BuyRight Prepaid MasterCard Review
The BuyRight Prepaid MasterCard is an interesting hybrid of prepaid and conventional credit cards, giving you the best of both worlds in some respects and a few things to keep track of on the side.
If you’re looking for the financial security of a prepaid card but you want some of the perks of a conventional credit card (including the ability to rebuild your credit), then the BuyRight Prepaid MasterCard may be the way to go about it. What should you know about this prepaid card?
Between Two Worlds, Absorbing from Both
The BuyRight Prepaid MasterCard is considered a hybrid between a prepaid and a ‘catalogue’ credit card; and unlike many so-called hybrid cards, it really does act like a combination of the two types, giving you the best of both worlds.
The main advantage of prepaid cards is that they give you some semblance of financial security; you cannot spend more than you’ve loaded into the card-this means it’s awfully hard to sink into debt! However, prepaid cards have a whole pile of fees which peck away at the amount you have loaded, effectively giving you less than you would have thought. Many prepaid cards also give you no rewards and you have no way to rebuild a damaged credit history; it is simply a way to let you do things like shop online without actually having a credit card. This is fine, but if you’re looking for a tool to help you rebuild credit, they will be of no use to you. Still, the financial security is awfully nice to have and that is what you primarily get from this credit card.
However, these cards also borrow heavily from conventional credit cards in terms of things like rewards and fees. For example, by holding these cards, you also become a member of the BuyRight Marketplace-for free-which lets you shop through MyBuyRight.com and you get a credit line for doing so (up to $5,000). This online store gives you points for every dollar you spend and gives you access to plenty of online shopping! This makes these cards more like the store niche cards but as a MasterCard, you can use it anywhere.
More importantly however, the BuyRight card can help you to rebuild your credit, unlike every other prepaid card out there which does not. It does this by reporting any payments you make on the card to two credit bureaus (TransUnion and Innovis) for free where other prepaid cards make you pay for it. This means that you have the chance to rebuild your credit while you use this card which makes it infinitely more useful than strict prepaid cards.
Fees Associated With this Card
The BuyRight Prepaid MasterCard has a rather unique fee structure. First off, it does have an ‘acceptance’ fee which must be paid when you apply for the card-but it’s far lower than most other cards like this at $29.95. Furthermore, you can then pay one of two types of fees-a monthly fee of $7.95 ($94.50/year) and have no transaction fees OR you can pay the transaction fees when you use things like an ATM, load your card or customer service, but pay no monthly fee. Generally speaking, paying the monthly fee will be better, but if you aren’t in the habit of using your card too often, the transaction fees only may save you more money. Most of the transactions cost at least $1.00, save for direct deposit reload (free), point of sale fee ($.50) and Live Customer Fees which are also $.50. As you can see, generally speaking, paying the monthly fee is better.
If you’re shopping through BuyRight Market, you do have to pay a monthly fee of $1.25 and when you make a purchase, you have to pay up to 25% of the purchase cost up front. There is also no purchase APR which is nice to avoid.
However, aside from the monthly maintenance fee, there are no annual fees, no interest rates to worry about, no late penalties, and no over-the-top nickel and diming on everything you do-particularly if you go with the monthly fee route in which case all of your transactions are free.
If we had to pin a favourite ribbon to a prepaid credit card, the BuyRight Prepaid MasterCard would probably get one. With its combination of rewards, the ability to shop online, the ability to rebuild your credit and the fact that you can keep more money in your pocket (er, card as the case may be), this one definitely stands head and shoulders above many of the rest of them. We would definitely suggest the BuyRight Prepaid MasterCard as a good tool for rebuilding credit or just to use as you would a prepaid credit card with a few extra perks thrown in for good measure. You can apply for this card using the secure application link near the top of this BuyRight review and enjoy!