• Guaranteed acceptance. Virtual acceptance when you apply for this card. No credit checks are conducted.

• Free PayFit Credit Builder tool. This tool helps you build your credit and credit history. Sign up for the free program and free bill pay, and all payments are reported the credit agency PRBC. Get back on track for the future while using your card to pay bills safely.

• Visa Zero Liability policy. This policy covers you in case your card is lost, stolen or has unauthorized transactions. This brings piece of mind and is better than losing irreplaceable cash.

The Vision Preferred Visa Prepaid Card issued by Bancorp Bank is an easy to obtain card for people with bad credit or for those who need a credit card but don’t want to incur debt. This card offers many free features and can help rebuild your credit history. Use the card easily and conveniently anywhere that the Visa debit card is accepted.
What is a prepaid credit card? You add cash to your card by way of direct deposit or at retail locations to set your limit. The money you load to your card is then used to pay bills, make purchases or withdraw at an ATM. You can control your budget and know exactly what is being spent, so you manage your money effectively and easily without overspending or taking on debt you can’t afford or finance charges you don’t want. You are virtually guaranteed to be accepted for the card, and it will be up to you to manage it well.

An invaluable feature of this card is the free PayFit Credit Builder. Many people who need a prepaid credit card have poor credit and need help fixing it. The PayFit Credit Builder is a tool to improve your credit history, and is free to any cardholder who wishes to use it. Use your Vision Preferred Visa Prepaid Card to pay bills, such as rent, utilities, cable, phone or car payments. These payments are reported to the credit bureau PRBC, and they form a history of payments and creditworthiness. PRBC is a credit reporting agency like Experian, Equifax and Trans Union, but it doesn’t charge consumers to view its data or scores, and does not sell its mailing lists. It creates a bill payment score, which will be released only with your permission under the FAIR Credit Reporting Act.

How do I use Bancorp’s Vision Preferred Visa Prepaid Card? When you receive the card in the mail, call the number on the card to activate it and then add cash. You can add cash to your card through free direct deposit or go to a local retail store. (The website has a handy retail locator.) Once money is added to your card, simply start to pay your bills, shop or use the ATM.

The direct deposit feature is free and a great way to set up your paycheck processing. Designate some or all of your paycheck to be deposited. No more cash-checking fees or waiting in line. No more purchase of money orders (with their fees) either, since you can now pay your bills with the free Click-n-Pay system. Just sign up for the free service and enter the data so that your bills will be paid quickly, efficiently and with no fees.

In addition to free direct deposit, you can also add money to your card at any of the 100,000 retail locations nationwide. Take your cash and card number to the location, and add money instantly to your card. (There will be a fee for this.) Retail services include MoneyGram (at WalMart, CVS and Albertsons); Green Dot Money Pak (at WalMart, Kmart, Walgreens, 7-Eleven and others); PayXone at Ace Cash Express; Visa ReadyLink (at a growing number of grocery stores and 7-Eleven stores); and Western Union. You will receive a receipt with transaction number, and your cash will be available immediately. By the way, money in your PayPal account can be transferred free to your Vision Preferred Visa Prepaid Card.

Let’s look at the fees, as every prepaid credit card has fees – there is no way around it. The Vision Preferred Visa Prepaid Card from Bancorp has a $9.95 activation fee and a monthly fee of $11.90. However, if you receive a direct deposit in a given month, your monthly fee is reduced to $6.95. It would obviously save you money to set up a direct deposit. The load fee (that is, adding cash to your card) at the above-mentioned retail locations is $0.95, ATM withdrawals are $1.95, an ATM withdrawal decline fee is $2.95 (don’t try to withdraw funds you don’t have!), and the signature or PIN transaction decline fee is also $2.95. A replacement card fee is $4.95 and a cash advance fee is $4.95. There is free online and text account management, but if you choose to request a paper statement, request balance inquiry by ATM or phone, there is a fee. (Use the free online service and save money!)  Be sure to check all of the latest fees when you sign up for the card – they could change – and if there is an activation rebate.
So what services are free? Direct deposit and the PayPal load; the bill pay feature (Click-n-Pay, which can be one-time or recurring bills); text, email alert and online account management; PayFit Credit Builder; the Visa Zero Liability policy; and all signature transactions. Always choose the “credit” vs “debit” option when making a purchase, because if you sign a credit receipt, it is a no-fee transaction, but if you enter a PIN number for a debit purchase, it will cost you $0.95 in transaction fees.

Consider the fees that you typically pay to cash your checks, buy money orders (to pay bills), dangers of carrying cash, and the purchases you cannot make because you don’t have a credit card. Also weigh the time and effort you may save with the card. Imagine your paycheck loading directly to your card every pay period; you are ready to immediately pay your bills with the free Click-n-Pay feature or make your purchases. No hassles, no wasted time, no worries. And all the while, you can be building your credit history up using PayFit Credit Builder. It probably pays to have the card, especially if you take advantage of the free services the card offers.

Keep in mind that the Vision Preferred Visa Prepaid Card from Bancorp can be ideal for kids away at college. It might be the first time he or she is learning to manage money, and a credit card could end up being an out-of-control disaster for the student or their parents. With the prepaid card, parents can provide what the student needs safely, and the student can pay for their needs in a safe and managed way. They can start to build a credit history, too, which will be extremely helpful when the time comes to enter the professional world.

The Visa Zero Liability policy covers you if your card is lost, stolen or has unauthorized/fraudulent transactions, but does not apply to ATM transactions or PIN transactions not processed by Visa. The full details are available when you apply. Bancorp uses all of the high level encryption and necessary security to protect your card, your information and your privacy. Your card is FDIC insured as well. That gives you piece of mind.

The Vision Preferred Visa Prepaid Card from Bancorp Bank is a good choice if you want to build or rebuild your credit history while taking advantage of its convenience and security. Managing your bills and purchases has never been easier or safer.