Bank Freedom Prepaid MasterCard®
- Minimum Credit Required:
All Credit Types Accepted - Network: MasterCard
- Online Response:Yes
- Prepaid Card:100% Guaranteed Approval
| Activation Fee None |
Monthly Fee $5; free with monthly deposits of $500 or more |
| w / a Signature (most common) Free |
w / a Pin Free |
at an ATM $2.5 per trans |
| Live Free |
Automated Free |
| Cancellation Fee N/A |
Inactivity Fee Free |
- Direct Deposit
- Western Union
- Money Gram
- GreenDot
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Before applying for a credit card we recommend that you review and verify the credit card terms and conditions on the credit card company's web site. Please let us know if you find any differences related to the Bank Freedom Prepaid MasterCard® shown on this page.
The card information shown on this page was last updated: May 17th, 2012 at 1:03 EDT
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It’s interesting that a prepaid card would be called the Bank Freedom Prepaid MasterCard because one of the main reasons people use prepaid cards is to escape fees that may have recently been added to their checking accounts (i.e. to get freedom from their bank). At any rate, why don’t we see whether the Bank Freedom Prepaid Card is worth running to or not. The most important thing to look at when evaluating a prepaid card is its fees, and while the Bank Freedom Prepaid MasterCard does not have many, they are important. First of all, if you don’t load at least $500 on the Bank Freedom Card in a given month, you’ll have to pay a $5 monthly fee. In addition, ATM withdrawals will run you $2.50 a pop. There are no fees for live customer service, transactions, inactivity, or activation. So how does it measure up? Well, the $500 minimum load requirement to avoid a monthly fee is pretty standard and as long as you sign up for direct deposit for your paycheck, you should be able to meet it. However, the $2.50/withdrawal ATM fee is problematic. It makes the card inferior to the competition when used at a replacement checking account because the likes of the Green Dot Prepaid Card offer free withdrawals at over 18,000 in-network ATMs. The Bank Freedom Prepaid MasterCard doesn’t fit in the other main niche prepaid cards have carved out for themselves either (i.e. financial literacy teaching tool) because the allowance you load on a prepaid card for your child’s allowance is probably not going to be in the $500 range. As a result, the Amex Prepaid Card will be a cheaper option. All in all, the Bank Freedom Prepaid Card is a decent option, but key shortcomings hold it back from being a good one.