The Vision prepaid visa card is a prepaid debit card that offers guaranteed approval and no credit check. It is marketed as the better way to pay, and offers many of the services of a regular credit or debit card, but without the possibility of the cardholder getting into debt.
The first step to getting a Vision prepaid visa card is to make an online application. Guaranteed approval means that as long as the applicant satisfies the requirements of the USA Patriot Act regarding identification, they will be approved for the card. No credit check or ChexSystems check is carried out.
This means that the card is particularly suitable for those with a bad credit history, those stuck in ChexSystems and young people who have not had a card before. All being well, the applicant will receive their new card within 7-10 days of applying.
Once the card has been received and activated, the customer needs to load it with funds. This can be done at one of over 150,000 retail locations nationwide, such as branches of Western Union or PayXone, or by Direct Deposit.
The main benefit of Direct Deposit is that pay checks and government benefits can be paid straight into the customer's account on payday. This saves money on costly check cashing fees, and also saves the customer time and effort having to wait in line at the bank to get their money.
Once the card has been loaded it can be used in largely the same way as a credit card. As the Vision prepaid card carries the Visa logo, it can be used to pay for all goods and services at anywhere that accepts this method of payment. This includes online and mail order businesses.
Unlike a credit card, the Vision prepaid visa does not have a credit limit. The cardholder is spending only what is theirs, and if they do not have enough money to cover a proposed transaction, payment will be declined. This stops the customer accumulating debt which they may not be able to service.
In terms of managing their account, the owner of the card can receive free online statements, get free e-mail and text message alerts, and utilise free online account access, allowing them to check their balance, view their account history and see a summary of their spending.
There are many other types of prepaid Visa card on the market, and in order to compare them it is wise to look at the fees and charges. These can usually be found in the cardholder agreement, which appears on the relevant company's website.
The Vision prepaid Visa has a one-time activation fee of $9.95, a one-time Express Shipping fee of $19.95 and a $0.95 weekly usage fee, though this is rebated if you utilise Direct Deposit for loading the card. There are also a number of smaller charges for ATM withdrawals and Pin transactions.
In summary, compared to most other prepaid cards, the Vision prepaid visa has lower fees and charges, and is highly recommended. Anyone who has been refused for a standard credit or checking card or is looking to avoid the risk of getting themselves into debt should consider this card as a viable option.
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Article Added on Thursday, July 12, 2012
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