"If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability." - Henry Ford
Bridging the gap between saving money and investing
If you have don’t have much credit history or have poor credit, finding financing options can be a challenge. The Horizon Gold card advertises that it’s meant for individuals who don’t have a great credit history, so you might think it’s a viable option for repairing or building your credit score. While this might technically be true, the Horizon Gold card isn’t necessarily a strong choice.
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When you are a sports super fan, you might go out of your way to showcase your love for a specific team. While t-shirts, hats, posters, flags, and similar branded items are the most commonly used, some fans look for other opportunities to show off their love for their favorite Major League Baseball (MLB) team. If that sounds like you, Netspend has you covered. With a Netspend PayPal Prepaid Mastercard, you can choose MLB designs that feature your favorite team’s logo.
Baseball fans can be incredibly dedicated to their teams. Now, with the Netspend MLB prepaid Mastercard, you can show off your enthusiasm every time you make a purchase with the card.
Netspend has a range of MLB designs to choose from, starting with one that features the MLB logo. The company also has a version for every MLB team, including every option from the Arizona Diamondbacks to the Washington Nationals.
If you want to have a Netspend MLB prepaid Mastercard, the process is fairly simple. New customers begin by choosing their team card design from the available options, using a dropdown menu.
Next, you provide some basic personal information. Netspend needs your name, address, and email address to start your application.
Then, you can choose between some direct deposit choices. However, this step is technically optional, as you can select “None at this time” if you don’t want to set that up.
If you are approved and your card is set, you gain access to a range of features once you activate your Netspend prepaid Mastercard that features your favorite MLB team logo. Along with direct deposits that might allow you to get paid up to two days faster, you are also enrolled for Payback Rewards, a cashback program. Additionally, text alerts and mobile check loading are available, as well as access to the Netspend Mobile App, which allows you to check your balance, review transactions, and more.
You can also head to one of the 130,000+ reload locations to put funds on your card. This can include grocery stores, check-cashing locations, and a number of other physical destinations.
With the Netspend MLB Mastercard, you can add funds to your account using PayPal. Begin by logging into your PayPal account. Next, go to your profile and click “Update Bank Account.” Then, click “Add Bank.”
At this point, you can enter your Netspend account details. If you don’t know your account number and routing number, sign in to your Netspend account. Next, select “Direct Deposit” from the main menu. Then, you’ll see the details you need in a gray box on the righthand side of the screen.
If you are enrolled in Anytime Alerts, you can also text DIRECT to 22622. After sending the message, you’ll get a reply with your account number and routing number. Alternatively, you can call Netspend at 1-866-387-7363 for those details. Just make sure to choose the “Other Services” option to get sent to the right department when you call.
With your account and routing numbers in hand, you enter those details into PayPal. Within a couple of days, you’ll see to small deposits into your Netspend account from PayPal. You need these amounts to verify your account.
Once you see the small deposits, log back into PayPal, and go to your profile. Click “Update Bank Account” and then click “Verify Bank Account.” Choose your Netspend account and enter the two small deposit amounts into the boxes. Finally, click “Continue” to finish verifying the account.
After that process is complete, you can withdraw PayPal funds to your Netspend card, turning it functionally into a Netspend PayPal prepaid Mastercard.
With any Netspend prepaid card, you’ll have to contend with some fees. Exactly which ones you’ll encounter depends on how you use your card. For example, you can choose to pay $9.95 a month and get free transactions. If you have $500 a month in direct deposits, that fee drops to $5.00. Alternatively, you can pay up to $2.00 per transaction.
Using an ATM comes with a $2.50 per withdrawal fee and a $0.50 balance inquiry fee regardless of whether you use the pay-as-you-go or monthly plan approach for transactions. Cash reloads also cost $3.95 no matter what.
However, loading the card through PayPal doesn’t have a fee, making it a way to avoid an extra cost. If you use a mobile check deposit, it’s free if you are willing to wait for up to 10 days. But speeding up the process will cost you, with the fee usually falling between 1 and 5 percent of the check amount for same-day processing.
If you don’t use your account for 90 days, you’ll end up with a $5.95 inactivity fee. There are also a few other potential fees that apply in specific situations, like declined ATM transaction fees and over-the-counter withdrawal fees.
Ultimately, the Netspend prepaid MLB Mastercard does let you show off your team spirit. But it’s important to understand the various fees you’ll encounter. Otherwise, you could dwindle your available balance down surprisingly quickly.
Do you like prepaid cards with sports team or other designs? Share your thoughts in the comments below.
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If you have unauthorized use on a Total Visa card, you may be in luck. The most you’ll be responsible for is $50, but it’s more likely to be $0.
The fine print in the Total Visa card disclosures says, “…You will not be liable for unauthorized use of your Card or Account… Certain exceptions apply, and you may be liable for up to $50.00.”
