While going through a pile of papers, I came across a Verizon Reward+Cards, issued by MasterCard.
Having no idea if any money was left on it, I made a call or two. What I found out was not good news.
The first call I made was to Verizon Rewards. The agent was able to tell me that I originally had money on the card but could not tell me what the balance was. It was suggested to call the actual card company and gave me the number.
I make call number 2 and through voice prompts I was able to find out that I had $0 balance on the card so that was good. I connected to customer service to find out what I need to do with this "empty" card.
Here is what I learned:
1. If you are going to redeem points for cash to put onto a Rewards+ MasterCard, you should hold on to the card while money is on it or if you will eventually add to it. Otherwise they will charge you a fee for a lost card. They do not want to send you a new one unless you pay for it.
2. You have 12 months to use the money that you put on the card THE FIRST TIME. After that, any balance remaining on the card or added to the card at another time, is charged a monthly fee, starting with the 13th month, for as long as you keep a balance, no matter how small a balance. Remember, this is after the initial 12 months of having the card.
In other words, you are paying MasterCard for the privilege of having this Verizon Rewards+ card after the initial 12 months, as long as money remains on the card or if you reload it.
The agent at MasterCard was very nice and very upfront when I asked all the questions one would ask when they just can't wrap their brain around something which makes no sense, at least to the consumer. She said that if I read the back of the card I can see that it states all I was told about fees. My problem is that even with my good reading glasses, I cannot read the small type on the back of the card.
In the agreement, even if you read it all, you have to look at the back of your card for more information:
Thank you very much MasterCard. Wouldn't it be nice if Verizon would be upfront about this also?