Review of the Account Now Vantage Debit Mastercard





The Account Now Vantage Debit Mastercard was last reviewed on 8th March 2006



Summary - The Account Now Vantage Debit Mastercard (issued by Metabank) is one of the best prepaid credit card both in terms of cost and fees and also for those looking to rebuild their credit. It has lower fees and application costs than most prepaid credit cards and also offers a free credit builder service. Find out more....

Low Cost and Fees - To apply for the Account Now Vantage Debit Mastercard, you need to pay a one-time non-refundable setup fee of $19.95 (which is the lowest among all prepaid debit cards). Most prepaid credit cards charge a non-refundable one-time application fee of $59.95 and a one-time processing fee of $90.00. For this card, you only pay $19.95. The monthly fee is $4.95, lower than most other prepaid cards as well. What is also important is that most methods of depositing funds in your card is free, unlike many debit cards that charge a $1.00 fee even for employer direct deposit.

Deposited Funds are FDIC Insured - This is the only prepaid credit card that we know in which the funds in your card are FDIC -Insured for up to $100,000.

Pay Anyone BillPay - The Account Now Vantage Debit Mastercard has a BillPay service which allows cardholders to automatically pay monthly bills. You can also pay online and monitor your account online via their BillPay website. The first 7 payments in the month are free. Thereafter, there is a charge of $1.00 per transaction with Bill Pay.

"FREE Credit Builder Service - Most prepaid credit cards cannot be used for rebuilding or building a credit history because it does not extend you credit. Some prepaid credit cards come with a "credit builder" service in which you make a monthy payment (which is essentially a fee), and this payment is reported to the credit bureaus as an interest payment. However, this means you are actually "paying" to build or rebuild your credit history.

The Account Now Vantage Debit Mastercard "credit builder" service takes a different approach. One your BillPay is activated, you can then with Credit Builder. Each time that you make a bill payment with AccoutNow Pay Anyone Bill Pay, your bill payment information will be sent to PRBC, a national credit reporting agency. You can use the Pay Anyone Bill Pay service to pay your mortgage, insurance, phone, utilities, rent etc.

Home loan associations like Freddie Mac and Fannie Mae and Citicorp Mortgage use bill payment information as part of their decision making process for home loans. Other companies including auto loan, credit card, and insurance companies may start using Bill Payment Scoresm to comply with the Nation's Fair Housing and Fair Lending laws.

Verdict - We recommend the Account Now Vantage Debit Mastercard to those looking for a prepaid credit card that allows you to build or rebuild your credit. This card has lower cost and fees than most other prepaid credit cards. Its credit builder service (unlike many other cards) is free as well. The only downside is that the credit service does not report to the major three credit bureaus, but rather only to the PRBC (Payment Reporting Builds Credit). The AccountNow Pay Anyone Bill Pay service is a good online tool to help you pay your bills. (check out their website for a video demonstration).


Positives
  • Low cost and fees
  • Free credit builder service
  • Automatic bill pay service and online account management
  • Reports payments to PRBC
  • Deposits insured by FDIC


Negatives
  • Credit Builder Service does not report to the three major credit bureaus
Account Now Vantage Debit Mastercard
Cost/Fees
Annual Fee $No annual fee
Monthly Maintanence Fee $4.95
One-time Setup Fee $19.95
Processing Fee None
Bank Account to Card Reload Fee No fees, but bank may inpose a fee for the transfer
Direct Deposit Reload Fee Free
Purchase at Merchant Fee (US) $0.50
Purchase at Merchant Fee (International) $1.00
ATM Withdrawal Fee $2.00 (one free cash withdrawal a month)
Bill Pay Transaction Fee $1.00 (first 7 payments are free, thereafter $1.00 per payment)
ATM Balance Inquiry $1.00
Customer Live Call Fee $3.00
Paper Statement Fee $5.00



Apply for the Account Now Vantage Debit Mastercard

If you already have the Account Now Vantage Debit Mastercard, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.







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