Mango is more than a luscious tropical fruit. Mango Money is a prepaid debit MasterCard which offers a great alternative to cash. If you want to avoid credit checks or don’t have a bank account, Mango Money is an easy way to get a handle on your cash.
What Is A Mango Money Card?
Mango Money is a way to manage money without using a traditional bank account or credit card. You load the prepaid Mango card with money and can only spend what you have. Just like with other bank and money accounts, your deposits are fully FDIC insured so you don’t have to worry about them. Once you apply for a Mango Money card online, your card arrives in the mail within 7 to 10 days. Some other good things about this card? There are no application or activation fees and for now, shipping and handling is free.
Funding A Mango Money MasterCard PrePaid Card
How do you get money into your Mango Money card to spend it? There are a few ways to load up:
- Direct Deposit. When your Mango card arrives in the mail, it includes a Direct Deposit form. In a few steps, you can have your paycheck directly deposited into your Mango Money card. After you receive your card, you can also access Direct Deposit instructions online. This is handy for people who do not have a bank account but want the instant gratification of direct deposit.
- Bank Transfers. You can move money from your regular bank account to your Mango Card. Simply log in to your regular bank account, choose transfer and enter your Mango account number to indicate where you want to send your money.
- Cash At Retailers. Do you operate with cash rather than checks or direct deposits? If you have a cash and carry business, you’ll appreciate the Green Dot® MoneyPak® that converts cash into electronic cash. You can just load it right onto your Mango MasterCard PrePaid card. You can purchase a MoneyPak® from thousands of national retailers including Rite Aid, Walmart, Kmart and Walgreen’s. You’re ready to pay bills and more with your Mango card once your cash is converted.
- What’s YAP? YAP is a service to send and receive money on your mobile phone. Your Mango card is YAP enabled to send and receive money from other Mango account holders. Pretty convenient!
Mango PrePaid Debit Card Fees & Charges
Here are the fees associated with the Mango card:
- There is a monthly fee of $5 to carry a Mango MasterCard PrePaid Card.
- If you load $500 or more monthly, that $5 fee is waived.
- It costs $.50 to send money through YAP.
- There is a $4.95 fee from Green Dot® to load cash.
- It costs $2 to withdraw cash from an ATM and $.50 to check your balance.
- Currency conversion for international transactions is 2 percent of the amount of the transaction.
Here’s what’s free:
- Receiving money or checking your balance on your mobile phone is free.
- Direct deposit, bank transfers and mobile or online transfers from other Mango customers are free.
- Your online account statements, account management and customer service calls are free.
Mango Money PrePaid Debit Card Benefits
Several different types of consumers benefit from having a Mango Money Card. Let’s see if you are one of them:
- If you have no credit history, it’s an easy way to get money into an account. Young people on their first jobs are excellent candidates for a Mango card.
- If you have poor credit history. If you’ve made a few financial mistakes along the way and don’t qualify for a bank account, a Mango Money debit card is a flexible alternative that won’t subject you to credit checks. While you won’t build better credit by using the card, Mango is currently exploring ways to change that. As an aside, if you’d prefer a card that helps you build credit, you can check out secured credit cards and read our articles on the subject: here’s how to build good credit and how to establish credit for the first time.
- If you have a cash business. When you get paid in cash and don’t have a bank account, it is difficult to pay bills, place online orders and more. But with the Mango card, you can easily convert your cash to electronic cash at one of thousands of retailers. In minutes, you can use your Mango card to cover expenses.
- If you want to keep your money separate (from other accounts) without having to open another bank account. There’s much less overhead with dealing with a Mango card account as compared to a regular bank account.
The Bottom Line
You still have options even if you have poor credit or no credit. Mango gives all consumers an opportunity to enjoy the flexibility of an account with bank transfers, cash conversion, direct deposit and a prepaid MasterCard. Best of all, with such a card, you’ll never spend more than you have!