is another name for the pay as you go prepaid credit card designed for those who do not have any relationship with banks, unlike many of us. Many banks and even retail stores like Wal-Mart are offering this financial instrument for an estimated 40 to more than 80 million people without a bank account. will offer the best financial instruments to the users. There are millions of users who are using the services to get the desired services. The building of the strong relationship is possible for the people. The low income people can also take the benefits of the card. 

These cards are not carrying any interest rates and have no annual fee attached to them. They work as an ordinary credit card but you do not have to worry whether you have good credit or bad credit in order to get the card. You simply go and purchase a pre paid card either at the card issuer retail point or using their online bank on the net.

It seems the card is a good service for low income people because if you do not have access to regular bank services, it can save a lot on various financial fees you would have to pay otherwise.

According to some estimates, a person without a bank account can easily spend around $300 in fees per year, which would make a mega profit for the credit card issuers if they were able to capture even a small portion of it.

Prepaid cards also can be used as virtual bank accounts, which opens up opportunities for card holders to have their wages, child support or unemployment benefits credited to the card. The card balance can be topped off online or at various locations such as convenience stores and malls. The card may work best for the latin population and may be attractive for several million undocumented workers.

Let’s take a look at the Wal-Mart Money Card fees. They are numerous. There is a reload fee, a cash transaction fee, a monthly maintenance fee, a teller cash transaction fee, a replacement card fee, etc. However, there is a positive note in the background, and this is a zero negative balance fee. And that simply means you are not going to be charged the usual outrageous overdraft fee, which sometimes goes up to $39 per occurrence.

Personally, when I am evaluating these cards, I feel like low income people have to pay twice for what other people are getting for free. I mean, in spite of all the conveniences, paying all those fees just for the privilege of using your own money is sort of wrong. Don’t you think?

I would highly recommend that if you need a card with Visa logo for online transactions, store purchases, etc., by all means get yourself a regular checking account. It will cost nothing to open it, to get a card and to use it whenever you need it.