activity.
You can rest easy because you will never be charged an overdraft fee, bounced check fee, late payment fee or any interest fees ever!
This is definitely one of the best reloadable prepaid debit cards we have reviewed. It could prove interesting to see if Capital One begins to market their other bad credit cards to the prepaid card holders.
If you have not heard Capital One purchased HSBC and Orchard Bank credit card. In other words, Capital One has staked an even BIGGER claim in the bad and no credit industry.
And now have credit card products for people of all credit ratings.
Capital One Prepaid Card – How To Apply
To apply for the Capital One MasterCard a great prepaid debit card. You will need to visit – http://www.capitalone.com/prepaid-cards/.
To qualify for approval you must be 18 years of age, and have a verifiable Social Security Number, U.S. Mailing Address (Patriot Act) … your identity must be verifiable and you must be 18 years old for approval.