One of the many pre-paid credit card option within the United States is the Rush Card. If you can’t or do not want to get a regular credit card, Rush card has features that may make it useful. Knowing about the high costs and benefits of the Rush Card are very essential before you apply.
How Rush Card works
Though it is marketed as a pre-paid credit card, Rush card is a lot more like a debit card. The Visa card can be loaded with money, then used any place that Visa is accepted.
After the balance on the Rush Card account hits zero, transactions are denied. Checks can also be written against some types of Rush card accounts. Rush Card charges several types of fees for using a Rush card. In 2003, Russell Simmons began Rush Card under the business name UniRush.
Benefits of Rush Card
You will find some benefits to the Rush Card. If you have bad credit, it could be very tough to get a credit card. Online purchases and other places that credit cards are usually used can be used can also take the Visa Rush Card. The pre-paid system also means that it is difficult to overdraw your Rush Card account – no overdraft fees and no high interest rate credit.
Rush Card has very high costs
Rush Cards are not the exact exact same as checking or debit accounts, though. Depending on which of the two types of Rush Card a customer gets, the fees could be very high. Activation and monthly fees can run as high as $ 19.95. If you use the Rush Card in an ATM, you’ll be charged fees for that too. There are statement and “maintenance fees”. If you choose to pay bills with a Rush Card, you will be charged additional fees for that as well.
The highest cost fee, nevertheless, can be the “convenience fee”. This convenience fee charges between 50 cents and $ 1 each time your Rush Card is swiped or used to make a purchase. In order to access your own cash, the Rush Card could charge you $ 100 or more.
Choices other than the Rush Card
There is some convenience associated with the Rush Card. The transaction fees on the Rush Card make it very costly to use. A checking account is likely to be a better solution for you for those who have bad or damaged credit. Even with bad credit, you are able to usually get a checking account at many credit unions. The Rush Card has very high fees compared to debit accounts and cards. Even when you have had financial troubles within the past, check with multiple banks or credit unions to see if they can offer help – before you sign up for the high fees of the Rush Card.
Resources
Rush Card schedule of fees
ConsumerAffairs.com
