I Believe I Understand the Emerald Advance Card from Block

No kidding.  I spent about 40 minutes on the phone with a Block representative this morning, and I think I understand the card.  Last night I spent about 40 minutes learning how to apply a buffer around a vector, then create a new layer, in order to analyze geospatial data.  The Block Emerald Advance is roughly as difficult.

My review of this card is that affords a low-cost line of credit, when evaluated from a long-term perspective. At the same time, it is hard to spend your money.  You could try to limit your costs by opening the Advance but not using it. Even so, you would be down the “annual fee.”

One of the missing gaps in the prepaid card market is the credit builder. The Advance card would seem to offer than functionality. Currently the most popular vehicle for doing that is through a secured card. Anyone who wants to embark on an effort to restore their credit would be able to find a satisfactory option, given the alternatives, through the Emerald Advance.  That is because most secured cards are very expensive. Recent history shows that they are often co-incident to consumer abuses, as well. I think you can trust Block to treat their customers fairly.

Still, this is a very difficult product to understand. The, the account has a complex fee structure. If you are late on your payments, you will incur a lot of additional fees. It is an account that you want to maintain in good standing.

The card’s structure is actually split into three different elements. There is a line of credit, a spending account (the “Spend”), and a savings account. The savings account pays interest. The line of credit costs interest.

Consumers can open the account with an initial deposit. The account opening fee is $45. That fee is characterized as (more…)