College Student Prepaid MasterCards
Congress is passing new laws that are making it harder to obtain college student credit cards such as a student Visa card or student MasterCard. The days are over when college students could apply for multiple credit cards for college students without needing a parent to co-sign on the credit agreement or demonstrate their ability to make payments. Today, a prepaid debit card like the MiCash Prepaid MasterCard® is an appealing alternative to credit cards for college students.
Prepaid Student MasterCards, the Advantages over College Student Credit Cards
A reloadable prepaid student MasterCard has many advantages. Prepaid cards can be used like a college student credit card for buying books and other supplies online or in retail stores, wherever debit MasterCards are accepted. They can also be used when shopping for food and clothes, dining out, refueling a car, or paying bills.
Prepaid cards are easy to get, requiring no credit checks, and no parent co-signers. The cardholder is not using credit, and thus carries no debt and pays no interest. Unlike standard checking account debit cards, there is no way to spend more than the prepaid balance on the card, so you can't get overdrawn, and you won't have to worry about expensive overdraft fees.
How Parents Can Share Money
Once a student's MiCash Prepaid MasterCard arrives in the mail and is activated, it can be loaded with money, and students or parents may do so. Cards may be loaded by direct deposit from an employer or with cash using a Green Dot Money Pak or at a Western Union Agent location. Parents with students living away from home can easily purchase a MoneyPak from retailers like K-Mart, CVS, Rite-Aid, Wal-Mart, etc. and then apply that money to their student’s card, or they may also visit a Western Union agent location to apply money.
The College Student Credit Card Trap
Credit cards for college students pose the threat of increasing a student's debt load. The MiCash Prepaid Card is a safe and convenient way for students to manage their money without going into debt. Purchases and balances can be tracked online or via mobile phone text messaging.
Student MasterCard-Prepaid Advantages Over A College Student Credit Card
- Convenience. (students can shop using "plastic")
- Accessibility. (A prepaid card with the MasterCard logo carries the stature and ability to buy similar to a credit card or bank debit/ATM card.
- Liquidity. Money is available immediately by ATM withdrawals, for purchases, and cash back on purchases.
- Ability to share money. Parents can use a Greendot MoneyPak to get money into a student's prepaid MasterCard account.
- Money Management. And account updates are available on demand—by phone, by text, by email, and online.