Secure Deposit MasterCard®

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Review: The Secure Deposit MasterCard®, issued by BANKFIRST, is a stored value card designed for those who may have difficulty in obtaining a standard unsecured credit card. The card does require a banking account to be opened when applying online or a security deposit to be made through the mail. The card also requires payments in advance, which are then used to offset future purchases made with the card. Advance payments can be funded directly from the cardholder's paycheck and automatically loaded to the card every pay period. The card can also be loaded by depositing cash at participating banks or by transferring funds from an existing checking or savings account. Each time the card is loaded, a fee is applied to the account. It is important to note that there are some fees associated with this card, such as an application fee of $59.95 (if paid online), a processing fee of $100, and a monthly participation fee of $6.95 that amounts to $83.40 annually. The $10 minimum deposit is included in the processing fee and will only be credited to the account if the cardholder activates the card within 30 days. So in the first year alone, a cardholder can expect to pay a total of $233.35 in fees (if they activate the card within 30 days). 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. 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 Secure Deposit MasterCard® to be a beneficial option.

Date of Review: 2006-04-08 00:00:00

Notes: ***The total initial fee includes a $59.95 application fee and a $100 processing fee ($10 of the processing fee will be applied toward the opening balance if the card is activated within 30 days). See website for complete terms and conditions of card usage and application disclosure.

Additional Perks: Various Internet account related services. No liability for unauthorized transactions. See website for additional benefits.