Rush Card is one of the many pre-paid credit card options accessible. If you cannot or do not want to get a regular credit card, Rush card has features that may make it useful. Before you apply for the Rush Card, it is very essential to know about the high costs of the system, as well as the benefits.
The way Rush Card operates
Rush card is really a lot more like a debit card than a credit card, despite the “pre-paid credit card” name. A customer can load the card with cash, and then use it anywhere a Visa card is accepted.
Money is debited from your Rush Card account, and when the balance reaches zero, any other transactions are declined. Depending on the type of Rush card you’ve signed up for, cardholders can write a check. Rush Card charges several types of fees for using a Rush card. Rush Card was created in 2003 by Russell Simmons, under the business name UniRush.
The good things about Rush Card
There are some benefits to the Rush Card. A credit card can be very difficult to get for individuals with a bad credit score. Because Rush Card works on the Visa system and has a full credit card number, it can be used to make online purchases and where a credit card would normally be used. Because you cannot overdraw a Rush Card account, you won’t have to pay overdraft fees or high interest rates.
Very high costs of the Rush Card
Standard checking or debit accounts are not the same as Rush Cards. The fees on a Rush Card could be very high. Activation and monthly fees can run as high as $ 19.95. You will find also fees for using the Rush Card in an ATM. Maintenance fees and statement fees also get charged to your account. Paying bills with the Rush Card also leads to fees being charged.
The highest cost fee, however, can be the “convenience fee”. There’s a 50 cent or $ 1 fee each and every time the Rush Card is used to make a purchase. To access your own cash, the Rush Card could charge you $ 100 or a lot more a month.
Choice options to the Rush Card
There is some convenience associated with the Rush Card. The transaction fees integrated on the Rush Card make it very costly to use. A checking account is probably going to be a better solution for you for those who have bad or damaged credit. Besides poor credit, you are able to generally get a checking account at numerous credit unions. The Rush Card has very high fees compared to debit accounts and cards. Before you sign up for the high fees of the Rush Card, you should check with multiple banks or credit unions and ask for their help.
Sources
Rush Card schedule of fees
ConsumerAffairs.com
