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Oink is a new prepaid card for teens that works similar to Visa Buxx. Basically, the parent (account holder) loads money onto this card for the teen (cardholder) to use. Sounds like a nice tool doesn’t it? As soon as I heard about this card, I had to try it out! And what better time to sign-up than when they offer a $20 bonus? Here’s the sign-up link.
Note: It’s not a referral.
This card is very new. I mean so new, that it’s finally just allowing users to sign-up now. They had a sign-up area on their site in December, but every time I tried signing up, I got errors, so I’m glad that’s fixed.
|Annual Fee:||$10 (paid on sign-up)|
|Load Fee:||$0 for Debit and $1 for Credit|
|Paper Statement Credit:||$5 per card account|
|Funds Return on Account Closer||$10|
|Min Registration Load:||$10|
|Max Registration Load:||$50|
|Max Load After Registration:||Unknown|
|Daily Load Limit:||$250|
|Monthly Load Limit:||$5,000|
|Max Card Amount:||$1,000|
|Max Spend Per Day:||$1,000|
That’s a great question that is yet to be known. If we can load $250 per day with a CC at the cost of $1, I think it will be a very useful tool for hitting minimum spending requirements and non category spend. That would work out to only 0.4% fee, which is not bad at all! Of course, we’ll have to give it a real world test to find out for sure, but I’m optimistic.
Even if this card doesn’t end up working out for the MS community, I still see no reason not to sign-up. There’s an up front $10 annual fee, but you get $20 back when you register your card, so you’re basically making $10 off the deal for very little work. Here’s the link if you want to sign-up.
What are your thoughts on this new product?