Rush Card - Prepaid Visa
The Rush Card is issued by M&T Bank and was created by Russell Simmons. The co founder of hip-hop record label Def Jam.
It was created to give you financial freedom if you have a damaged credit history. The Rush Card is issued as a black card and the Baby Phat Rush Card as a pink card.
Baby Phat Rush Card
www.rushcard.com
These are popular choices among those looking for a prepaid card. Of course, we suggest that you fully educate yourself on the various options available as most cards have fees associated with them.
*The fees below were accurate as of the publishing of this website. Card issuers periodically change their terms and conditions. See advertiser's website (www.rushcard.com) for full details.
The Rush Card and Baby Phat Rush Card will charge you a $19.95 activation fee. There is a $1.95 ATM cash withdrawal fee and a $0.50 ATM balance inquiry fee. There is also a $1.00 bill payment fee and a $1.95 inactivity fee.
However the most alarming fee is a $1.00 convenience fee. You will be charged this fee every time you use your card.
They say your charges are capped at $10 a month, but during that month you will still be charged $1.00 every time you use your card.
They say your refund for the extra fees will come the next calendar month. From their terms and conditions page
"Any additional convenience fees charged above this amount will be refunded to your card balance the following calendar month."
This means that you must pay $1.00 for every purchase you make in a month and then the "following calendar month" you will be refunded the extra fees.
Even though the website advertises their product as one with "no hidden fees" we recommend that you read ALL the fine print and fully understand the terms and conditions before making a financial commitment.
Assuming you use your card just once a day in a month (to purchase gas, groceries, movie tickets, etc.) you will be out $30 just in fees during that month - and will have to wait until the next calendar month to receive a partial refund.
In these tough economic times, some individuals may find this arrangement creates a strain on their personal cash flow.
It comes with; Free Direct Deposit, Free Online Bill Pay, Free Credit Builder, And an unheard of low $4.95 monthly maintenance fee.
For most prepaid cards their monthly maintenance fees start at $10.00 a month. And best of all you will never be charged an overdraft fee or have to pay any interest charges with the READYdebit Prepaid Visa.
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