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Home > Credit Cards > BillMyParents® Prepaid MasterCard®

BillMyParents® Prepaid MasterCard®

Snapshot of Card Features:

  • No activation fee, No overdraft fees and No credit checks
  • Strict Spending Limits and Easy Monitoring
  • Accepted at millions of locations worldwide
  • A great selection of card designs to choose from
Intro AprBalance TransferOngoing APRAnnual FeeCredit Needed
N/AN/AN/AN/AExcellent - Bad
No Credit
 

Our Expert Review

Rates & Term Details

Complete Card Details
For the complete terms and conditions, view this card's Schumer Box

What is a Schumer Box?
A Schumer Box includes the following rate and term information for all credit cards:

  • Annual Percentage Rate (APR) for purchases (or interest rate)
  • Other APRs - interest rates for balance transfers, cash advances, default, etc.
  • Variable rate information (if applicable)
  • Grace Period
  • Finance calculation method
  • Finance Charges
  • Annual Fee (if applicable)
  • Other fees - transaction fees, balance transfers, cash advances, late payments, over-limit, etc.

Important
Always read the terms and fees disclosure provided by the credit card issuer on their site before applying. The issuing bank's terms may include more detailed or updated information than presented here.

Notes
*View BillMyParents® Prepaid MasterCard® card rates, fees, rewards and other important information.


Beverly Harzog - April, 2011

If you're the parent of a teen, the BillMyParents® Prepaid MasterCard® might be just what you're looking for. You can control your teen's spending while they're learning how to manage money. This card is available to teens between the ages of 13 and 18. This is a prepaid debit card - not a credit card - so your credit history isn't an issue.

Benefits

You can set up text messaging and email alerts to track your teen's spending. Your teen can even receive text alerts when the card has a low balance. You can also use this card to set up a recurring allowance (note that there's a $1.50 fee for this convenience). And just in case things don't go well, you have the ability to lock and unlock your teen's access to the account.

Rewards

Rewards do not apply.

Balance Transfers

Balance transfers do not apply.

Rates

This is a debit card so no annual percentage rate applies. There are no purchase or activation fees for this card. The first month is free, but then there's a $3.95 monthly service fee. And like many other prepaid debit cards, there are fees for ATM cash withdrawals, ATM balance inquiries, reloading funds, and much more. A minimum of $3.00 in debit/ATM transaction fees per month are required. Read the cardholder agreement carefully so you're aware of all the fees that apply.

Who Should Apply

Parents of 13-to-18-year-old teens who want to teach their kids how to spend and stay within a budget. It's also a good choice for parents whose kids need access to funds in case of an emergency.

Credit Standing

All consumers, regardless of credit score, can apply for this card. There are no credit checks required by this issuer.

Author

Beverly Harzog

About Credit.com's Credit Cards and Prepaid Cards:

You may be able to build, rebuild, or reestablish your credit history by making on time monthly payments to all creditors and by maintaining all your balances under the credit limits. From premium reward cards to accounts that help you rebuild your credit, we have the credit card for you! If your future goals include owning a home, buying a car, owning your own business, or traveling, having a credit card can be an excellent first step. With credit card services from leading issuers like American Express, Bank of America, Capital One, Chase, Citibank, Discover, First PREMIER® Bank, HSBC Bank, IBERIABANK, MasterCard, Simmons First and Visa, you can find the best credit card for you at Credit.com.

The key to success with credit cards is to know how to use them to your advantage and not to get caught up in the traps that lurk behind the benefits. Credit.com offers many kinds of credit card benefits, from airline and gas rewards to cashback cards, and the first step is filling out a credit card application online. You can also apply for specialty credit cards, such as student credit cards or business credit cards. Credit.com also offers credit cards for the United Kingdom and Canada.

In addition to credit cards, Credit.com offers three other card options that can provide excellent choices for people with less-than-perfect credit: Prepaid cards from Mastercard and Visa allow you to load money onto the card and then use it like any other major credit card. They require no credit approval and carry the same fraud protection as the regular cards. But fees can be high, so be sure to shop carefully for a prepaid card.

Secured cards require you to open a bank account and deposit funds in a bank account (security deposit) in case you can't pay the bills. You'll get a major credit card you can use anywhere those types of cards are accepted. Shop carefully for a secured card to avoid costly fees.

Debit Cards issued under the Visa card or Mastercard name can be widely used and carry fraud protection. But if your card number is stolen and used, you'd want to find out immediately. Otherwise, you could bounce checks. One strategy: Have two checking accounts and associate your debit card with the one with the small balance. Just transfer the purchase amount into the account before you buy something with the card.

  

*For complete information, see the terms and conditions on the credit card issuer's web site. Once you click to apply for this card, you will be directed to the issuer's website where you may review the terms and conditions of the card before applying. While Credit.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

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The Pros and Cons of Prepaid Cards

Prepaid cards offer the convenience of a credit card without the difficult approval process or risk of getting into debt. These cards work a lot like a gift card, you will have to load the account with cash (direct deposit is usually available) before you can use it for a purchase

Prepaid cards are not credit cards; you cannot spend more than the balance you have deposited and you will not be charged interest for your spending. The prepaid account will not be reported to the credit bureaus as a credit card.

Pros:
Cons:

Fees and charges can vary significantly between different prepaid credit card offers. Be sure to read the fee schedule for the prepaid credit card before you apply.


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