Mango Financial, according to its website, is "the fresh way to manage money. It's prepaid made perfect." Although we wouldn't classify this as the perfect prepaid debit card, we are thoroughly impressed with its offerings, including the ability to add money to your card using PayPal, a savings account for all its members and an entire Mango Grove that features fantastic articles and video clips on how to manage money.
As soon as you land on the homepage of this debit card company's website, you can tell that this TopTenREVIEWS Silver Award winner is different from many of its counterparts; it is definitely a "fresh way" to spend, with no credit check necessary. The features alone testify to Mango's dedication to its customers in helping them get to a secure financial position in their lives.
Mango focuses on what you can do with your prepaid card at no cost. Because you can perform many tasks absolutely free, we will list these first before hitting you with what Mango calls its Simple fees:
- No sign-up or activation fee
- No purchase fee
- No card-to-card transfer fee
- No direct deposit fee
- No customer service fees
- No bank transfer fees (your bank may charge a fee for this service)
- No wireless alert fees (your wireless provider may charge a fee for this service)
Of course, all good things must come to an end. This prepaid debit card does charge fees, just as every other prepaid credit or debit card does. However, take comfort in this statement from Mango's Fees page: "Our goal is to help you get more out of your money, which is why we charge you only what we have to."
The transaction cycle for this prepaid card is 30 days. Customers who do not load at least $500 per calendar month to the card will be charged $5 for each month they fail to do so. Note that if you load money onto your card by transferring money from one Mango card to another Mango card, these funds do not count toward your $500 monthly minimum. If you need to withdrawal cash, you can do so by using an ATM. The prepaid card will charge you $2 each time you withdrawal money from an ATM, which is in addition to any fees that the ATM's owner may charge you.
Checking your account balance regularly will help you keep track of your money efficiently. You can check your balance by calling Mango's automated phone system, talking to an actual representative or by ATM. For each of these methods, Mango will charge you 50 cents. To avoid this fee, check your balance through your online account or use the YAP mobile feature to have the information sent to you in a text message.
You are able to use your prepaid debit card nationally and internationally. If you use the debit card outside of the U.S., you will be charged two percent of the total purchase price for all transactions. Furthermore, if you use a foreign ATM, Mango will charge you the regular $2 fee plus two percent of the total withdrawal amount.
If you choose to close your prepaid debit card account with Mango, the company will charge you $10. If you have remaining funds on your card, you will receive a check for the remaining amount.
This prepaid debit card works on so many levels. From business professionals to stay-at-home moms, Mango provides a card that you can use anywhere that MasterCard debit cards are accepted. There are two flexibility features that really stand out:
Virtual card – On its website, Mango gives the example of using the virtual card for gaming. You can purchase things online without having to give out your Mango card number. The virtual card has a secure account number, security code and expiration date. You can also use your virtual card to put cash on your Mango Card, for $10.
Mobile – You can check your balance, send money, track expenses and manage your prepaid debit card anywhere with the iPhone app. While we do love the iPhone app, we wish there was also an Android app available.
Many people who turn to prepaid credit or debit cards are facing financial woes, including debt and poor credit history. Sometimes a prepaid card is the only option because you don't need a credit check, you aren't charged interest for using the card and you can only spend what you load onto the card, so you'll never exceed your limit or overdraw your account.
A prepaid debit card can be the perfect option to help you get back on track. This is why the Mango Grove is one of our favorite features that anyone, even those who are not holders of a Mango debit card, can access. The Mango Grove is Mango's company blog, but it is so much more than a typical blog. Here, you can access thousands of articles about how you can better manage your money. Yes, that may sound like a snooze fest, but these articles are actually enjoyable to read. There are even short, entertaining videos that you can watch. We haven't seen anything like Mango Grove offered by any other prepaid credit or debit card, and we are more than impressed by this feature.
Other notable features include the savings account. No other prepaid card offers customers this feature, and it only costs $1 to open this additional account. Mango can provide 6% APY on up to $5,000 for active cardholders who are enrolled in the direct deposit feature. Anything in excess of $5,000 will yield only .010% interest. If you are not enrolled in direct deposit, you will still receive 2% APY on balances up to $5,000. Note in the fine print that Mango does attest that these rates can change at any time.
You are allowed to transfer money out of your savings account up to six times per month. If you have extra funds on your prepaid card, you can transfer that money to your savings. You cannot transfer money from your Mango savings account to your card, however.
Because you will be using the prepaid card primarily for making purchases, it is imperative that you have sufficient funds available. The Mango prepaid debit card has several simple ways for you to load money onto your card, including:
Direct deposit – Your employer can deposit your paycheck directly into your Mango account. Mango does not charge a fee for direct deposit.
PayPal – This is our absolute favorite money-loading option. Mango is one of the few companies that even give you this option. You can transfer funds to your Mango card directly from your PayPal account online or with the smartphone app. Mango doesn't charge a fee for a PayPal transfer.
Bank transfer – In order to transfer money from your bank account to your prepaid card account, the name on both accounts must be the same. Mango does not charge a fee for a bank transfer.
Cash – In this case, cash means a Green Dot MoneyPak. You can purchase this card from thousands of locations. You will load money to your MoneyPak card and then add that money to your prepaid card. Retailers can charge up to $4.95 for a MoneyPak card. This is our least favorite way to load money.
The customer service center, like everything else about this card, is impressive. The FAQs section is extensive and well organized, so you can find exactly what you need quickly. If you do not find your question among those listed, you can type a keyword or phrase into the search bar.
You can send your questions, concerns or suggestions via email or call customer service. Email and phone support are available Monday through Saturday, from 9 a.m. to 6 p.m. CST.
Mango, Mango, Mango. We are really impressed with this company and its prepaid debit card. We know that each prepaid card comes with a set of fees, but not many companies are as straightforward about them as Mango is. These are the fees; here they are – bam, right on a main page. The ability to transfer funds directly from your PayPal account to your prepaid debit card is a stroke of genius.
