MG Prepaid Card full review: should you get it?
You don't need to open a bank account to have one of the best prepaid cards with no maintenance fees. Read on and learn more about the MG Prepaid Card.
MG Prepaid Card: debit services and no need to have a bank account!
The MG Prepaid Card is an extremely efficient and secure money management solution.
You can have the facilities of a debit card without paying the absurd fees charged by banks. However, this card is more than just a debit service. So check it out!
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MG Prepaid Card: learn more about this financial product
The MG Prepaid Card appeared in the national market as a great way to protect your money. This is a prepaid card. Thus, you can deposit amounts and spend.
You can still withdraw it at ATMs. That’s without having to open a bank account or worry about high credit card maintenance fees.
Thus, you can load up to R25,000 simultaneously on this card. In addition, you are authorized to make daily virtual withdrawals or transfers of up to R5,000 per method.
This card can be used at any store in the country that accepts Mastercard cards. This way, it is an excellent option for students and people who want to control expenses.
So you can invite friends or family to access these same benefits. All your money, transactions, and expenses can be managed through your mobile’s “MG Pay” app.
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MG Prepaid Card features
In fact, reloadable cards attract customers because of their ease of obtaining. However, sometimes the facilities are compensated by some limitations.
So below, see the list of this card’s main “pros” and “cons” and decide if it deserves to be yours!
What are the benefits?
- Doesn’t care about your credit score: This card doesn’t check its customers’ credit history;
- Everyone can have it: This card has a 100% approval rate on new customer applications;
- You don’t need a bank account to start using this service;
- Use it in any store in the country: accepted in any virtual or physical establishment that accepts Mastercard debit cards.
And what are the drawbacks?
- No prior information is available on fees charged to customers;
- You cannot accumulate more than R25,000 as a balance on this card;
- The money accumulated as a positive balance on that card does not earn (a common option among competing cards);
- That card can’t help you if your goal is to build credit.
What are the requirements to apply?
Like most prepaid cards, this service does not establish many criteria for admitting customers. Below, learn about the basic prerequisites to have this card:
- Be at least 18 years of age;
- Legally reside in South Africa;
- Have a valid SA ID or passport.
How does the application process work?
In fact, having this card is as simple as buying food in a supermarket. To learn more, see the step-by-step in the following post.
About the author / José Gonçalo
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