by Marie F.

Created on: August 23, 2008

Don't rush to get a Rushcard unless you don't mind paying fees to a credit card company in order for them to earn interest on your money.

Supposedly the whole idea of the Rushcard is to help you control your spending, to be fiscally responsible. Yet right off the bat you lose $19.95 of the first $100.00 that you put on this prepaid credit card. And it gets worse.

The website stresses no hidden fees. That's right, there is no hidden fee, but make sure you read the fee schedule because it will be a shocker.

Let's start with a $100.00 initial deposit on this prepaid card:

Immediately lose $19.95 for an activation fee. Now you have only $80.05 left and you haven't even bought anything.

There is a $1.00 convenience fee. This is unbelievable. Each time you perform a card transaction other than at an ATM you are charged $1.00. Does that mean every time you buy something you pay an extra $1.00? No other explanation is given. Say you get zapped with $5.00 of convenience fees, you now have $75.05 of your $100.00 and you don't have any merchandise to show for it.

ATM withdrawals are $1.95 plus your bank's fee. Before we even add your bank fee you now have $73.10 left of your $100.00. Guess what? If you want to check your balance at that ATM it will cost you 50 cents. Now we have $72.50.

Want to pay a bill online? Add $2.00 to enroll in online bill payment and $1.00 for every bill that you pay. We're at $69.50 if you pay just one bill online with this card. And that's before you pay the bill! Hope the bill isn't over $69.50!

Don't use your card for 60 days? You just lost another $2.95 which brings you to $66.55. Rushcard charges you to leave your money in their bank account to earn them more interest.

If you want a paper statement it will cost you another dollar. You now have $65.55 to spend from your original $100.00. You just lost more than 33% of your money.

Buying gas? Sorry, you can't pay at the pump. You have to present your card to the cashier inside.

Visa is a respected company. The hip-hop pioneer Russell Simmons is the chairman of UniRush Financial Services which offers the card through Visa.

The motto of Rushcard states "The Rushcard was designed to provide access and financial empowerment to all". Huh?

Put the $100.00 in your wallet and none in the wallets of Visa or UniRush. Better yet, put $65.55 in your wallet and the other 33% in a savings account.

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