Update: The Mango MasterCard is currently unavailable. Our recommended alternatives are Serve American Express.
Earlier we posted a review of RushCard, a prepaid credit card. To our surprise, this sparked a bit of controversy. The question that attracted so much attention was whether the fees charged by RushCard are too high. As part of the discussion, a reader asked about the Mango Prepaid MasterCard, a new prepaid card that apparently offers a lot of features with little cost. So we checked the Mango ™ MasterCard® prepaid card and here is what we found.
Mango Prepaid MasterCard Fees
Having reviewed numerous prepaid cards over the past year, the Mango Prepaid MasterCard is undoubtedly one of the the cheapest prepaid cards available. First of all, the catch. There is a monthly fee of $ 5 for the card, but the Mango Prepaid MasterCard will waive the fee if you deposit at least $ 500 per month on the card. But even at $ 5, the fees rank among the lowest, especially since the card doesn’t charge much else. There is a $ 5 shipping charge to get your card, but the Mango ™ Prepaid MasterCard even waives these charges for a limited time. So, with deposits of $ 500 per month, the card is free, and with less than $ 500, it only costs $ 5 per month.
With one exception, there is also no charge for adding money to your card. A Mango ™ Prepaid MasterCard® card can be loaded with cash by direct deposit, from a bank account, with a Green Dot MoneyPak, from a mobile phone or online from another card customer. Prepaid Mango MasterCard. Only the Green Dot MoneyPak is billed by Green Dot ($ 4.95). The rest is free. There is a $ 2 fee for making an ATM withdrawal.
As with most prepaid cards, the Mango Prepaid MasterCard can be used anywhere MasterCard debit cards are accepted, i.e. pretty much anywhere. It can be used to make purchases online, and money can even be transferred and received through your mobile phone.
Here is a summary of what the Mango Prepaid MasterCard offers:
- FREE Prepaid MasterCard
- $ 0 activation fee
- FREE Direct Deposit + Get $ 20 Sign Up Bonus
- FREE unlimited purchase / signature transactions
- FREE account management online or with your mobile phone
- FREE to check your balance with your mobile phone
- No monthly fees when you load $ 500 / month
- Send money with your mobile phone
- Load cash at tens of thousands of retailers across the country
- No credit check, no bank account needed, no overdraft fees
There is no doubt that the Mango Prepaid MasterCard is at the top of its class. If you continue to use direct deposit you will find that this card can truly be free of charge and with a 6% rate of return on the money deposited this card is second to none. For more information or to complete an online application, visit the Mango ™ MasterCard® Prepaid Secure Application page.