Fees & Charges:  

We’re not going to tell you BankFREEDOM, or any other prepaid credit card, is a good alternative to the best of the rewards cards or other premium cards that cater to those fortunate enough to enjoy an excellent credit history. It’s clear, however, that BankFREEDOM’s charges, are across the board, competitive with others in this category and that two of the most irritating fees can be waived entirely. BankFREEDOM charges a $9.95 activation fee when initially adding money to the card. However, if you sign up for direct deposit of your pay check to the card, the fee is waived. Additionally, signing up for direct deposit that is at least $350 per month gets the $9.95 monthly service fee waived as well. While we found other cards that waive one or the other, BankFREEDOM stands alone in waiving both charges. That’s a pretty substantial advantage and one that’s pretty tough to ignore. Additionally, customer service calls are free by adhering to the same direct deposit criteria. For customers not using direct deposit, there’s a $2.00 per call fee to talk to a live operator though accessing their automated telephone system is free.

Of course, you’ll incur other fees in using the BankFREEDOM MasterCard or Visa. When making a purchase at a store, there is generally an option to select debit or credit. Selecting credit sets up a signature transaction and there is no fee for it. Sometimes, however, debit is the only available option or sometimes, customers prefer to select debit and enter their cards PIN. Using the card in this way will result in a $ .95 charge. Withdrawing cash from an ATM or from a cashier will result in a charge of $1.95 and attempting to withdrawal money beyond the available balance will result in a $ .50 decline fee. Checking an account balance at an ATM also costs $ .50. Making a withdrawal from an ATM outside the United States costs $3.95 and foreign purchases incur a $1.00 fee, in addition, of course, to the conversion fee that Visa or MasterCard will impose.

Prepaid cards don’t result in bills that must be paid as credit cards do, so their statements are very much geared towards being viewed online which can be done at any time without charge. Requesting a paper statement will result in a pretty hefty charge of $5.95 so printing it locally is likely to be preferable. Replacing a lost or stolen card will also result in a charge of $9.95.