UPDATED: April 6, 2018 – Have you had trouble with overdraft fees with traditional bank checking accounts? Poor credit? Or perhaps just needing a good budgeting tool. Then you might be in the market for prepaid debit card.
Today we look into the details of the ACE Elite Visa Prepaid Debit Card offered by Ace Cash Express and the fees and benefits of the program. The company is probably best known for Blue Visa which allows users to have their government payments, tax refunds or payroll automatically deposited to their account.
See the fees below and make sure you know what you are getting into by using prepaid debit cards. Although they don’t require a typical credit check, they also do not help rebuild your credit score and are known for charging excessing overdraft fees. Learn more about steps to rebuilding your credit score.
AceEliteCard Account Features
Immediate Direct Deposit
Get the money in your account up to two days faster. If your bank cheats you by making an electronic transfers from your checking account take up to three days, get rid of this problem! Electronic Funds Transfers (EFT) are immediate and reflected instantly in your account balance.
The Visa Prepaid Debit gives its members immediate alerts for every transaction. If they are legitimate, there is no action needed.
However, if the transactions are not authorized, immediate warning is the best way to protect the account balance from fraudulent transactions. Get this information sent to your mobile device by downloading a mobile app.
Cash Withdrawals at No Cost
The aceelitecard.com system has over on thousand locations in America. They give up to $300 cash withdrawal per day without a transaction fee. It is difficult to find traditional CC companies that will offer this service with out a fee.
Annual Savings Rate of 5%
If you put money in a participating savings account you will earn 5% each year. Compare this to less than 1% offered by traditional checking accounts. There is no minimum balance required to earn this money and no monthly fee for a savings account.
It is OK to Make a (small) Mistake
As long as you have direct deposits from your pay or government benefits that are regular and at least $500 per month, the program will cover small math mistakes and pay for any overdraft up to $10 without charging a fee. They will cover it for you.
It’s important to note that this is not a CC and therefore will not be able to build your credit score with it. This is why many will choose a secured credit card which allows you the same prepay features.
If you do not have EFT funding transactions that are at least $500 per month, you will be charged a $5 monthly fee. Most people do not have this problem so the benefits of this Ace Elite™ Visa Prepaid Debit card including the extra reward points for purchase will help most people.