$35/year for a MuchMusic prepaid MasterCard

[hotweiss]

http://www.muchmusic.com/muchmusiccard/index.asp

This by far is the cheapest prepaid MasterCard that I know of in Canada. Plus you get 10 free music downloads from muchmusic.com. Hopefully this helps RFD'ers with their online purchases and it should let them complete their Paypal registration.

[CS-Source-ChallengeME!]

you really don't get any benefits from the muchmusic mastercard if any..

if ur not old enough to get a credit card.. have a parent co-sign for you..

[hotweiss]

you really don't get any benefits from the muchmusic mastercard if any..

if ur not old enough to get a credit card.. have a parent co-sign for you..

The benefit is that you don't have the danger of going into credit card debt, like the majority of credit card holders.

[Value Hunter]

Prepaid visa. Another alternative. Read the FAQ and T&Cs.

https://www.mybalance.ca/index.cfm

[gucio321]

I like this part in their FAQ

What happens if there are still funds available when my Citizens Bank / Vancity Gift Card expires?
We encourage you to use the entire gift amount before the card expires. Upon expiry, a fee equal to the remaining unused balance of the card will be charged.

--> Also you can not reload it.

[spazzamatic]

how is this deal hot ?

[ynot]

I'd rather get a secured credit card; the annual fee may be slightly higher but at least it helps a kid to establish their credit.

[hot_ride]

This is the legal version of a scam.

[AzN_RiverdaleCI]

This is the legal version of a scam.

lol

[Kaitlyn]

Do these prepaid mastercards even build your credit?

I've also seen some form of "temporary credit cards" that are geared towards those that need to make online purchases...

[ynot]

Do these prepaid mastercards even build your credit?


I believe they don't.

[smay69]

you really don't get any benefits from the muchmusic mastercard if any..

if ur not old enough to get a credit card.. have a parent co-sign for you..

The benefit of these even if you have other credit cards is for online shopping - you get that added bit of security in that you can keep a small amount on the card but it works almost everywhere online since its a Mastercard....

[onexeyed]

I'd rather get a secured credit card; the annual fee may be slightly higher but at least it helps a kid to establish their credit.

Agreed. Although a lot of my friends are in credit card debt already.

There a lot more benefits/security with a regular card than a pre-paid credit card.

[3weddings]

I believe they don't. You are correct...much better to get a secured card (earn interest on the deposit) and establis credit.

The benefit of these even if you have other credit cards is for online shopping - you get that added bit of security in that you can keep a small amount on the card but it works almost everywhere online since its a Mastercard....

Absolutely correct...this is why I maintain a US based one :D

[ASharp]

I like this part in their FAQ

What happens if there are still funds available when my Citizens Bank / Vancity Gift Card expires?
We encourage you to use the entire gift amount before the card expires. Upon expiry, a fee equal to the remaining unused balance of the card will be charged.

So...not only do they keep your money that you don't use, you pay twice as much because you didn't use it? Man...hot_ride is right :arrowd:

This is the legal version of a scam.

:lol:

Anyway, unless you have a specific need for one of these, it's a terrible idea to get one. It's not very hard to get your hands on an actual credit card these days. Heck, when I was 18, I had no job or credit history and all I did was sign up for one at my bank. Within a few days I got it in the mail, no questions asked.

[hotweiss]

Do these prepaid mastercards even build your credit?

I've also seen some form of "temporary credit cards" that are geared towards those that need to make online purchases...

This card doesn't build your credit, but it's half the price of a secured MasterCard.

[jlovezj]

There is actually another prepaid card that is cheaper. The Optimus at money mart is one time 9 dollars and something cent. Also I applied to Mosaik Prepaid travel card with Air miles for 9.99/ year. You do not get credit but at least your collecting air miles. Plus your also budgeting yourself and can purchase things online without being scared of going in debt. These are much cheaper than the Much music card, which all does the same thing.

[Kaitlyn]

I don't get it... why do you have to even pay for these?

