Sometimes getting a credit card might seem like an almost impossible task. Not only do you need good credit scores to avoid paying a lot of interest rates and fees, but you also need a regular checking account. Some people might find it conventional or alright to through all of this trouble, but we understand those who don’t agree.
And so does the Western Union. This financial services provider is already a specialist in offering prepaid credit cards to its clients. This could be your turn to get your own Western Union Netspend Prepaid, a card that can be used anywhere that accepts Mastercard and gives you some rewards for even better results.
Are you ready to get your own prepaid card? We’ll explain exactly how the Western Union Netspend Prepaid works, its rewards rate and why a prepaid credit card might be of use to you. Keep reading to find out how to apply and other important information as well.
Western Union Netspend Prepaid Mastercard
No annual fee No account neededHow does the Western Union Netspend Prepaid work?
When you use a regular credit card you’ll spend money that isn’t actually in your account. Which means that you’ll have to pay for everything you bought later, which is usually on your balance due date. Until then, you won’t have to worry about interest rates or anything of the type because most credit cards have a 30 day grace period.
The Western Union Netspend Prepaid has a unique product that helps people who can’t get an approval for conventional credit cards. It’s also a substitute for a checking account, since you can use it to get your paycheck.
Another reason to use this credit card is to rid yourself of interest rates. As you read this article you’ll find out that there’s no way to end up paying those, since you can only purchase using the money that you already have deposited in the credit card.
You’ll be able to get this credit card as long as you manage to make a deposit. But don’t confuse this with a secured card, it’s actually quite different, as we’ll explain below.
What is a prepaid credit card?
You can use the prepaid card to pay for most types of purchases, either online or in shops. The main difference from other cards is that you must first load these types of cards with funds. Afterwards, you can spend it just as you would in a debit or credit card.
Conventional prepaid cards are available in many shops and online. All you have to do is buy them and start using them. Which is quite different from what we have here with the Western Union Netspend Prepaid. It actually works more like a credit card and even gives some benefits and rewards to its users.
Many people choose prepaid cards to avoid owing money to the bank, since you’re using your own money. You won’t need a bank account to get one or even get a history check.
Advantages of using the Western Union Netspend Prepaid
Since the Western Union Netspend Prepaid is a prepaid card, why would you get this option? It’s much easier to get a conventional one that you’ll be able to activate whenever you’d like.
Well, there are a few pros to using this credit card that you might want to check out:
- No fees for loading your card;
- You don’t need a checking account;
- Get access to the refer a friend program, that gives you rewards when friends get the card;
- Access to a high yield savings account, which is optional;
- Over 130.000 reload locations across the USA;
- Overdraft and overspend protection of up to $10.
The advantages of holding this credit card are mostly practical. You can get an approval easily and without the need for a credit score at all. This will be great for those who have a poor score right now, but don’t forget that this isn’t a credit builder card. Your score will remain the same as you make payments.
Rewards program
There actually isn’t much in the way of a rewards program when it comes to any type of prepaid cards. What the Western Union Netspend Prepaid actually has is a free program called Payback Rewards.
This is an optional program that gives you some points and rewards as you spend. Don’t be fooled, since this isn’t a rewards card there won’t be any incredible gift cards. It’s a simple program that gives modest points as you spend and you can redeem these rewards through the Western Union’s website or app.
You’ll earn cash back in the form of points from select retailers. If you’d like to know more, there’s a lot of info about the program on the Western Union’s website.
How to activate the Western Union Netspend?
The Western Union Netspend is activated automatically once you get an approval. This usually happens just a few hours after trying to get an approval. It’ll take a few days to receive your card through the mail. Afterwards, all you have to do is charge your card through one of the thousands of charging points spread across the US.
Interest rates and fees for this credit card
Here comes the worst part about the Western Union Netspend Prepaid Mastercard: the fees. There are a dozen different fees that may or may not apply to you according to how you chose to use this card. You’ll have to be on the lookout for them, otherwise it would be quite the problematic card to hold in your wallet.
Check out some of the most important fees for this credit card:
- $9,95 monthly plan fee;
- $1,50 per transaction for the pay as you go plan;
- $3,95 for the Netspend reload fee;
- $5,95 monthly inactivity fee (in case you don’t use your card for 90 days);
- $0,50 balance inquiry fee;
- $2,50 over the counter fee;
- $2,50 ATM withdrawal fee.
These are just a few of many fees that you’ll be subject to when you use the Western Union Netspend Prepaid Mastercard.
Conclusion
The Western Union NetSpend Prepaid Mastercard offers a viable alternative for those who have difficulty obtaining traditional credit cards or prefer not to use a bank account. It provides the convenience of a Mastercard with the added benefit of no interest charges, as you can only spend the money you’ve loaded onto the card.
Key Points:
- Accessibility: No need for a checking account or credit history, making it accessible to a broader audience.
- Flexibility: Usable anywhere Mastercard is accepted and allows for direct deposit of paychecks.
- Rewards: Includes the Payback Rewards program for earning points on purchases, though it’s modest in its rewards.
Considerations:
- Fees: Be mindful of various fees, including monthly plan fees, transaction fees, and reload fees, which can add up and potentially diminish the card’s value.
Overall, if you’re looking for a prepaid card with no interest rates and don’t mind managing fees, the Western Union NetSpend Prepaid Mastercard can be a practical choice. However, it’s essential to evaluate whether the benefits outweigh the costs based on your spending habits and needs.
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