The Vaya 20/20 Prepaid MasterCard is designed for those with bad credit who cannot receive a typical credit card, or those who wish to avoid the late fees, interest charges, and debt accumulation of a credit card. Like other prepaid cards, the Vaya 20/20 Prepaid MasterCard works by allowing you to deposit money onto your card to determine your spending limit.
There are many advantages to prepaid cards such as the Vaya 20/20. Because there is no extension of credit, this card is available to anyone regardless of credit history, bankruptcies, or employment. Having a bank account is not required with a prepaid credit card. All that is required is identity verification and the initial deposit and fees. Many people use prepaid credit cards instead of having a bank account, because it eliminates the hassle of writing checks, and a prepaid credit card can often be used for online or telephone purchases where a bank account cannot. (The Vaya 20/20 is accepted wherever MasterCard Debit can be used). Using a prepaid credit card offers you an way to track and budget your spending. Members are enrolled in an online tracking system at 2020card.com which will allow them to view their transaction history at any time.
The Vaya 20/20 Prepaid MasterCard has an initial application fee of $19.95, as well as a monthly fee of $4.95. Various types of transactions and deposits carry various fees, ranging from an ATM fee of $1.50 for withdrawals, to a cost of $7.50 for a wire transfer deposit. However, most transaction fees remain around the $1.50 level.
This card offers multiple options for loading money into your account. Paychecks can be deposited directly into the account, as is done with bank accounts. Members can also make money order deposits through the mail, move money electronically from a bank account onto the card, or make cash deposits in person at thousands of retail locations. There is a no fee for depositing money into your account at an ATM or through the mail, although in-person payments and other types of transfers do carry a charge.
There is a restriction stating that you cannot load more than $2,500 cash onto your card at any one time. There is also a restriction against more than 5 ATM transactions per day, or no more than 12 purchase transactions per day are allowed. These restrictions are mainly for security reasons and are often standard to prepaid cards or other types of debit cards. Certain cardholders may be given an established daily limit for spending in a 24 hour period. This will vary according to the member and the status of their account.
For those who are interested in the ease of a credit card without the problems associated with accumulation of debt, and for those whose credit score prevents them from using a credit card, prepaid cards can be a good choice. Those who find that the simplicity of use outweighs the fees associated with the card will be able to use it to its best advantage.
