I keep seeing people online talking about the Green Dot Credit Card to use when shopping online. I even noticed when looking at store coupon match ups CVS runs specials when buying one of these. Just the other week they had a promotion when you buy a Green Dot Card; you get a $5 credit on your new Green Dot card when you use it to make a purchase at a CVS/Pharmacy by 10/08/11. Plus allowing you to earn an EXTRA $5.00 credit (for a total credit of $10.00) when you make a purchase with a new card. I really thought doing this deal but then I had second thoughts.
I never really thought about buying a pre-paid card to do my daily shopping online. I actually feel safe using my debit or credit cards. However, I see why people feel safer with pre-paid cards. One thing that I do like about the green card is that you can fund your paypal instant. So, no more waiting for checks to clear. I find this helpful for people who don’t keep a balance in paypal. This way you don’t have to wait till the check clears. After doing a little more research, I found that the minimum amount of the initial deposit is $20 and the maximum amount is $2,500. I don’t know about you but no way would I put that much on a pre-paid card at a time. Keep in mind products like this is not a bank account and funds are not FDIC insured. So you need to treat them just like cash and keep them in safe places!
You can reload your Green Dot card, and even have a portion of your paycheck directly deposited to your card or you may purchase a Green Dot MoneyPak universal reload from locations such as Rite Aid, CVS, Eckerd, Radio Shack, The Pantry and other participating merchants. The MoneyPak costs $4.95.
The card charges a $4.95 per month maintenance fee, $2.50 for each ATM transaction ($3.00 per international ATM transaction, $4.00 per cash advance from a teller or non-ATM transaction), up to $1.00 per call to obtain your balance using the interactive voice response system or a live operator, and $10 fee to replace a lost or stolen card.
So my question is do you currently use a green dot? If so please share your reasons…