The Magic prepaid card is a debit MasterCard, created by Magic Johnson a member of the NBA Hall of Fame. Magic Johnson created this prepaid MasterCard because “cash is no longer king.” The idea is to provide everybody the purchasing power of a major MasterCard.
Who Is The Magic Prepaid Debit Card For?
In short everyone.
- It is for people that don’t have a bank account.
- Individuals that are sick of paying overdraft fees.
- And for people that are tired of living with credit card debt.
The Magic card is issued by One West Bank, a member of the FDIC. This will provide you a layer of protection and security on your money. Your also covered by the MasterCard $0 Liability Policy, in case your Magic prepaid card is ever lost or stolen and used fraudulently, you won’t be held responsible.
Fees For The Magic Prepaid Card
One of the coolest features about the Magic Johnson prepaid card is you get free ATM access at all Money Pass ATM’s. The Money Pass ATM Network currently includes 23,000 ATM’s all over the nation. These are ATM’s that you can use for free!
You are going to be responsible for paying a monthly fee of $4.95. Additionally there is a one-time setup fee of $4.95. You will pay this setup fee when you make your first deposit on your Magic card.
If you deposit $50 on your Magic prepaid card. Only as a one-time setup fee you will be charged $4.95. Thus, the remaining balance on your $50 deposit would be $45.05.
How To Add Money
You get use free direct deposit and free bank transfers, and this will potentially give you quicker access to your money. If you are currently paying check-cashing fees, then you can eliminate that expense from your life by using direct deposit!
You can also deposit cash by purchasing a Green Dot Money Pak at many retail locations. Your Magic prepaid card can be used everywhere MasterCard is accepted. And for your information, Magic Johnson says on a video at the Magic card website that he’s not a paid celebrity spokesmen. Instead, this company is actually his business.
The Magic card is a top prepaid card, however because this is a prepaid debit card it will not help you build credit. To clarify your account information is not going to be reported to the major credit bureaus. If you would like a credit building credit card we would encourage you to instead look into getting a top secured credit card.
- No online bill pay
Many prepaid cards offer an online bill pay feature where you can have payments sent just like with a checking account. Electronically or as a paper check. As of the publishing of this article, there is currently no online bill payment system with the Magic prepaid card.
But you can use your Magic card over the phone to pay bills. Their are two fees that you should be aware of if you plan on applying and getting the Magic prepaid debit card.
1. The first is a live customer service representative fee
Your provided one free call to speak with a customer service representative live, each month. After that you are charged $2 for each additional call to speak to a live customer service rep or human being instead of an automated system. You are given unlimited calls to the automated system.
2. There is also a $5.95 paper statement fee
We strongly encourage you to simply print up your online account information. Instead of requesting a paper statement, because it will cost you $5.95. With that said we are fans of the Magic Johnson prepaid MasterCard. Currently they are providing you $10 bonus credit when you enroll in direct deposit.
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