Fees & Charges:  

Activation of the SilverCard incurs a pretty standard $9.95 charge against the initial card load deposit but the offer a full rebate of the charge simply by mailing in a downloadable form. There’s a comparatively small $3.95 monthly service fee for the card and then each purchase transaction costs $ .95. Though the monthly fee is small and $ .95 is a pretty typical charge for transactions, most prepaid card issuers charge either a monthly fee or a transaction fee but not both.

Other fees charged by SilverCard are about average for this type of card or a bit lower. Cash withdrawals from an ATM cost $1.95 each but cashier withdrawals aren’t available. ATM balance inquiries and ATM denials incur a $ .95 charge. Like all other prepaid cards, there is no monthly bill and account management is designed to be accomplished online. Nonetheless, a paper statement can be obtained for $2.95. There is no charge for transferring funds between SilverCards. Replacement of a lost or stolen card costs $4.95.

Features:  

Transaction limits are lower with SilverCard than with other cards rated in our reviews. Purchases are limited to $1,000 per day and cash withdrawals are limited to $500. Though the cash limitation is the same as seen with several other cards, it’s not hard to imagine a situation in which the $1,000 purchase limitation would be an obstacle.

Online features of the SilverCard are about what we’ve come to expect with this type of card. Online account management is a given and email and text message alerts are available without charge. The card can also be used to make online bill payments. The same transaction charge applies to online bill paying as applies to purchases.

Recharge Account:  

Direct deposit of paychecks or government benefit payments is the preferred method for making deposits to the SilverCard account. Deposits can also be made via PreCash, Western Union, MoneyGram, and PayXone agencies. Transfers can also be made to and from bank accounts.

Corresponding with the low $1,000 daily limit on spending, the cumulative deposit limit on the SilverCard is also an inconvenient $1,000. Though that sum will often be adequate, many people will find it too low to be practical under many circumstances. We did note an inconsistency with this figure on SilverCard’s website which states that the card can accept Federal Reserve Wire Transfer of up to $2,500 daily.

Help & Support:  

SilverCard has quite a way to go before becoming competitive with regard to customer service. Their charge of $1.95 to talk to a live customer service representative, unfortunately, is not uncommon in the realm of prepaid credit cards. To our disappointment, however, we couldn’t even reach one of the representatives at the toll-free number sited on the website without entering an account number. There is another number on the site which should have been available for using without an account, but when we contacted it we were informed that they support other cards but not the SilverCard.

That leaves just the company’s web site for getting information and it, too, is subpar. Authoritative information is contained in a miniscule .pdf file that is very difficult to navigate when blown up to legible size.

With a few strategic adjustments to their pricing and some improvement in usability, SilverCard could become a contender in the prepaid card market. For now, we suggest taking a look at our reviews of top rated BankFREEDOM, AccountNow and READYdebit Visa for better alternatives.