BankMobile Vibe Up Debit Mastercard Review

Who is the BankMobile Vibe Up Debit Mastercard for?

The BankMobile Vibe Up Debit Mastercard is offered alongside the BankMobile Vibe Up checking account and app. It is ideal for college students seeking money management tools alongside rewards in and out of the classroom. In fact, only students that attend one of its partnering colleges can open up an account with BankMobile.

Those who have smart money management, high academic achievements, and a regular source of income stand to benefit the most from BankMobile Vibe Up’s various features. The Passport Recognition Program, for instance, gives you a chance to win discounts, surprises, and money to pay off student loan debt. Furthermore, this card also offers a competitive 1% return on balances up to $15,000.99 for qualifying account holders. 

An important thing to note is that BankMobile operates on a digital-only platform. Besides their ATMs, most of its features are only available online. BankMobile also does not have a live chat function that operates in real-time. Rather, customer service is provided through Facebook Messenger, where a representative will typically reply within a couple of minutes. For those who prefer in-person customer service, you may want to look to other banks. 

Ultimately, the BankMobile Vibe Up is a solid option for qualifying college students to practice good financial habits and simultaneously win rewards for doing so. To further explore whether opening up an account with BankMobile is right for you, consider its various features. 

Student Rewards Program

The Passport Recognition Program is a BankMobile’s way of rewarding their account holders for reaching certain financial goals or doing well in the classroom. You earn stamps for completing steps like setting up a budget, depositing into your checking or savings account, or maintaining a certain GPA. Each stamp earned is an entry into the Student Success Sweepstakes where winners are chosen on a quarterly basis and can win up to $10,000 to put towards paying off student loan debt. Besides earning an entry into the sweepstakes, you also have the chance to receive surprises and discounts as you rack up points. If you are looking for incentives to develop good financial habits, consider participating in this program. 

Other Features

BankMobile offers a variety of other features to account holders. Its online budgeting tool allows you to set savings goals and monitor your spending habits. With college being so expensive, this is a great way for students, who are running on a tight budget, to learn how to manage their money. Furthermore, with BankMobile’s mobile deposit and Bill Pay, you can easily deposit checks or make payments anywhere at any time. 

Perhaps the most attractive feature offered by BankMobile is its competitive APY of up to 1% on balances up to $15,000.99. You can earn interest just by using your BankMobile Vibe Up Debit Mastercard. Keep in mind that daily spending limits apply. For the interest to be applied to your account, you must make monthly deposits of $300 or more. Those who do not qualify will miss out on this substantial interest rate and will have to pay a $2.99 monthly service fee. With this service fee, the interest rate applied to your account will go negative, deducting money from your account. If this is the case, perhaps consider opening an account elsewhere. 

Fees

As mentioned before, a $2.99 monthly service fee will be charged to your account if you are unable to make those monthly deposits. Besides the monthly charge, the costs of holding a BankMobile account are relatively low. You do not have to pay any overdraft, insufficient funds, stop payment, or cashier’s check fees. Furthermore, you have access to one of 55,000 AllPoint’s ATMs around the world free of charge. Any withdrawal of cash from an ATM outside of AllPoint’s network will require a $3 fee. 

Conclusion 

The BankMobile Vibe Up Debit Mastercard is ideal for college students looking to develop and earn rewards for good financial habits. With its Passport Recognition Program and money management tools, students can learn essential budgeting skills. These opportunities combined with the high APY could even help finance those hefty student loan debts. From its digital-only platform to its student-focused features, BankMobile is truly unique. To open an account and activate the Mastercard, join BankMobile’s waitlist.