Who is the Vision Premier Visa Prepaid Card Designed For?
The Vision Premier Visa Prepaid Card is designed for people who either don’t qualify or prefer to avoid traditional credit/debit cards, but still want the security and convenience of paying with plastic.
The card also fills many of the functions of a checking and savings account. Cardholders can deposit checks, pay bills, open a savings account, and shop wherever Visa debit cards are accepted, without having to worry about rates and overdraft fees.
What are Vision Premier Visa Prepaid Card’s Rates?
As with all prepaid cards, the Vision Premier doesn't provide credit, which means it doesn't charge APRs either. The card issuer makes money by charging cardholders fees, not interest.
However, it does pay a 5.65% APY on cash deposited in a savings account. That is one of the most generous savings account rates around. Not surprisingly, there is a catch: the maximum balance on the savings account is $1,000. Any balance above $1,000 will not earn interest above this amount. In other words, the maximum interest you can earn on the savings account is around $50 a year, less than half the annual fee.
What Are Vision Premier Visa Prepaid Card’s Fees?
The Vision Premier Visa Prepaid card charges members a $9.95 one-time activation fee and a monthly fee of $9.95 monthly fee. Customers who set up a direct deposit to their account get a $2 discount on the monthly fee ($7.95 a month) and don’t have to pay a customer service every time they call for assistance. Cardholders without a direct deposit get 30 days of free customer service and then have to pay $1.95 every call.
There’s also a $2.50 ATM fee for cash withdrawals, but there’s no charge for loading the card with cash, no transaction fee, and no replacement card fee.
What Is Vision Premier Visa Prepaid Card’s Rewards Program Like?
Vision Premier Visa Prepaid gives cardholders a 1% cash back on gas purchases. It’s not much, but it’s more than most prepaid cards offer.
What about the Signup Bonus?
There’s no signup bonus. On the contrary, new members have to pay a one-time $9.95 fee to activate the card.
Does Vision Premier Visa Prepaid Card Have Any Other Benefits?
As well as a high rate on the savings cardholders deposit in their savings accounts, the Vision Premier Visa Prepaid Card offers members free roadside assistance, money management tools to keep track of your spending. All money deposited in a Vision Premier card is insured by FDIC, so it’s safer than carrying cash.
How Is Vision Premier Visa Prepaid Card’s Better Than Other Credit Cards?
The Vision Premier Visa Prepaid card has a relatively inexpensive and straightforward to understand fee schedule. It offers 1% cash back on gas purchases and some basic travel benefits. It also carries a high APY on the money deposited in its saving accounts.
This card allows people who don’t have bank accounts to perform most of the financial transactions a bank account enables you to perform, without needing to open one or pay for overdraft and credit fees.