If you are wondering what facecard is, let me tell you that it is the answer for parents to teach their college going children financial responsibility. Facecard is like an ‘allowance’ in which parents or friends can deposit money that a student can use anywhere mastercard is accepted. It is a prepaid card introduced by MetaBank in 2008. The idea behind introducing this card is to establish an alternative to a credit or debit card especially for students.
Parents can load cash to the student facecard account using their mobile phone or computers. They have the authority to monitor where the student is spending the money, which gives them a greater control. Also, if the child shows irresponsible spending behavior, the parents can have a chance to teach their child how to utilize credit in a better way. Moreover, the card has discounts known as prewards for saving on purchases. Prewards work something like this – students receive preward offers in their account, which they can accept or reject at their free will. Suppose the offer suggests a 3$ discount on sandwich. If the sandwich costs $6, only $3 will be deducted when the student uses the card.
Last month, Facecard, in association with Facebook, launched an application, which links both of them. This application, also known as facecard, can be downloaded directly. It promotes money transfers on facecard through facebook. You can transfer money in three ways, either by sending ‘money messages’ or transferring money to the another Facebook user’s wishlist or by gifting it using the ‘thinking of you’ option.
Facecard charges $5 for signing up and $3 as a monthly account maintenance fees. The monthly maintenance fees can be waived off on two occasions – if you load paycheck through direct deposit or spend minimum $100 a month using the facecard. The prewards and other features make facecard a better utility than the free checking account. The facecard seems to have a good future and remarkable uniqueness among other cards.
http://www.free-credit-report-360.com
