The Vaya Prepaid MasterCard, issued by BANKFIRST, is a stored value card designed for those who may have difficulty in obtaining a standard unsecured credit card.

Although the card does not require a banking account to be opened or a security deposit, it does require payments in advance, which are then used to offset future purchases made with the card.

Advance payments are funded directly from the cardholder's paycheck, which can be deposited all at once, or in portions onto the cardholder's account. The funds are then automatically loaded to the card every pay period.

There is no interest applied on the account, or other similar charges found with most unsecured credit cards. In addition, there are fewer qualifications required, as compared to other unsecured credit cards, such as a no credit check policy and no bank account requirement.

Nevertheless, it is important to note that there are some fees associated with this card, such as an application fee of $49 (if paid online) and a monthly participation fee of $5.95, which amounts to $71.40 annually. So in the first year alone, a cardholder can expect to pay a total of $120.40 in fees.

Therefore, those who are looking for a stored value card where they can pay in advance for purchases, do not mind paying upfront fees, and do not need to build credit may find the Vaya Prepaid MasterCard to be a beneficial option.

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