The Mother Love Prepaid MasterCard, issued by BANKFIRST, is a prepaid card issued in conjunction with and celebration of the entertainer Mother Love, who is a columnist in Cleveland, OH, a motivational speaker, and a radio personality, among other things. This card is designed for those with bad credit to be able to take advantage of the convenience of credit card purchases when their record prevents them from having one.
The Mother Love Prepaid MasterCard is not a credit card. It is a prepaid card which works on an account basis. The cardholder makes deposits into the card's account and then makes purchases which are withdrawn from that balance. No credit checks or employment verification are required, since there is no line of credit. Initial setup requires a bank account in order to pay the processing and setup fees, which equal $159.95. Applicants must be able to verify their identity.
This card can be used anywhere MasterCard Debit is accepted, including on the internet and over the telephone. This card does not report to credit bureaus, which is a disadvantage, because it means that keeping your account in good standing will not help your credit score. This is typical of prepaid credit cards, although some do offer credit bureau reporting for a monthly fee. Although this card does not report good standing to credit bureaus, overdrawing your account can damage your score and so it's important to stay within your account limits at all times. An overdraft fee will apply if your account is overdrawn.
There are multiple options for loading money onto the Mother Love Prepaid MasterCard. Direct depositing of paychecks from employers is available. Deposits can also be mailed, in the form of money orders or cashiers checks; loaded from a credit card or bank account; made through the company's website; or entered it an ATM. It's important to note that deposits carry fees ranging from $1.50 to $3.50, depending on the type of deposit.
Unlike a bank account, there is no interest applied to the money kept in the member account. However, this card has the advantage of having no annual fee. There is a monthly service fee of $5.95, as well as a $159.95 initial application and processing charge.
For those who prefer the convenience of using plastic for their bill payments and everyday transactions, this card can be a useful tool. It offers a way to track spending and budget money via online account access, as well as through monthly statements and ATM balance reports. Some may find that the fees outweigh the benefits of having a prepaid debit card, but for those with a reason to prefer using plastic, this card offers a simple and fuss-free way to do it.
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