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- Access your paycheck or government benefits 2 days faster
- Bank anywhere, at any time, with mobile access to your accounts
- Cash back rewards when you spend money on your card
- Transfer money to friends and family quickly and easily through the mobile app
- Up to 75% discounts on prescriptions at pharmacies with the discount card
- Most of Brinks’ prepaid plans have no minimum or opening balance requirement
- No credit check required—helpful for those with poor or no credit history
- No late fees to worry about, like unsecured credit cards
- Easily reload at over 130,000 reload locations through NetSpend nationwide
- The “free” monthly account charges $1 to $2 per signature or PIN transaction respectively
- The daily ATM withdrawal limit is $940
- Accounts have a maximum balance of $15,000
Unlike a conventional credit card, the Brinks Prepaid Mastercard gives its users the benefit of a credit card without the hassle of monthly bill payments, credit checks, and other financial challenges typically caused by a credit card.
Customers load up their Brinks Mastercard with their own funds and can then use the card anywhere credit cards are accepted. When the money runs out, you simply need to reload again with a new deposit. In this sense, it works like a checking account and debit card. Moving money and depositing funds is made even simpler through their online and mobile apps.
Brinks Prepaid Mastercard Benefits
The benefits of a prepaid card are apparent for anyone who has been denied for a secured credit card in the past. Because you are merely accessing your own money, albeit through a credit card, no credit check is required for the Brinks prepaid card. You can use the credit card like any normal credit card to shop online, pay for hotels, or buy a cappuccino. It’s an excellent credit card solution for people with poor credit history or no history at all.
Brinks Prepaid Mastercard Downsides
If you want to build up your credit history, a Brinks Prepaid Mastercard is not the solution. It doesn’t influence your credit score in any way—good or bad. Also, depending on how you plan to use it, its services come at a higher price than other prepaid options.
For example, if you plan on using it as your primary account and use the credit card as the charge card for all your transactions, the price tag is comparatively steep. Today there are many basic checking accounts available with $0 monthly fees and no minimum deposit.
How It Compares to Similar Cards
While the Brinks Prepaid Mastercard works in a pinch, there may be better solutions on the market, depending on what you plan to use the card for and your financial situation. If you only want to use the card for online shopping, consider exploring the MOVO application, which has no monthly fees and lets you make online purchases, transfer money, and more all through the blockchain.
If you want a cold hard piece of plastic in your wallet, the Rush Prepaid Visa card is another no monthly fee option with a comparatively better fee structure. Their pay as you go plan only charges $1 per transaction and their unlimited plan is as low as $5.95 (compared with Brinks’, which is $9.95).
While the Brinks card offers a cash back rewards program, other prepaid cards, like Rush, have referral rewards of up to $600 per year. They also provide free financial counseling to their customers.
For people with no credit history or a poor credit score, prepaid credit cards like the Brinks Mastercard offer solutions where conventional credit cards are off limits. Brinks may work for your current financial situation, but so could another prepaid card with lower fees. Shop around and compare between different card options to find the best offer for your life.
Author: Jeff Gitlen