- Annual percentage rate (APR): N/A.
- Purchase intro APR: N/A.
- Rewards: Varies.
- Annual fee: $60 to $95.40.
- Late fee: $0.
- Credit score: N/A.
- Compare cards here.
Table of Contents
Benefits
- Set up direct deposits: Once you set up your Control Prepaid Mastercard account, you can request that your paycheck or government benefits be set up as direct deposits to the account. There’s no fee to sign up for direct deposit and you’ll generally receive your money one to two business days faster than if you were to deposit a check into an account.
- No late fees: Since the Control Prepaid Mastercard isn’t necessarily a credit card (it functions more like a reloadable gift card you can use anywhere), there are no late fees associated with your account. You’re not borrowing money from the company and the spending power you possess with the card relies solely on the money you’ve chosen to deposit into the account.
- Rewards program: As a Control Prepaid Mastercard account holder, you have access to cash-back rewards. Available rewards offers are consistently rotating and you can view them online. When you add offers to your account, then use the Control Prepaid Mastercard to pay at the participating retailer, merchant, or restaurant, you earn points that you can trade in for cash.
Drawbacks
- No financing options: Since the Control Prepaid Mastercard isn’t a credit card, you don’t have the opportunity to finance purchases. The amount of money you have access to depends on how much money you’ve deposited into your account. While you don’t have any borrowing power with the Control Prepaid Mastercard, you also don’t need to worry about interest being tacked onto your purchases.
- Monthly fees: As a Control Prepaid Mastercard account holder, you’re responsible for paying monthly fees. In most cases, you’ll owe $7.95 per month to keep your account active. However, if you set up monthly direct deposits of at least $500 to your account, you’re eligible for the reduced monthly plan. As long as you continue to qualify for this plan, you only pay $5 each month, which is directly deducted from your account balance.
- Additional fees: While you can’t finance any charges with your Control Prepaid Mastercard, you can perform other transactions. However, it’s important to note that some of these transactions are associated with additional fees. For example, if you withdraw cash from your account using an ATM, you’ll owe $2.95 per withdrawal. It also costs $3.95 to reload your account with cash instead of direct deposit.
What Can You Expect From the Control Prepaid Mastercard?
Once you sign up for the Control Prepaid Mastercard and verify your identity, you can fund your account and begin using your card. The card offers several useful features to account holders.
Mobile App and Online Account Management
Sign up for an online account and check your balance, review direct deposits, transfer funds, and reload your balance completely online. You can also download the Android or iOS smartphone app to your mobile device to manage your account from anywhere.
Sign up for text alerts through your online account or mobile app and customize the alerts you receive. You can request to get texts any time there’s a new transaction in your account or your balance drops below a certain threshold.
Refer-a-Friend Program
When you become a Control Prepaid Mastercard account holder, you’re eligible to participate in the Refer-a-Friend program. Refer a friend or family member to sign up for the Control Prepaid Mastercard. When they verify their identity, activate their account, and fund their account with at least $40, you’ll receive a $20 reward. There’s no limit to the number of referrals you can claim.
Customizable Card
You can choose to receive the standard Control Prepaid Mastercard or you can customize your card design. For an additional fee, upload a photo and have it printed on the front of your card. You can show off your personality and interests with this customized card but keep in mind that if the card is lost or stolen, you must provide the image and custom card fee again to have it replaced.
Who Should Get the Control Prepaid Mastercard?
Consumers who don’t need to finance purchases and only need an account for balance transfers, cash deposits, and direct deposits may benefit from activating a Control Prepaid Mastercard.
People who don’t qualify for a traditional checking or savings account may also find the Control Prepaid Mastercard beneficial for money management, and the ability to make electronic or online purchases using the card instead of cash. However, it’s important to review the monthly fees and additional fees associated with certain transactions before applying for an account.
Compare other prepaid credit cards and learn more here.
Image Source: https://depositphotos.com/
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