You're giving them money before you spend it. They get money on top, just so you are able to do that?

[Bigbear50]

What happens if there are still funds available when my Citizens Bank / Vancity Gift Card expires?
We encourage you to use the entire gift amount before the card expires. Upon expiry, a fee equal to the remaining unused balance of the card will be charged.

Now that government is cracking down on store/mall issued gift cards (can no longer have expiry/fees) in some provinces, I see that they are trying this new scam. What a rip off! I did not know Vancity was into internet scams. Better off buying traveler cheques.

[ynot]

This card doesn't build your credit, but it's half the price of a secured MasterCard.

Actually, you can get some secured Mastercards for as low as $59 annually. That's only $14 more.

There is also BMO's Prepaid Travel Mastercard (http://www3.bmo.com/mosaik/perform_home_pp?&PUID=693), with a one-time $9.95 fee that can be reloaded. The MuchMusic card is just geared towards kids, and not bright ones at that.

Edit: Just realized that jlovezj referenced the Mosaik card.

[brucedlx]

there are annual fees on credit cards? Between me and my brother, we have 4 credit cards and we pay 0$ annual fees.

So what is this 35$/yr garbage?

[cmag]

you really don't get any benefits from the muchmusic mastercard if any..

if ur not old enough to get a credit card.. have a parent co-sign for you..

If they are not old enough to get a credit card, they have no business buying on credit. If they want to become successful and financially competent adults, they shouldn't be asking the Bank of Mommy and Daddy to take of care of their $h!t. :twisted:

So...not only do they keep your money that you don't use, you pay twice as much because you didn't use it? Man...hot_ride is right :arrowd:



:lol:

Anyway, unless you have a specific need for one of these, it's a terrible idea to get one. It's not very hard to get your hands on an actual credit card these days. Heck, when I was 18, I had no job or credit history and all I did was sign up for one at my bank. Within a few days I got it in the mail, no questions asked.

You are absolutely right! It is way too easy get plastic. Tthe vast majority of those who do get credit under those circumstances end up years later still paying for the crap they didn't need and financially far behind their peers who earned themselves the credit they deserved and could afford.

Though it may be a wise business move for the card issuers to do this, there ought to be tighter regulations on the requirements for credit to be issued - to protect people from making stupid financial moves like getting a credit card without a job. You only have to look at the US to see the havoc created when greedy and irresponsible credit issuers lend to financially undisciplined people - it's hardly the "land of the free" anymore. :(


I don't get it... why do you have to even pay for these?

You're giving them money before you spend it. They get money on top, just so you are able to do that?

If anyone carries a credit card balance they're likely paying way more than those fees anyway - I of course exclude the frugal RFDers profiting from the low-interest variants. Aside from the legit uses of prepaid credit or secured cards, the fact is that those people who don't have the credit to get "regular" plastic, will get the added benefit of learning to spend within their means - what a concept! :)


BTW, to the quoted posters, I'm not directing my comments at you. :) I'm just a hater of any debt that doesn't generate more wealth for me that it does for the lender - if I'm paying 7% I better be earning at least 8% with it. :cheesygri

Thus endth the rant... :cheesygri

[cahk]

http://www.muchmusic.com/muchmusiccard/index.asp

This by far is the cheapest prepaid MasterCard that I know of in Canada. Plus you get 10 free music downloads from muchmusic.com. Hopefully this helps RFD'ers with their online purchases and it should let them complete their Paypal registration.

I suggest you read my thread http://www.redflagdeals.com/forums/showthread.php?t=532830 on prepaid cards - there are lots more option out there that costs less...

[Howard]

The benefit is that you don't have the danger of going into credit card debt, like the majority of credit card holders.
If you can't get a credit card in the first place, how the hell are you going to amass debt if you aren't stupid?

Oh, people are stupid. Don't be stupid and you'll be fine.

[hotweiss]

Didn't know about the BMO card, that one is actually the best... Getting that one.