Review of the VIP Visa Card

The VIP Visa Card was last reviewed on 9th January 2006.

Summary - The VIP Visa® Card is a prepaid debit card with a credit builder service that allows cardholder to build or rebuild their credit. This card will appeal to those with either no credit or bad credit who want the spending discipline that a prepaid credit card imposes but yet wants to rebuild their credit. Furthermore, there are no credit or employment checks and no turn downs. Let us look at this card in greater detail.

Credit Builder Feature - The VIP Visa Card comes with a credit builder service. This service allows you to build or rebuild your credit. To enroll in the service, you need to pay a non-refundable one-time application and processing fee of $49.95. There after, you have to make 12 monthly payments of $29.95. These payments will be reported to the credit bureaus. For the first month, you will get a $10 rebate out of your $29.95 payment (loaded back into your card). If you have made timely payments for 11 months, your last payment of $29.95 will be paid for by credit builder. The credit builder is good for 12 months and will automatically be renewed after that (unless you cancel it).

Application Fees - When you apply for the VIP Visa Card you will be charged a non-refundable application fee of $59.00 and a processing fee of $90.00. You also need to load an initial balance of $10.00 into the card. Hence, your total initial charge is $159.00. You will be charged a monthly fee of $8.90, which works out to a total of $106.80 annually.

Methods of loading - There are various ways which you can load your VIP Visa 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 or from your bank account.

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 VIP Visa Card 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 the 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.

Conclusion - We recommend the VIP Visa® Card to those who are looking to build or rebuild their credit, and want to use a prepaid debit card to control their spending. Because they are no employment or credit checks, you can even apply if you are out of a job or just come out of bankruptcy.

  • Allows you to build or rebuild credit via credit builder
  • Can be used anywhere Visa is used

  • Fees - which are typical in these type of cards

VIP Visa Card
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 $59.00
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 VIP Visa Card

Compare other prepaid credit cards with credit builder service

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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