Freedom Comes With A Price - EON MOL Freedom Master Card
MOL Freedom prepaid master card is a co-branding prepaid card between Eon Bank and MOL. MOL is e-commerce company focusing in the area of cash-based payment collection centres (bill payment), online transactions and loyalty programe. In a nutshell, the Freedom card is effectively payment tool specifically developed by and for MOL. Therefore, the card is a fee-based card – every time when you use the card with it merchant/partner networks, including cash re-load, you will be charged between RM2.00 to RM4.00.
Interestingly, Eon bank called the Freedom card “unembossed” card (it has another prepaid credit card called Impian Unembossed card). The reason of having such an unimpressive name is this is a prepaid credit card where you ‘buy’ over the counter, therefore there won’t be any name preprinted on the card – Umembossed means a “nameless” card.
The maximum top-up value is RM10,000 with the initial minimum top-up amount of RM50.00. All in all, it costs RM40.00 to get the card where RM25.00 is for the starter kit and RM15 to activate the card. There is a no monthly charge. Annual fee of RM20 is waived for the 1st year and for subsequent years , it will be waived if cardholders had used the card more than 12 times in a calendar year.
You will not received any account statement unless you request for it and agreed to pay RM5.00 for each statement (after the free-3-month period). A very important point to note, in the event of card loss, Eon Bank will neither liable nor responsible for the possible losses in the next 48 hours even though report has been made. Apparently, the Bank needs 48 hours that long to deactivate the card.
Conclusion
Unless MOL is where you must shop, you can probably do without this ‘freedom’ – why tie down your freedom with heavy fees? If you are rather keen of having a prepaid credit card, Am Bank NexG card is a better option. Alternatively, wait for Tune Money. See also earlier posting on prepaid credit card here.
Card Fees & Charges (click to enlarge)
Card Usage & Fees (Click to enlarge)
You don’t want to loss more money? Then you need to bank-in at Eon Bank, and that is their service. I still experiencing problem using this card.