The days when all prepaid cards nickel-and-dimed you on every transaction with a super-expensive fee are over.

Cards that adhere to the 2019 CFPB Prepaid Card Rules – like the MoCaFi Prepaid Mastercard® – offer many of the same protections as traditional checking accounts.

At the same time, prepaid cards don’t carry some of the fee and financial requirements of traditional checking accounts, check cashing stores, or payday lenders that can hurt consumers who are looking to improve their financial lives or rebound from a bad financial situation.

We’ve put together a short list of scenarios that may indicate a need to switch to a prepaid account to transform how your daily finances can be used to spend smarter and build credit.

Get the same basic features of a traditional bank account

The MoCaFi Prepaid Card is issued by SunRise Banks Member FDIC. Card funds up to $250,000 are insured by FDIC, provided the card is registered to the name of the primary cardholder. Each account is given a bank account and routing number that can be used for direct deposit or ACH electronic payments.

Your bank account makes you keep a minimum monthly balance

Most traditional bank accounts require that you keep a minimum daily balance in order to avoid a monthly service fee to keep your account open. For example, Wells Fargo everyday checking account charges a $10 monthly fee unless you keep a $1,500 minimum daily balance or make 10 debit card purchases a month. With a MoCaFi prepaid card, you can make 5, 10, 20, or 100 domestic debit card purchases and spend your balance to zero each month and never be charged a fee for the transactions. We make our money from the interchange fee paid by the merchants you purchase from, i.e. the Walgreens, McDonalds, Dollar General, or your local coffee shop.

You’re using overdrafts as a line of credit

Prepaid cards are load first, spend second. You can only spend the money you load onto the card. If you try to make a purchase with insufficient funds, then the purchase will simply be declined. Many of us like to have the cushion of overdrafts to make ends meet between paydays. However, excessively recurring overdrafts can be an expensive form of credit that may signal a need to reign in spending and build tighter budgeting behavior.  Prepaid cards can help you spend smarter.  The MoCaFi card goes even further to help you build credit, by reporting rent payments made from your card to Equifax and TransUnion as a way to get positive payment history onto your credit profile.   Learn more about MoCaFi Rent Reporting at

You can’t qualify for a personal loan from your bank

According to Federal Reserve, 40% of Americans can’t cover a $400 emergency. If you’re in the 40% – managing to check to check without a safety net – big commercial banks can’t (won’t) help you get out of a jam. Only a few offer personal loans (Wells Fargo, Discover, Citibank). And the few that do consumer lending require Prime credit score and a longstanding relationship. The chances that you’re in good standing with a minimal balance and low savings is slim to none.

MoCaFi credit builder loans offer up to $500 loans at 15% with a 12-month repayment term for borrowers with 6-months of current rent payment history. We don’t require a credit check, we don’t penalize you for paying early, and if you have a MoCaFi card, we’ll cut the interest rate by 2%.

Card works like any other debit card

The MoCaFi card design looks, feels, and behaves like a basic debit card issued from any bank. The card may be used everywhere Debit Mastercard® is accepted and each transaction can be checked in real-time with the MoCaFi mobile app.



  • No credit check to enroll
  • No enrollment fee
  • No fee to direct deposit funds from an employer or benefits provider
  • No fee to load approved checks that clear after 10 days via the Ingo Money™ feature
  • No fee to make domestic debit card purchases
  • No fee to make electronic rent payments
  • No fee to report rent payments to Equifax and TransUnion
  • No minimum balance requirements
  • No credit check to qualify for credit builder loans—just your rent payment history and a financial coaching session
  • Other fees apply.  Click HERE to see the full Cardholder Agreement.

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