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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
You can also load money in the following ways for a fee:
- Western Union
- Bank wire transfer
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.
- 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
Bill Pay Fees:
- Click-n-Pay Electronic Payment Fee: 45 cents each
- Click-n-Pay Paper Check Fee: 95 cents each
- 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)
- 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
- Fees for nearly every transaction
- Will not help you build your credit history or raise your credit score
- Charge for customer service calls