IMPACT Pre-Paid Visa® Card

No Credit Checks No Turndowns* No Annual Fees No Security Deposit

Review: The IMPACT Pre-Paid Visa® Card, issued by Four Oaks Bank & Trust Company, 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 advance payments, 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 with another credit card, via mail, or by making a cash deposit using the approved deposit slip at selected banking locations. Each time the card is loaded, a fee is applied to the account. There is no interest applied on the account, no annual fee, and no other similar charges found with most unsecured credit cards. There is an application fee of $59.95, a processing fee of $90, and a minimum initial deposit of $10. There is also a monthly participation fee of $3.95 that amounts to $47.40 annually. In total, cardholders can expect to pay $197.35 in fees the first year. 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. It is important to note that 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 flexibility to pay in advance for purchases and do not mind paying upfront fees may find the IMPACT Pre-Paid Visa® Card 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, a $90 processing fee, and a $10 minimum deposit. ****The monthly maintenance fee for the 'Hologram Debit Card' is $4.95 ($59.40), and the fee for the 'ATM Card' is $3.95 ($47.40). There is a fee of $.50 for every purchase transaction made with the card. 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: No liability for unauthorized transactions. Various Internet account related services. See website for additional benefits.