Credit Tips: Prepaid Mastercard Credit Card Review

Posted On: March 1, 2006

Author: pete
Posted: Thu Jan 29, 2004 2:24 pm
Post subject: Prepaid Mastercard Credit Card Review

Our company is thinking of going to a prepaid mastercard in lew of the standard paycheck. This amounts to having your payroll check automatically deposited into a preloaded card. It can be used as a credit card but it really is not one. They have thrown this out to the employees for feedback and discussion. They indicate that it will save the company a considerable amount of money vs processing a regular paper check, as we are on a weekly payroll system. I would like to get feedback from anyone who is involved in this type of program or may have more extensive knowledge on the subject.

Author: Ira
Posted: Thu Jan 29, 2004 9:54 pm
Post subject: Prepaid Mastercard Credit Card Review

I’ve heard of this concept before and it puzzles me as to why anyone would want it. Please tell me how you’re supposed to pay your rent, mortgage, or utilities? Why is this cheaper than direct deposit which would give the employees full control of their money? Unless I’m missing some basic fundamental concept, I’d vote against this plan.

Author: NightStar
Posted: Thu Jan 29, 2004 11:06 pm
Post subject: Prepaid Mastercard Credit Card Review

I have to agree, I would not want a fake credit card that is not helping the established credit.

I have direct deposit with my checking account, like it very much. More money in the bank, more I pay towards my bills and less to worry about having cash on hand.

I have heard of weird plastic, and what you are talking about don’t sound too far off from that.

Author: mouse
Posted: Fri Jan 30, 2004 9:04 pm
Post subject: Prepaid Mastercard Credit Card Review

We use DIRECT DEPOSIT to CHECKING/SAVINGS

Author: mouse
Posted: Fri Jan 30, 2004 9:19 pm
Post subject: Prepaid Mastercard Credit Card Review

That would be fine for somebody who does not have any CHECKING/SAVINGS