Hi ladies,
Question for you - if you don't have a credit card, how do you prefer to go about sending money (for example, if you want to make an online purchase)?
thx
Emma
Hi ladies,
Question for you - if you don't have a credit card, how do you prefer to go about sending money (for example, if you want to make an online purchase)?
thx
Emma
Rushcard.
Apply online, they send it to you pretty quickly and you can load money onto it at the drugstore or grocery or where ever. I had a Walmart prepaid card for awhile but they wouldn't let me load money on it because they said my information was incorrect. Which is weird because it's MY information, but whatever. I've had the rushcard for a couple months now and so far so good.




wouldn't any prepaid credit card work like this?
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Your typical prepaid credit card / debit card will involve an identification and basic credit check ( often performed by a company called Chex Systems ). The issuers of prepaid credit cards / debit cards, if they involve a 'bank' ( and even Walmart's financial services are provided by a 'bank' - which Walmart owns ), are bound by policy that their account holders must clear the Chex Systems screening. Some people have difficulty getting past Chex Systems because they don't have a 'documentable' job, they don't have a stable address, they have 'stiffed' banks in the past ( i.e. unresolved issues with checking accounts / credit cards ) etc.
Apparently, RushCard works outside the sphere of a regulated 'bank' ... and thus doesn't care whether potential account holders can clear Chex Systems or not. This is a significant difference ! On the 'plus' side this means that account holders will be subjected to far less official scrutiny, both at the time they open the 'account' as well as in regard to future 'deposits' and 'withdrawls' from that account. On the 'minus' side, this undoubtedly means higher embedded fees ... and also probably means that use of a RushCard account doesn't contribute towards building a credit score in the same way that a 'bank' backed prepaid credit card / debit card would.
Last edited by Melonie; 05-26-2012 at 06:57 AM.




I am sorry Melonie but this is not accurate at ALL.
There is a HUGE difference between a prepaid credit card and a secure credit card.
I have processed applications for both and have asked people who currently process those applications about this.
To purchase a prepaid credit card at a bank you must have an open account at the bank. The prepaid card purchase transaction must be processed on an active banking account. A prepaid card is one that is not reusable. You pay the amount that loaded on to the card. Once that amount is done the card is closed. These cards do not have names embossed on them. In order to use these cards online the customer must go to a bank website and register them. This connects the name and address to the card number. This type of card is given to the customer at the time of purchase.
Some banks have reusable prepaid cards and those have the users name embossed on them. The process of purchase is exactly as the same as above. The only difference is the card takes two weeks to receive.
Chex systems and credit reports are NOT used at the time of purchase of these cards. It is used at the time the ACCOUNT is opened.
Walmart and Rushcard and ANY entity that sells cards must abide by the same anti money laundering guidelines that banks have. Why? Because they are a Money Service Business. In case you dont believe me here are the guidelines for all prepaid credit card sellers. http://www.nbpca.com/docs/NBPCA-AML-...ces-080220.pdf
These cards are also subject to CTR *Currency transaction reports aka 10k limits* and SAR *suspicious activity reports* no matter who is selling them (that is also explained in the above link). So if you are planning on a large purchase say over 2k these may not be wise. These reports are sent to the IRS.
I would also caution on the fee structure. Some prepaid cards have insane fees. So much so that they are considering a new set of regulations JUST for the fees on prepaid cards. http://dealbook.nytimes.com/2012/05/...d-debit-cards/
I also always point out prepaid credit cards will not build credit. They are NOT secure credit cards.
BUT if you are using them as a safe way to purchase things online in smaller dollar amounts they are awesome and work well. If it was me I would purchase these at a bank or credit union. I would compare the fees and how easy they are to load. At banks and credit unions there is usually only a one time purchase fee instead of a monthly fee.
lol sorry about the long post but I am Ocd about accuracy of information. If you have questions please feel free to ask.
Last edited by Vamp; 05-26-2012 at 08:32 PM.
Nature knows no indecencies; man invents them. ~ Mark Twain




https://www.rushcard.com/cardholder.aspx
This is the cardholder agreement for this card. Down the middle of the page is the fee structure for this card. There is a listing of the fees. I am just pointing this out so you aware of what the fees actually are. If you have questions about them feel free to ask.
Nature knows no indecencies; man invents them. ~ Mark Twain





Agreed that all US 'bank' issued prepaid cards must work via an active bank account ... which requires a Chex Systems approval and routinely involves a credit check. Also agreed that all US 'bank' issued prepaid cards are subject to the same IRS cash transaction reporting and suspicious activity reporting as any other active bank account. Also agreed that WalMart prepaid cards are set up the same way, since WalMart operates it's own 'national bank'. Also agreed that all US 'bank' backed prepaid credit card are subject to NBPCA requirements.Walmart and Rushcard and ANY entity that sells cards must abide by the same anti money laundering guidelines that banks have. Why? Because they are a Money Service Business. In case you dont believe me here are the guidelines for all prepaid credit card sellers
But somehow RushCard is getting around this !!! Offshore bank backing perhaps ? This is how some of the web payment processing services accomplish it i.e. a mastercard / visa debit card backed by an offshore bank. After some digging it would appear that the financial backing for RushCard is via PSG ... which operates out of South Africa and has no physical branches inside the USA ... thereby falling outside of IRS and NBPCA jurisdictions. Visa and Mastercard, for whatever reason, are themselves apparently exempt from having to generate IRS transaction and suspicious activity reports ( probably because they deal with banks and merchants not individuals ).
Agreed that RushCard's fees are substantial !!!
Last edited by Melonie; 05-27-2012 at 01:06 AM.





RushCard and the other 20% of the US banking system that does not use ChexSystems is in full compliance with banking laws and regulations. ChexSystems is another credit reporting agency that just happens to gather data on involuntary account closures from member institutions. It is not a regulatory or statutory requirement. As such, ChecxSystems is regulated like any credit reporting agency. So, if you find yourself turned down for a checking account because of ChexSystems, you have the right to your report from them. You can then dispute any negative entries and ChexSystems also has a "second chance" program that offers a class and a plan to pay off outstanding debts to member banks in return for the promise of a checking account once you have completed the program.
Another alternative is to go to a non-ChexSystems institution. About 20% of banks and credit unions across America are not members. There are lists floating around the internet. I do know that Self Help Credit Union in Durham, NC and Navy Federal Credit Union (nationwide) are not ChexSystems institutions. First Citizens Bank in Raleigh, NC supposedly overrides a ChexSystems negative report if you have paid any outstanding charges and you appear in person at a First Citizens branch. Checking your locality may produce other banks/credit unions that are not members of ChexSystems. However the bottom line is, bounced checks have consequences!
HTH
Z
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