Update 3/25/20: Mango has just sent an e-mail out and this new cap of $2,500 will now apply to legacy account holders as well (as well as the new debit card spend requirement). To make matters worse when sending out the e-mail they just sent it out to 20 account holders at a time in the same ‘to’ field meaning people’s e-mail addresses, addresses, full names etc are exposed.
Update: Existing members from 10/26/18 and prior will retain ALL of the old terms ($800 requirement and $5,000 limit and probably PIN purchase option).
The Mango prepaid card used to be one of the best options around with 6% back on balances up to $5,000 with a low monthly fee. It became largely irrelevant when they basically began requiring $800 of spend on the debit card each month to get that rate (longer explanation here).
Over the past few days, they updated the website with three new changes:
- They’ve now lowered the 6% rate to just $2,500 instead of $5,000 bringing down the value further.
- They now require $1,500 in purchases (previously $800).
- They now stipulate that the purchases be signature purchases (previously PIN purchases worked too).
Not sure if/when these changes will go into effect for existing users, but it’s certainly dead for new users. Anyway, with interest rates rising. the 6% is less appealing than before.
Hat tip to Mario G on Twitter