Here's what askmrcreditcard.com has to say about this product:
Summary - The AccountNow® Prepaid MasterCard® Card is one of the best prepaid credit card both in terms of cost and fees and also for those looking to rebuild their credit. It has lower fees and application costs than most prepaid credit cards and also offers a free credit builder service. Find out more....
Low Cost and Fees - The monthly fee is $4.95, lower than most other prepaid cards as well. What is also important is that most methods of depositing funds in your card is free, unlike many debit cards that charge a $1.00 fee even for employer direct deposit.
Deposited Funds are FDIC Insured - This is the only prepaid credit card that we know in which the funds in your card are FDIC -Insured for up to $100,000.
Pay Anyone BillPay - The Account Now Prepaid MasterCard has a BillPay service which allows cardholders to automatically pay monthly bills. You can also pay online and monitor your account online via their BillPay website. The first 7 payments in the month are free.
"FREE Credit Builder Service - Most prepaid credit cards cannot be used for rebuilding or building a credit history because it does not extend you credit. Some prepaid credit cards come with a "credit builder" service in which you make a monthly payment (which is essentially a fee), and this payment is reported to the credit bureaus as an interest payment. However, this means you are actually "paying" to build or rebuild your credit history.
The AccountNow® Prepaid MasterCard® Card "credit builder" service takes a different approach. One your BillPay is activated, you can then with Credit Builder. Each time that you make a bill payment with AccoutNow Pay Anyone Bill Pay, your bill payment information will be sent to PRBC, a national credit reporting agency. You can use the Pay Anyone Bill Pay service to pay your mortgage, insurance, phone, utilities, rent etc.
Home loan associations like Freddie Mac and Fannie Mae and Citicorp Mortgage use bill payment information as part of their decision making process for home loans. Other companies including auto loan, credit card, and insurance companies may start using Bill Payment Score to comply with the Nation's Fair Housing and Fair Lending laws.
Verdict - We recommend the AccountNow® Prepaid MasterCard® Card to those looking for a prepaid credit card that allows you to build or rebuild your credit. This card has lower cost and fees than most other prepaid credit cards. Its credit builder service (unlike many other cards) is free as well. The only downside is that the credit service does not report to the major three credit bureaus, but rather only to the PRBC (Payment Reporting Builds Credit). The AccountNow Pay Anyone Bill Pay service is a good online tool to help you pay your bills. (check out their website for a video demonstration).
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And here is what www.doughrolls.com has to say:
You can also add money to an AccountNow card at many local stores, including Walmart, CVS, Kroger, UPS, and more. These stores use cash networks such as Money Gram and Green Dot, which enable them to transfer cash to prepaid cards.
You can use the AccountNow prepaid card to buy products online, get gas, pay for rental cars, hotel stays or airline tickets, or buy stuff everywhere Debit Visa or MasterCard is accepted. Prepaid cards are more convenient than carrying cash and safer too with Visa's Zero Liability or the MasterCard Zero Liability (check the AccountNow website for details) coverage that protects you from unauthorized purchases.
Like an ATM card, you can withdraw funds from your card at more than 1 million ATM locations. And like a bank debit card, you can avoid ATM fees by getting cash back at your local grocery store.
AccountNow Prepaid Card Features
An AccountNow prepaid card offers several features not found with many other prepaid cards. For example, AccountNow offers the iAdvance loan option. With iAdvance, cardholders get access to short-term loans when they need some extra cash.
AccountNow is also one of the first prepaid card issuers that enable cardholders to build credit. Enroll in AccountNow's free Credit Builder and you can demonstrate your credit worthiness to potential creditors like landlords. Just pay your bills through AccountNow Bill Pay and AccountNow will automatically report your payment history to PRBC®, a national credit reporting agency.
Here's how Credit Builder works:
1. Activate AccountNow Bill Pay and add the FREE AccountNow Credit Builder service.
2. Every time you make a bill payment with AccountNow Bill Pay, we will send your bill payment information to PRBC, a national credit reporting agency.
3. Build a bill payment history to demonstrate your credit worthiness when applying for housing, credit, insurance, employment, phone, and utility hook-up by doing what you already to today - - paying your rent, electric, cable, insurance, and phone bills on time.
4. Only Bill Pay transactions will be shared with PRBC. Regular debit transactions using your AccountNow Prepaid Visa or MasterCard will not be reported to PRBC.
With prepaid cards, you also avoid the annoying bank fees, like overdraft charges. Here is a list of some of the other features of the AccountNow card:
* Build your credit with the new iAdvance loan option(SM)
* Instant Guaranteed Approval* – no credit check, no security deposit
* $0 ACTIVATION FEE – when you load your card by direct deposit
* Free Direct Deposit – no more check cashing fees
* Free Online Bill Pay – no need for expensive money orders
* Free Credit Builder† – bill pay transactions are reported to PRBC®
* No Overdraft Fees – no minimum balance required
* Reloadable - $10,000 balance limit
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