The disclosures go on to discuss the situation when you should call and how to reach them the fastest, which is the toll-free number. The exceptions depend on how quickly you report the card lost or stolen. If you contact the company before the unauthorized use, you won’t be held liable for any purchases made after that. For example, if you lost the card and call before the unauthorized use, you won’t be held responsible. If you contact the company within two days, you may be responsible for up to $50.
The Federal Trade Commission (FTC) states that if you exceed those time limits, you may be liable up to $500 or more based on how long it takes for you to report the unauthorized charges or missing Card. If it’s been over 60 days, you might be liable for all of the costs. Although, most of this won’t apply to the Total Visa Card because the limit is $300, and the disclosures clearly say up to $50. You can also check your renters’ or homeowner’s insurance policy for stolen card coverage.
To avoid owing $50 or more with any of your cards, here are some tips. First, always review your statements for any unusual charges. Also, it is a good habit to keep your receipts until the fees have shown on your statement, and you can compare the final costs. Next, once you have found an inconsistency, immediately contact the bank or credit card company. Make a note of when you called to report the discrepancy. The FTC suggests that you follow-up with a written letter or email and track all correspondence. Ask for a delivery receipt if you mail in your letter.
Next, I’d encourage you to look at your previous monthly statements for any other unusual charges, especially small ones. I recently heard of a woman that had several months’ worth of transactions that she missed because they were so little. Her credit card company dismissed them, but that is not always the case.
The best thing to do is to avoid potential fraud before it happens. Protect your cards and PINs. Don’t carry every card with you if you don’t need them. Don’t write your PIN down anywhere. Don’t share your card information or PIN. Avoid giving your card numbers over the phone, especially in public areas. Also, don’t give your card information during incoming calls; it might be a scam call. Mark through any blank spots on your receipts so they can’t be filled in later.
If you are using your account wisely and protecting your information, you will reduce your liability. Report any activity as quickly as possible to minimize your payout.
Savings tip: Saving Money On Credit Cards
Credit Card Apps: Organize Your Rewards Points, Balances, and More
Despite the name, the Fit Mastercard has nothing to do with physical wellness. Instead, it’s all about improving your financial fitness, providing a viable option for individuals with bad credit who want to build up their credit score muscle. Since credit rebuilders are the card’s target market, the Fit Mastercard has some features that assist with that goal. Here’s a look at how the Fit Mastercard can help you improve your credit and whether it might be right for you.
When you need to improve your credit, finding a card that reports to all three major credit bureaus is essential. Surprisingly, not all cards report to Experian, Equifax, and TransUnion. Instead, they may only report to one or two. When this happens, your good behavior won’t help your score at the bureaus that don’t get updates on your activity.
With the Fit Mastercard, you don’t have to worry about that. The issuer provides monthly reporting to all three of the major credit bureaus. As long as you act responsibly, your score should go up at each one.
Some credit cards for borrowers with poor credit require security deposits. Usually, this allows the issuer to secure the debt, reducing their risk. However, not everyone can afford to send over a deposit. Luckily, if you want to build your credit with the Fit Mastercard, you don’t have to worry about one. The issuer doesn’t require a deposit as the card is unsecured.
Credit cards for bad credit borrowers usually come with low limits. Issuers reduce their risk by restricting how much a person can access, especially if the borrower doesn’t have a great history.
With the Fit Mastercard, the starting limit is competitive within the poor credit landscape. It begins at $400 for everyone. Then, if you act responsibly, the issuer may raise the limit periodically.
The ability to see your limit rise can actually help your credit. Your credit score is impacted by your credit utilization ratio, a fancy term for the amount of available credit you actually use. If you keep your balance low, you positively impact your score. At times, this is easier to do if your limit is higher.
While it’s always best to pay your card off in full every month, if you do maintain a balance, aim to keep it below 20 percent of your limit. That way, your score has the potential to improve.
If you want to improve your credit score with the Fit Mastercard, then you need to be prepared for the high interest rate and fees. The annual percentage rate (APR) is a variable 29.99 percent, which is incredibly high. Carrying any balance at all could allow your interest charges to pile up fast. Then, if your balance grows instead of shrinks, you could hurt your credit score instead of help it.
Additionally, a series of fees is also going to impact your balance. There’s a one-time processing fee of $89, taking up nearly 25 percent of your initial $400 limit. There’s also a $99 annual fee, representing another 25 percent of your starting limit. Then, after 12 months, you’re stuck with a $6.25 monthly maintenance charge, which adds up to $75 a year, which is just below 20 percent of your initial credit limit. If you don’t pay those fees off fast, your credit utilization ratio will suffer, hurting your credit score.
But that’s not all. If you mess up with your payments, there are more fees. For a late payment, that can cost you up to $39. The returned payment fee is also as much as $39.
If you want to improve your credit with the Fit Mastercard, then you need to do what you can to manage and avoid fees. For those you can’t prevent, pay them off in full whenever they hit your account. This keeps them from hurting your available credit line, and you won’t have to pay interest on those amounts. Also, make your payments on time every month, ensuring you are dealing with late or returned payment fees.
