Review of the Liberty Union Visa



The Liberty Union Visa was last reviewed on 22nd November 2005.

Summary - The Liberty Union Visa Debit card is designed for those looking for a basic prepaid credit card. There are no credit checks, no employment checks. Hence, you are almost sure to be approved when you apply for this card. In addition, Liberty Union has partnered with a few financial institiutions to provide with an unsecured loan of up to $1,500 (subject to application and approval). Read on.....

Cost and Fees - Like most prepaid credit cards, the Liberty Union Visa charges a one-time application and fee and processing fee when you apply. The one-time application fee is $59.95, which is non-refundable. You also have to pay a one-time processing fee of $90.00. You will also have to load your card with $10.00 (as an initial first load). Hence, in total, you will pay $159.95 upfront when you get your card. This charge will be debited from your bank account. There is a monthly fee of $8.90, consisting of $4.95 for the debit card and $3.95 for the ATM card.

Methods of loading the Liberty Union Visa - There are various ways which you can load your card. Firstly, you can load them via Direct Deposit from your employer. There is no limit as to how much funds you can load via direct deposit. You can also load your card via another debit Card (which will take one business day for the transfer to take effect), ACH transfer, bank checking or savings accounts , or U.S. Postal Money Orders. All of the above methods will take 5 days to for the transfer to be initiated (with the exception of the debit card transfer).

Cardholders will be charged a fee when you load your card. There is a $1.00 charge each time you load via direct deposit and bank account to card reload. There is also a $0.50 charge each time you use the card to make a purchase at a mechant or for online purchase.

Funding Limits - There are a few funding limits that cardholders of the Liberty Union Visa have to observe.

1. There is no limit upon the maximum amount that may be transferred to your Card by an employer for your regular work payment.

2. You may not load more than $500 or less than $25 onto the card at any one time from your Funding Account.

3. The Card may not be loaded more than twice per day or ten times per week, nor for more than $1,500 per day or $5,000 per week.

ATM Withdrawal - You can also use your card to withdraw money from ATM machines or even from merchants. You are allowed to withdraw up to $300 within 24 hours from ATMs. The maximum cash back service cardholders can receive from a merchant (upon a purchase) is $50.00. Cardholders will be charged $1.50 for each ATM withdrawal.

Potential to get an unsecured loan of up to $1,500 - When you are approved for the card, Liberty Union Visa has agreements with several financial institiutions to get you an unsecured loan. You need a job or proven source of income, Email address, listed home phone, checking account in good standing, and you must be at least 18 years of age. All signed Loan Agreements are subject to verification of prior loan history and application data. You can get an unsecured loan ranging from $100 to $1,500. The rate you will be charged will depend on your credit rating and history.

Conclusions - The Liberty Union Prepaid Visa Debit Card will appeal to those who are looking for a basic prepaid credit card. In addition, you may get an unsecured loan from one of Liberty Union's partners. You have to be aware that your activities on the card are not reported to credit bureaus. Hence, if you are looking to rebuild your credit, this is probably not the right prepaid credit card for you.

Positives
  • May be able to get an unsecured loan
  • Can be used anywhere Visa is accepted
  • No credit checks
  • No employment checks (though you need to be employed to be eligible for the unsecured loan).


Negatives
  • Various application fees and transaction fees (which are common in prepaid credit cards).


Liberty Union Visa Debit Card
Cost/Fees
Annual Fee $No annual fee
Monthly Maintanence Fee $4.95 (Holographic Debit Card)
$3.95 (ATM Card) Withdrawal limit is $300 a day
Application Fee $59.95
Processing Fee $90.00
Card to Card Reload Fee $1.00
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 Liberty Union Visa Debit Card

If you already have this credit card, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.


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