The Brinks Money Paycard is one of the latest credit cards to hit the market. If you're looking for an easy way to earn some extra cash, this could be just the thing for you. But what are the pros and cons of the card before deciding whether it's right for you? Here's a look at what the card has to offer, along with how it works.
What is it? The Brinks Money Card is a secured credit card that gives you cash back when you spend money. So long as you have an active checking account, you're good to go. There's also no annual fee. When you make a purchase using the card, you earn points. The more points you have, the more cash back you'll receive.
How does it work? The way the Brinks Money Card works is pretty straight forward. You make purchases with the card, and the company will pay you back a portion of the price. You can use the cash back portion for whatever you want, including paying bills or replenishing your savings account. It's really that simple!
How do I get the cash back? Every time you make a purchase, you'll be sent a notice via email. It's a simple procedure, and once you start using the card, the company will keep track of all your transactions. When you reach a predetermined amount of cashback (the maximum you've earned on the card), you can redeem it for a variety of things, from cash or gift cards to merchandise, and even travel miles and bonus points.
Does it charge a fee? The company does not charge an annual fee for the card. They also don't charge fees if you decide to cancel your account within the first year. In addition, they have an application fee and monthly service fee. However, if you pay your bill on time every month, you won't have to pay any fees at all. The company does encourage you to be responsible, however, and they have several methods for reporting late payments to the credit bureaus.
How much can I boost my credit limit? You can't increase your credit limit very quickly. It usually takes at least a year and a half to build a good credit history and you can't increase your limit more than 25% of your total available credit. That's the biggest limitation of this card, though. You can use this responsibly.
Is there a grace period? This also depends on how much you spend. If . . . . . . you don't spend much, you won't have to worry about a grace period. Otherwise, you will have to wait until your spending is done for the month. If you do use the pay card and pay on time each month, you won't have to worry about a grace period.
Is it easy to cancel this card? This is one of those cards that can be canceled if you lose your job. The credit card company won't ever deny you this kind of card. Other than that, it's pretty easy to cancel this one.
Are there annual fees? These vary by company. You might find some companies don't have annual fees at all. Some of them do. You should check this out before you apply for this card. If there are annual fees, they probably are pretty reasonable.
Will I get a discount for having multiple cards? You can get a discount if you have more than one Brinks Money PayCard in your name. This means you could have two cards and both be using the same account. Some companies will give you a discount if you use two cards at the same time.
Is it safe to use a personal card like this? This one has a few advantages, but you still need to be careful. You should never pay someone using your credit card to make a payment. If you're not sure, always use a debit card instead.
How long does it take to see results? It takes about two weeks to start seeing cash back on your purchases. It may take as much as three months or more for you to start seeing significant increases in your credit score. This is because your spending gets monitored closely by the credit companies. But over time, you should see an improvement.
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