When a Prepaid MasterCard is MAGIC

The MAGIC Prepaid Mastercard is a credit card created and endorsed by the Lakers legend Magic Johnson. The card is a prepaid card meaning that you have to put money on it in order to use it; unlike credit cards which you use and then put money back into it to pay it off.

Prepaid cards of any kind are useful because they let you do many of the same things a credit card and a bank account can do (rolled into one), but without the worries about a bad credit rating or sinking into debt. So, is the MAGIC Prepaid Mastercard truly magic or just smoke and mirrors?

3.5 / 5 stars     

MAGIC is in the ATM

One of the biggest problems with any prepaid credit card is the fees-there are usually a lot of them. The MAGIC card on the other hand is a little easier on the wallet. There is an activation fee of $4.95 and then a monthly fee of $4.95. However, this card does not zap you with fees for most transaction. Transactions with a signature are free, transactions with a pin are free and transactions at in-network ATMs are free (networks are those where OneWest Bank or Moneypass own the ATMS). You also get 2 free ATM transaction a month at any other ATM. It’s surprisingly easy to keep your fees at the monthly $4.95 which is rare for prepaid credit cards. Another interesting factor is that the foreign transaction fee is only 2%; lower than most normal credit cards, so this isn’t a bad card to go traveling with.

Adding money is also free so long as you do it from a direct deposit or from a bank account. Retail cash is more expensive, but starts at $4.95 and varies by retailers.

You also get 1 free live customer support session a month ($2.00 after) and free automated help. There is no cancellation fee and no inactivity fee. Wow! All of this makes the MAGIC card one of the cheapest cards to use. However, keep in mind that OneWest bank at least is only found in Southern California while Moneypass is more global. Only get this card if you have access to a bank where you can get free transactions or make sure you are very careful with your transactions so that this card doesn’t become too expensive to use.

Still, if you look at their fees list, you’ll see a lot more FREE than not which is nice.

The Mirrors Behind the MAGIC

Of course this prepaid card isn’t perfect. For example, there are some limits to bear in mind: you can only take out $500.00 at a time from an ATM, you have a daily purchase limit of either $500 or $1500 and you can only add money ten times a month. The maximum allowed on the card is $10,000 which is also the monthly maximum allowed on the card.

Pesky fees include $5.95/month for paper statements, $.50 for balance inquiries and $.50 for bank teller fees.

However, these are fairly nit-picky things and are to be expected from a card of this type. It’s actually pretty hard to find anything wrong with this card. You can use it to pay bills, get your paycheck (so you can avoid banks altogether if you like) and you don’t have to pay through the nose every time you want to use your card. You don’t get any rewards for using this card either, but otherwise, it functions much like a checking account except that you can use it for things like online shopping and booking travel plans.

So, if you live near any of the partner banks and you want a prepaid credit card instead of a normal one for whatever reason, it’s hard to beat the MAGIC Prepaid MasterCard. It’s far more affordable than many other cards and it’s globally accepted. You can apply for the MAGIC Prepaid MasterCard here and enjoy!

3.5 / 5 stars     

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