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Millennium Advantage Pre-Paid MasterCard® |
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Issued by New Millennium Bank
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Want to give credit cards a break? The Millennium Advantage Pre-Paid MasterCard® works like a debit card, so you're spending your money, not the bank's.
A prepaid debit card can helps you budget because you'll set your own cash limit, up to $2,500. Your prepaid debit card will is accepted at over 900,000 ATMs worldwide and is usable anywhere the MasterCard® brand is accepted as payment, so you can have the ease of using plastic with the peace of mind of using cash.
Credit vs. Prepaid Debit Cards
There are several differences between a credit card and a prepaid debit card. When you apply for a credit card, your credit history is examined to determine your credit worthiness. After that is determined, the issuer decides what amount of credit, if any, to extend to you. You have access to credit, but, as is the nature of credit, it has to be paid back. If the amount of the balance is carried over into the next billing cycle, finance charges may apply, which takes more money from your pocket. Credit cards can either harm or help your credit, depending on how you use them.
A prepaid debit card, on the other hand, is funded by your money. You don't have to go through a credit check when you're applying for a pre-paid debit card because the issuer is not extending you any credit.
With the Millennium Advantage Pre-Paid MasterCard®, there's no minimum balance required and you'll be able to reload your pre-paid debit card by phone or on the Internet. While the Millennium Advantage Pre-Paid MasterCard® won't build your credit history, you'll get the convenience of carrying a MasterCard®.
Limits and Fees Associated with Your Prepaid Debit Card
Because the Millennium Advantage Pre-Paid MasterCard® is your money in plastic form, you'll have to load (deposit) the money that you'll need to spend. The minimum amount that you can load is $10 up to a maximum of $1,100. There's a load fee of $1 per load and a $0.75 additional fee for loading online or by phone. With a maximum stored value amount of $2,500, you're better off loading as much as you can in one deposit in order to avoid the added fees.
Before you even get to loading fees, you'll have to pay the $99 application fee in order to get your Millennium Advantage Pre-Paid MasterCard®. You'll pay a maintenance fee of $5.95 per month and a $1.95 ATM fee when you get cash while on the go. Get declined at the ATM and you'll pay $0.75 for each refusal. If you go a month without using your card, you'll incur a $3 non-activity fee.
Is the Millennium Advantage Pre-Paid MasterCard® the Pre-Paid Debit Card for You?
You'll have a MasterCard® but at a cost that includes fees for maintaining and accessing your card. While a credit card has finance charges and other fees, not everyone qualifies for one. That's why the Millennium Advantage Pre-Paid MasterCard® is a good option for individuals who may not be able to obtain an unsecured credit card or who don't want a traditional checking account and who are looking for a way to budget their expenses without affecting their credit rating.
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| Updated: April-01-09 |
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| Most Attractive Feature(s): No credit checks. |
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| Least Attractive Feature(s): Activation fee; monthly participation fee; does not help to establish a credit history. |
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Various Internet account related services.
See website for additional benefits. |
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| Note: The review of this card was updated on April-01-09. The review is believed
to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully
read the Terms and Conditions statement that accompanies the credit card application. |
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