Review of the Impact Visa Card



The Impact Visa Card was lasted reviewed on 9th September 2005

Summary - The Impact Visa Card is designed for those looking to build or rebuild their credit and have difficulty getting a regular unsecured credit card. It is a prepaid visa card, but also has a creditbuilder program, whereby you can make monthly payments that are reported to the credit bureaus. Let us look at this card in greater detail.

Details and Fees - The Impact Visa Card is a prepaid card that can be used anywhere Visa is accepted. It is a prepaid debit card, which means you can only spend what you have loaded into the card.

When you apply for the card, there are various fees you have to pay. There is a one-time non-refundable application fee of $59.95. There is also a one-time processing fee of $90.00. You will also need to load a minimum of $10.00 into your card for the first initial load. Hence, you need to pay $159.95 initially to get your card going.

There is no annual fee. However, like most prepaid debit cards, there is a montly maintanence fee of $8.90 ($4.95 for the Hologram Debit Card and $3.95 for the ATM Card). Like all debit cards, you can load your card via your bank account or direct deposit from your employer and withdraw cash from ATMs.

CreditBuilder - The Impact Visa partners with CreditBuilder, a service which allows you to build or rebuild your credit. This is how the program works. You pay a monthly fee of $29.95 for 12 months (of which $10.00 is refunded via a load into your card) to CreditBuilder. They then report this payment to the credit agencies. If you make your fee payments on time every month, your credit score should show improvements within six months or so.

No credit or employment checks - As this is a prepaid debit card, the Impact Visa Card does not conduct any credit or employment checks. Hence, one is almost certain to get approval after application.

Conclusions - The IMPACT Visa® Card impact visa card will appeal to those looking to build or rebuild their credit and find it difficult to get a regular unsecured credit card. Though there are some upfront fees and monthly maintanence fees, having a prepaid card prevents one from overspending and within a year, prompt payments of the CreditBuilder Fees should help improve one's credit scores.

Positives
  • CreditBuilder Program - reports to credit agencies and allows you to build oir rebuild your credit history.
  • No credit or employment checks, hence almost guaranteed approval


Negatives
  • Upfront, monthly maintanence fees and various other transaction fees


Impact Visa Card
Cost/Fees
Annual Fee $No annual fee
One-time Application Fee $59.00
One-time Processing Fee $90.00
Monthly Maintanence Fee $4.95 (Holographic Debit Card)
$3.95 (ATM Card)
Creditbuilder Payments $29.95 from bank account of which $10.00 will be returned as a credit to your card
Bank Account to Card Reload Fee $1.00
Direct Deposit Reload Fee $1.00
Purchase at Merchant Fee $0.50
Purchase Online Fee $0.50
Telephone Purchase Fee $0.50
ATM Withdrawal Fee $1.50
Point of Sale Withdrawal Fee $0.00
Live Teller Withdrawal Fee $1.50
ATM Balance Inquiry $1.00
Online Balance Inquiry/Service Fee $0.10
Automated Telephone Inquiry/Service Fee $0.50
Customer Live Call Fee $3.00
Paper Statement Fee $5.00
Card replacement/cancellation/reactivation Fee $5.00
Maximum Load Not more than twice a day or ten times a week
not more than $1,500 a day or $5,000 a week
Maximum ATM Withdrawal $300 within 24 hours



Apply for the IMPACT Visa® Card impact visa

If you already have this credit card and want to comment on it, you can post your review here.





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