The Purpose MasterCard Debit Card, issued by KeyBank National Association, is a stored value card designed for those who may have difficulty in obtaining a standard unsecured credit card and would like to take advantage of the Purpose™ prescription discount card that allows cardholders to save up to 50% on the cost of prescription drugs.

There is no interest applied on the account, and the card has no annual fee. However, there are some fees associated with this card including a card opening fee of up to $29.95 and a monthly maintenance fee of $3.95 ($47.40 annually). So in the first year alone, a cardholder can expect to pay up to a total of $77.35 in fees.

Advance payments can be funded directly from the cardholder's paycheck and automatically loaded to the card every pay period. In addition, by signing up for direct deposits, cardholders will automatically be eligible for preferred pricing, which eliminates many of the fees associated with this card including the card opening fee and the monthly maintenance fee. The card can also be loaded with a cashier's check or money order via mail or by making a cash deposit at select merchant locations. Each time the card is loaded, a fee is applied to the account, which is based on the amount being loaded.

There are fewer qualifications required compared to other unsecured credit cards, such as a no credit check policy and no bank account required. 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, do not mind paying the minimal fees, do not need to build credit, and would like to take advantage of the prescription drug discounts may find the Purpose MasterCard Debit Card to be a beneficial option.

 
Please be sure to read the issuer's Terms and Conditions