Debit Cards

Simplify your finances: MG Silver Prepaid Debit Card

You don't have to pay the high fees charged by traditional banks to benefit from the services of a secure debit card. Read on and learn more!


by José Gonçalo

Published on 04/28/2023

MG Silver Prepaid Debit Card: enjoy discounts at select merchants

MG Silver Prepaid Debit Card
MG Silver Prepaid Debit Card review! Source: Foster the Money

MG Silver Prepaid Debit Card is your chance to have a great card without the fees charged by traditional banks!

MG Prepaid logo

MG Silver Prepaid Debit Card: check out how to apply!

Apply to MG Silver Prepaid Debit Card and get access to a cheap debit card with many perks, travel benefits and much more!

Further, find out how this card can make your life or company easier. Understand more!

Monthly IncomeAny income;
Monthly FeeR0 (for individual customers);
Initiation FeeNot specified;
Interest RateNone;
RewardsMG Plus: discounts on flights and hotels, stores and partner establishments, mobile top-ups, bill payments, online purchases, and rewards.

MG Silver Prepaid Debit Card: learn more about this financial product

With the MG Silver Prepaid Debit Card, companies and individuals have an excellent tool to manage their money.

Thus, this is a debit card free of the hefty fees of traditional bank cards.

Companies can issue these cards to their employees. Thus, the issuance of payroll payments can become extremely simple, safe, and fast. Individuals can also rely on this card.

Thus, they will be entitled to store up to R100,000 and make daily withdrawals of up to R5,000 at ATMs.

This card is accepted worldwide for purchases online or in physical stores.

MG Silver Prepaid Debit Card features

Young smiling african american businessman looking at laptop screen.
MG Silver Prepaid Debit Card features. Source: Adobe Stock

Indeed, debit cards can be excellent for anyone looking for a safe and inexpensive way to store and use their money.

However, these products may contain limitations that you need to be aware of. Below, find out the main advantages and discounts of this silver card!

What are the benefits?

  • Accumulate up to R100,000 on the same card without paying fees;
  • Accessible to all: The card boasts a 100% approval rate for new customer applications;
  • No bank account necessary: You can start using the service without having a bank account;
  • Nationwide usage: You can use the card in any virtual or physical establishment that accepts Mastercard debit cards nationwide.

And what are the drawbacks?

  • Fee information not disclosed: There is no available information on fees charged to customers;
  • Daily ATM withdrawal limit of up to R5,000;
  • No interest on positive balances: Unlike competing cards, the money accumulated as a positive balance on this card does not earn any interest;
  • Not suitable for building credit: This card is not designed to assist in building your credit.

What are the requirements to apply?

Indeed, companies and individuals can apply for this card. In the application process, you must present FICA documents. Below is a list of these!

For individuals

  • South African identity document or passport;
  • Proof of address, such as a utility bill or bank statement (not older than three months);
  • Proof of income, such as a payslip or bank statement.

For companies

  • Certificate of incorporation;
  • Company resolution to open an account;
  • Details of directors and signatories;
  • Proof of address of the company, such as a utility bill or bank statement;
  • Proof of address of directors and signatories.

How does the application process work?

Indeed, you can apply for this debit card without leaving your home. To do so, learn about the process for applying for this card step by step. See the following post!

MG Prepaid logo

MG Silver Prepaid Debit Card: check out how to apply!

Apply to MG Silver Prepaid Debit Card and get access to a cheap debit card with many perks, travel benefits and much more!

About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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