Vaya™ Prepaid MasterCard®

Guaranteed Approval No Interest Charges No Overdraft Fees No Minimum Balance Required

Review: The Vaya™ Prepaid MasterCard®, issued by BANKFIRST, is a stored value card designed for those who may have difficulty in obtaining a standard unsecured credit card. Although the card does not require a banking account to be opened, it does require payments in advance, which are then used to offset future purchases made with the card. Advance payments are funded directly from the cardholder's paycheck, which can be deposited all at once or in portions onto the cardholder's account. The funds can be automatically loaded to the card every pay period. It is important to note that there are some fees associated with this card, such as an application fee of $49 (if paid online) and a monthly participation fee of $5.95, which amounts to $71.40 annually. So in the first year alone, a cardholder can expect to pay a total of $120.40 in fees. There are fewer qualifications required compared to other unsecured credit cards. There are no credit checks, no security deposits, and no employment requirements. The only requirement is a verifiable address in the United States. This card does not report cardholder transactions to the credit bureaus, which may be considered a major drawback for those who are trying to establish credit. However, this card does offer a referral program, which pays cardholders $25 for each of their referrals that activates their card. Therefore, those who are looking for a stored value card with which they can pay in advance for purchases and do not mind paying upfront fees may find the Vaya™ Prepaid MasterCard® to be a beneficial option.

Date of Review: 2006-04-06 00:00:00

Notes: **The application fee if paid online through ACH is $49, otherwise the fee is $59. A bank account is not needed for this card because funds can be directly withdrawn from the cardholder's paycheck. Pre-approval is based on a verifiable U.S. address. No credit checks. No employment verifications. No security deposit. Various additional fees associated with the card, see website for additional details. See website for complete terms and conditions of card usage and application disclosure.

Additional Perks: Access to the referral program, which pays the cardholder $25 for each referral that activates their card. Various Internet account related services. No liability for unauthorized transactions. See website for additional cardholder benefits.