Reviews of The Mango™ ® Prepaid Card and the Walmart MasterCard® Prepaid Card

There are many Americans who choose to not have a checking account. There are other Americans who cannot open a checking account due to a poor banking record from writing fraudulent checks or due to a poor credit history. Many of these Americans turn to expensive check cashing stores in order to cash their weekly paychecks. This can lead to these Americans losing 3% or more of their paychecks just to get them cashed.

In addition, walking out of those check cashing stores with hundreds of dollars on hand can make you a prime target for criminals looking to steal money. Plus, you have to spend a considerable amount of your gas and time just to head to these check cashing places in order to receive your hard-earned money.

For the approximate 40 million Americans who need a checking account alternative, a prepaid debit card that costs nothing and comes with no or low fees is your best option. This option is also convenient and safe to use as well.

It’s important to note that all prepaid debit cards do charge fees of some sort, but some prepaid debit cards will waive some or all of the fees if you sign up for direct deposit, making those specific prepaid debit cards ideal checking account alternatives for you. Unlike regular credit cards, prepaid debit cards require that you deposit a certain amount of money onto your card before you can actually use it to make purchases.

Mango Prepaid Mastercard

The Mango™ Prepaid Card is one of the lowest cost prepaid cards that is available. There is also a limited amount of fees as well. One fee that is applied to this card is a $5 monthly fee, but Mango™ MasterCard® Prepaid Card will waive that fee if you deposit at least $500 onto your card each month. Even if you don’t place $500 onto your card each month, a $5 monthly fee is one of the lowest monthly fees available on a prepaid credit card.

There is also a $5 fee to ship the card to you, but Mango™  Prepaid Card even waives that fee from time to time, making this card a great choice for those looking for a checking account alternative. The only other fees associated with the Mango™  Prepaid Card is a $2 charge for making an ATM withdrawal and a $4.95 fee if you use Green Dot MoneyPak to fund the card, though that fee is charged by Green Dot, not by MasterCard®.

To receive a Mango™ Prepaid Card, you do not need to undergo a credit check, nor do you need a bank account. In addition, there are no overdraft fees. One of the best features of the Mango™ Prepaid Card is that it is accepted at all places where MasterCard® debit cards are accepted, which is essentially everywhere. You can also use it to make online purchases. You can also transfer money to and from the card via your mobile phone.

Some other nice features for those wishing to receive and use a Mango™ Prepaid Card include the following features:

• You can deposit money onto the card for free via direct deposit and receive a $20 signup bonus
• You can do an unlimited number of purchase and signature transactions
• You can manage your account for free either via your computer or your mobile phone
• You can load cash onto the card via thousands of retailers nationwide
• By enrolling in Mango™’s Free Direct Deposit program, you’ll earn a 6% rate of return on the money you deposit onto your card, 45 times the industry average
• Even if you don’t enroll in Mango™’s Free Direct Deposit program, you can still earn a 2% rate of return on the money you deposit onto your card, 15 times the industry average

The wide array of features and options make the Mango™ Prepaid Card an excellent choice for those looking for a checking account alternative.

Walmart Mastercard – Prepaid Debit Card

Walmart has teamed up with Green Dot to provide another checking account alternative to those who either cannot or do not want a checking account: the Walmart MasterCard® Prepaid Debit Card.

As an added incentive to apply for this card, through December 31, 2011, you can earn 1% cash back on all gas purchases you make. This is the only prepaid credit card that offers cash back on gas purchases, as other programs that offer cash back on gas purchases require the enrollment in a regular credit card.

In addition, Walmart will provide a $10 bonus to you after you enroll in recurring direct deposit and put more than $250 onto the card via direct deposit. Direct deposit will allow you to avoid check cashing fees and enable you to have access to your money faster. Plus, if you are depositing a paycheck or government benefits check, the cost is free. You can also load money onto the card at the register of your local Walmart or at one of their MoneyCenter Express ATMs.

However, this card does come with some fees, albeit small ones:

• There is a one-time card issuance fee of $3
• Loading cash onto the card at Walmart also costs $3
• There is a monthly fee of $3
• All ATM withdrawals are subject to a $2 fee

The Walmart MasterCard® Prepaid Card can be used at all locations where MasterCard® debit cards are accepted, including all online purchases. You can set a budget and track your spending online via email or SMS balance alerts. You can get cash at millions of ATMs from around the world. You can also use this card to buy airline tickets and reserve hotel accommodations as well.

With its low fees and the current promotion of getting 1% cash back on all of your gas purchases through December 31, 2011, the Walmart MoneyCard MasterCard® Prepaid Card is another excellent checking account alternative for those who do not or cannot open a checking account.

Therefore, if you are one of the many Americans who cannot or do not want a checking account, the Mango™ Prepaid Card and the Walmart MasterCard® Prepaid Debit Card provide viable checking account alternatives for you to still use a credit card and build credit without needing a checking account.