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VIP Pre-Paid Visa® Card
Issued By: Four Oaks Bank and Trust Company |
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No Employment Required
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No Security Deposit
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No Annual Fees
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No Turndowns
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No Credit Checks
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CreditCard49 Rating
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Intro APR |
Intro APR Period |
Regular APR |
Annual Fee |
Intro Good On |
Credit Needed |
NA |
NA |
NA |
none |
None |
Limited or No Credit |
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Card Info Last Reviewed 2006-05-08 |
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Our Review
The VIP Pre-Paid Visa® Card, issued by Four Oaks Bank & Trust Company, is a stored value card designed for those who may have difficulty in obtaining a standard unsecured credit card and do not need to build or establish their credit.
The card does require a banking account to be opened when applying online or a security deposit to be made through the mail as well as payments made in advance, which are then used to offset future purchases made with the card.
Advance payments can be funded directly from the cardholder's paycheck, which is automatically loaded to the card every pay period. The card can also be loaded with another credit card, by sending a U.S. postal money order via mail, or by making a cash deposit using the approved deposit slip. Each time the card is loaded, a fee is applied to the account.
There is no interest applied on the account, no annual fee, and no other similar charges found with most unsecured credit cards. There is an application fee of $59.95, a processing fee of $90, and a minimum initial deposit of $10. There is also a monthly participation fee of $3.95 that amounts to $47.40 annually. In total, cardholders can expect to pay $197.35 in fees the first year.
There are fewer qualifications required compared to other unsecured credit cards, such as a no credit check policy and no bank account requirement. The only requirement is a verifiable address in the United States.
Therefore, those who are looking for a stored value card where they can pay in advance for purchases and do not mind paying upfront fees may find the VIP Pre-Paid Visa® Card to be a beneficial option.
Additional Perks
Various Internet account related services.
Autopayment option.
No liability for unauthorized transactions.
See website for additional benefits.
Notations
***The total initial fee includes a $59.95 application fee, a $90 processing fee, and a $10 minimum deposit.
****The monthly maintenance fee for the 'Hologram Debit Card' is $4.95 ($59.40) and the fee for the 'ATM Card' is $3.95 ($47.40).
No credit checks.
No employment verifications.
No security deposit.
Various additional fees associated with the card, see website for additional details.
See website for complete terms and conditions of card usage and application disclosure.
View Website Details
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