Facecard
I learned of a prepaid credit card called a Facecard. It can be used by anyone over the age of thirteen but it’s main target market is teens. It’s a prepaid reloadable MasterCard. It can be used internationally at ATMs and anywhere MasterCard is accepted. The minimum amount that can be added to a card is $10. The maximum balance that a card can have is $2,500. Funds can be added to cards from a bank account, from a debit or credit card, and from another Facecard. Retailers can send customers Prewards, which are deposits onto the card to be used in the store. What Prewards are received is determined within the customizable member profile. One thing I don’t like about it is there is a $4.95 fee if the account isn’t used for 90 days. The other thing I don’t like about it is that it may preauthorize more than you’re actually going to spend if you’re using it at a restaurant or gas station. I can see where this card could be useful, particularly for high school or young college students. It isn’t a credit card, so the user can’t spend money that isn’t there.
