Verdict: It took some hunting just to find the official website to apply for the Wired Plastic Debit Visa Card, issued by Bancorp. But poor SEO rankings do not necessarily indicate a bad credit or debit card.
Fees for nearly every action, (including customer service calls after the first two per month), a very limited rewards program, and bad consumer reviews of the card, raised several red flags in my mind while I researched this review. I’d recommend a secured credit card like the Orchard Bank MasterCard for anyone looking to establish credit or who wants the convenience of making purchases with a credit card.
If you’re looking for a pre-paid debit card, the Rush Card seems to have a slightly better plan than the Wired Plastic debit card.
How this card works: The Wired Plastic debit card is a pre-paid debit card. Load money onto the card in a number of ways, and then use it as a debit or credit card anywhere that accepts Visa. It’s free to load money in the following ways:
- Direct deposit
- Bank ACH Transfer
- Paypal
You can also load money in the following ways for a fee:
- Payzone
- Western Union
- MoneyGram
- Bank wire transfer
- Verizon
- TracFone
- Cingular
- AT&T
- Activation Fee: 9.95
- Monthly Fee: $3.95
- Domestic PIN transaction fee: 95 cents
- PIN Transaction Decline Fee: 45 cents
- Bank teller cash advance fee: $4.95
- U.S. ATM withdrawal fee: $1.95
- U.S. ATM balance inquiry fee: 95 cents
- U.S. ATM decline fee: 95 cents
If you need cash, you can withdraw money through a bank teller or an ATM machine for a small fee.
You can also pay your bills online using the Wired Plastic prepaid debit Visa, for a very low per-transaction fee. This makes the card desirable to people who can’t get a bank account.
It’s important to note: The Wired pre-paid debit Visa does not report to the three major credit reporting bureaus and using it does nothing for your credit score. It’s just a convenient way to carry, transfer and spend money.
If you want a secured credit card that will help you improve your credit rating or build a credit history, look into the Orchard Bank Secured Mastercard, a great card for people with poor credit.
Rewards: The Wired Visa debit card does offer modest rewards, a feature that sets it apart from many other pre-paid debit cards. You’ll receive 1 Wired point for each dollar you spend from the card.
You can redeem points for minutes with prepaid cell phone providers:
Fees: Like many pre-paid debit cards, many fees are associated with the Wired Plastic pre-paid debit card. The following may not be a complete list. Check the website for complete details.
General Fees:
Transaction Fees:
Bill Pay Fees:
- Click-n-Pay Electronic Payment Fee: 45 cents each
- Click-n-Pay Paper Check Fee: 95 cents each
Benefits:
- Free access to your account by phone
- Free SMS/Email alerts
- Free online account access
- Two free live agent customer service calls per month (95 cents per call after that)
Pros:
- Offers a convenient, easy way to transfer and spend money
- Easy online bill-pay with a low per transaction fee
- Free access to your account via phone or Internet
- No fees for non-use
- Earn free prepaid wireless airtime with select cell phone providers
Cons:
- Fees for nearly every transaction
- Will not help you build your credit history or raise your credit score
- Charge for customer service calls
Dawn Allcot is a full-time writer, editor and blogger whose career spans two decades. Dawn joined the CreditShout team nearly two years ago. Since then, she's been sharing her knowledge and enthusiasm for managing credit and saving money through responsible credit card use.
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