If you have bad credit and need to rebuild, the Fit Mastercard is a viable option. Your approval chances will be reasonable in many cases. Plus, you don’t have to pay a deposit, which is great for anyone who doesn’t have enough cash to handle one.
However, there are other cards in this category that have fewer fees and potentially lower interest rates. It’s best to shop around before you settle for the Fit Mastercard. If you qualify for something with better terms, go that way instead. But, if you don’t and you need to rebuild your credit, you can with the Fit Mastercard. Just avoid carrying a balance, pay off the fees as soon as they hit your account, and keep up with your payments. Then, as soon as your credit reaches a new tier, look for a card that fits your new score and has better terms.
Do you know of another card like the Fit Mastercard that can help a person improve their credit? Do you have any additional tips for those working to increase their credit score? Share your thoughts in the comments below.
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As a new immigrant, you are usually contending with at least one major hurdle when it comes to getting credit. It is normal for those first arriving in the United States to have absolutely no credit history with the American credit bureaus. Without a credit history, many lenders will be hesitant to give you a card even if you have a decent income. Luckily, the Petal Card is different. It’s a pretty solid option for immigrants or anyone with no existing credit history. Here’s a look at what the Petal Visa Card has to offer.
[Read more…] about What Makes Petal Card Great For New Immigrants?
If you have bad credit or very little credit history, your credit card options are usually fairly limited. This is especially true if you are looking for an unsecured card, as a poor credit score often makes that incredibly difficult to find. However, the Surge Mastercard is one of the few options that may allow you to get an unsecured credit card even if your credit history has quite a few blemishes or doesn’t have much history built up.
Plus, the card reports to all three major credit bureaus, allowing good behavior with the lender to positively impact your credit score across the board. But, before you apply, you would probably like a few questions answered. Here’s a look at the top three questions about the Surge Mastercard and their off-putting answers.
The Surge Mastercard is considered a starter card or a card for people with poor credit. It isn’t uncommon for cards in this category to have interest rates that are higher than the average, which was just over 15 percent for Q3 2019.
However, the Surge Mastercard interest rate is actually pretty high for even the starter category. It is set at a variable 29.99 annual percentage rate (APR) for purchases. If you carry a balance, what you owe can grow quickly, particularly if you only make the minimum payment on your card.
On a good note, you do have a 25-day grace period after the closing of your previous billing cycle. If you are able to completely pay off the statement balance during that time, you can avoid interest charges on the new purchases. But missing that window will cost you big time.
Yes, the Surge Mastercard has an annual fee, and it is painfully high. Also, the fee applies to both secured and unsecured versions of the card, so you can’t avoid it by putting down a deposit and going the secured route. Essentially, the yearly fee is unavoidable.
For the first year, the annual fee comes in at a shocking $125. That’s an astonishing 25 percent of the card’s initial limit. To make matters worse, the first year’s fee is assessed right when you start using the card. That means your $500 credit limit Surge Mastercard is technically only a $375 credit limit card when it first ends up in your hands, as $125 of the available credit is used to cover that fee. You will also be charged interest on that $125 if you don’t pay it off immediately.
After the first year, the annual fee does go down, but it’s still incredibly high for a non-reward, credit-building card. Every year after, the yearly fee is $96. Like the first-year fee, you also owe interest on the $96 if you don’t pay it off right away. However, that $96 (and any accruing interest) is not the only cost you’ll have to contend with if you choose the Surge Mastercard.
Yes, along with the annual fee, after the first year, you also have to pay a monthly maintenance fee. Every month, cardholders are charged $10 for maintenance on top of any interest they accrue. That means an additional $120 per year in fees regardless of whether you carry a balance. In total, in the second year and beyond of having the card, you’ll pay a gut-wrenching $216 in fees. Considering the initial credit limit is $500 (which may be raised after you have the card for 12 months, but that isn’t guaranteed), the percentage of your available credit that might get sucked up in fees is pretty horrifying.
If that $10 isn’t paid off immediately each month, like the rest of the balance, interest accrues on that as well. This can drive your balance up quickly.
For cardholders who want to add an authorized user to their Surge Mastercard account. There’s another one-time fee to do that. It will cost you $30 to list anyone else as an authorized user, and that’s a pretty big fee for that kind of activity.
As for other costs, if you opt for a cash advance, you’ll get stuck with a 5 percent fee for that along with the variable 29.99 percent APR. If you’re late making a payment. Your late fee can be up to $39. There’s also a foreign transaction fee of 3 percent. Although, that actually isn’t out of the ordinary for cards at this level.
Ultimately, the Surge Mastercard could allow people with little or poor credit to build a better credit history and raise their score. However, there are better options out there. To include those who may approve poor or no credit borrowers and don’t charge such painfully high fees. In all reality, the Surge Mastercard should be considered a last resort in most cases. Especially since there is no guarantee you’ll be approved for an unsecured card. The fees are ridiculous for a starter card and interest rate is astronomically high.
Are there other questions you ask when you are considering a new card like the Surge Mastercard? Are there certain answers you consider deal breakers? Share your thoughts in the comments below.
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