Ready Debit Prepaid Card - Review

Published: 22nd March 2012
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The Ready Debit Card is a prepaid debit card also commonly called a reloadable card. This is because it is unlike a traditional credit card with monthly payments and interest rate.

Instead with this card you must first deposit money in your account and then you can use your card for purchases. It will however be accepted online and over the phone. You can use it to rent a car, book a hotel room, pay a security deposit, purchase gas at the pump…

Prepaid debit cards have become increasingly popular as a result of the banking crisis. Additionally many consumers like that with these cards you cannot go into debt. You are only able to spend the money you have already loaded in your account and you don't have to worry about being charged any overdraft fees.

How To Load Money

With the Ready Debit Card you have a few options to load money, the most popular choice is direct deposit which you can use for no charge. Additionally you can use a green dot money pak which can be purchased at many popular retail stores. You can also use a Visa ready link, this is where you can deposit money directly to your card through a cashier at a retail outlet.

This card is issued by the Bancorp Bank which is a member of the FDIC. There is no credit check but you do have to comply with US Patriot Act. This essentially means that your identity can be verified and all financial institutions now have to comply with this law.

This card is going to be very similar to a checking account because you can have payments sent through your account. For example you can pay your rent by logging into your account online, fill in the amount, then press send. Now your landlord is going to receive a check in your name for your rent payment.

This card has a very unique feature that we have yet to see any other prepaid cards provide it is called credit score tracker. Essentially what it does is gives you your credit score and then it will provide you with information on how to build positive marks and remove incorrect information. It will continuously give you updated information on your credit score and as it changes.

You can withdraw money at an ATM however you're going to be charged some fees. These are typical fees however if you visit the ATM too frequently they can quickly add up. Instead we encourage you to request cash back when you visit retail locations and make purchases because this can be used free of charge.

If your card is ever lost or stolen it is okay your money is still protected. It is covered under the Visa Zero Liability Policy which will essentially give you insurance for the money you have on your card or any fraudulent charges.

Many lending institutions have radically changed their approval requirements. We have heard from individuals in the industry that say an applicant needs to have a 700 credit score or higher to be approved for lending. This means there is much less credit for anyone without a perfect credit history.

In today's society if you do not have a major Visa or MasterCard you are unable to fully participate in our economy and make all the same purchases as someone that does. Instead of paying high interest rates and high fees many people have turned to a prepaid card.


For a full review of the readydebit or for more about another popular prepaid offer the greendot card visit us.

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