Review of Vue Visa Card



The Vue Visa Card was last reviewed on 4th August 2005.

The Vue Visa Card is a prepaid visa that will appeal to those who
  • have poor credit and want to have a prepaid card to maintain spending discipline and need to rebuild their credit (with CreditBuilder)
  • do not want to open a bank account but simply want the convenience of a checking and ATM card

It is not a credit card, but a prepaid debit card, which means you can only spend what you have "loaded into your card". Let us explore this card in greater details.

4 Ways to Load Card - There are 4 ways to load the Vue Visa prepaid card. The first way to for a payroll direct deposit from your Employer. The second method is to send a US Postal Money Order to Vue Visa. The third method is to load via your bank account. Lastly, you can also load your card by making cash deposits at any Bank of America, Fleet Bank, Bank One or Wells Fargo location using a special deposit slip.

Funding and Withdrawal Limits - There is no limit to the amount that your employer can load on your card via Direct Deposit. Other than that, you can load no more than $500 or less than $25 at any one time. You may not load more than twice per day or ten times a week, nor for more than $1,500 per day or $5,000 per week. You can withdraw up to $300 a day from ATMs.

Fees - There is no annual fee for the Vue Visa. However, there is a one-time application fee of $59.00 and a one-time processing fee of $90.00 when you apply for the card. (Note : This information used to be available on the terms and conditions but has recently been left out - it was confirmed by calling their customer service line at 1-866-630-3757). The minimum first-time load is $10.00. Hence, when you get approved, a total of $160.00 is deducted from your funding account, of which $10.00 is loaded for your use. There are monthly maintanence fees for the Hologram Debit Card and ATM Card, which is $4.95 and $3.95 respectively. This adds up to $106.80 in annual fees. (see table below for other transaction fees).

CreditBuilder Program - For those looking to build or rebuild your credit, you can choose to opt-in for the creditbuilder program. You pay a monthly fee of $29.90 for 12 months which will be reported to all three credit agencies. However, for the first month, you have to pay a $49.95 fee (which includes the processing fee). (Note : This information used to be available on the terms and conditions but has recently been left out - it was confirmed by calling their customer service line at 1-866-630-3757)

Conclusions - A debit or prepaid is designed for those who do not want to open a bank account but want to enjoy the convenience of a check card and an atm card. If that is all you are looking for, there are other cards like the Wired PlasticTM Prepaid Visa® Card , which has very low application and the lowest monthly maintanence fee, and no fees on many transactions. However, if you are looking to use a debit/prepaid card to rebuild your credit, then the Vue Visa Card allows to do so by opting for the CreditBuilder program. For a additional monthly payment of $29.95, these are reported as interest payments to all three major credit agencies.

Update - The Vue Visa Card has been discontinued. In its place, we suggest you consider the VIP Visa® Card instead, a card with similar features to the Vue Visa and also has a credit builder program.

Positives
  • Easy to get as there are no credit or employment checks
  • Has CreditBuilder program for those who want to rebuild their credit


Negatives
  • Various transactions fees
  • High one-time processing and application fees



Vue 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) Withdrawal limit is $300 a day
Creditbuilder Payments $29.95 from bank account of which $10.00 will be returned as a credit to your card
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



The Vue Visa has been discontinued. Apply for the VIP Visa® Card as an alternative to the Vue Visa Card.




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