Update: The Mango MasterCard is currently unavailable. Our recommended alternatives is the Serve from American Express.
Earlier, we published a review of RushCard, a prepaid credit card. To our surprise it sparked a bit of controversy. The question that got so much attention was whether the fees RushCard charges are too high. As part of the discussion, a reader asked about Mango MasterCard Prepaid Card, a new prepaid card that apparently offers a lot of features with few fees. So we checked out the Mango™ MasterCard® Prepaid Card and here’s what we found.
Mango MasterCard Prepaid Card Fees
Having looked at a lot of prepaid cards over the last year, Mango MasterCard Prepaid Card is without a doubt one of the lowest cost prepaid cards available. First, the catch. There is a $5 monthly fee for the card, but Mango MasterCard Prepaid Card will waive the fee if you deposit at least $500 a month onto the card. But even at $5, the fee ranks as one of the lowest, particularly given that the card doesn’t charge for much else. There is a $5 shipping fee to get your card, but Mango™ MasterCard Prepaid Card is even waiving that fee for a limited time. So with deposits of $500 a month, the card is free, and with less than $500 it’s just $5 a month.
With one exception, there is also no fee for adding money to your card. A Mango™ MasterCard® Prepaid Card can be loaded with cash through direct deposit, from a bank account, with a Green Dot MoneyPak, from a mobile phone, or online from another Mango MasterCard Prepaid Card customer. Only the Green Dot MoneyPak comes with a fee charged by Green Dot ($4.95). The rest are free. There is a $2 charge for making an ATM withdrawal.
As with most prepaid cards, Mango MasterCard Prepaid Card can be used anywhere MasterCard debit cards are accepted, which is just about everywhere. It can be used to make purchases online, and money can even be transferred and received via your mobile phone.
Here is a summary of what the Mango MasterCard Prepaid Card offers:
- FREE Prepaid MasterCard
- $0 Activation Fee
- FREE Direct Deposit + Get a $20 Signup Bonus
- FREE unlimited purchase / signature transactions
- FREE account management online or with your mobile phone
- FREE to check your balance with your mobile phone
- No monthly fee when you load $500/month
- Send money with your mobile phone
- Load cash at tens of thousands of retailers nationwide
- No credit check, no bank account needed, no overdraft fees
There’s no doubt that the Mango MasterCard Prepaid Card is at the top of it’s class. If you continue to use direct deposit, you’ll find this card can truly be fee free and with a 6% rate of return on money deposited, this card gives back like no other. For more information or to fill out an application online, visit the secure application page for the Mango™ MasterCard® Prepaid Card.