Update: It looks like this offer is only good on new accounts. Thanks to reader Jackalope for pointing this out.
The Offer
- Receive a $20 credit bonus if you receive a direct deposit of your tax refund into a registered T-Mobile Visa Prepaid Card
The Fine Print
- Limit of one credit per eligible account
- Offer good on new accounts activated with direct deposit of federal tax refund
- Allow up to 8 weeks from refund receipt to process
- Valid from January 14th until April 30th, 2015
Our Verdict
Most of my readers will be familiar with this product as a way of manufacturing credit card spend but it’s actually targeted at people that are unbanked or underbanked (like all prepaid cards).  You can also get another $20 if you set up direct deposit with this card.
Serve are offering a similar $20 bonus, but theirs is a targeted promotion. A lot of the tax filing software is also offering you an additional 5-10% back if you purchase gift cards with your tax refund instead of receiving cash (TurboTax is also offering 1,000 miles or $20).
I don’t think it’s worth signing up for this card just for the two $20 bonuses, but if you already have it then you should consider depositing your tax refund in there. It’s also a good chance to have a look at another manufactured spending route if you haven’t considered it before.
I’m going to deposit mine and get the $20 bonus unless something better comes along, I’ve added this to the ways I’ve made money in 2015.
Direct link to offer | Screenshot of offer
Hat tip to Maximizing Money for finding this deal
The email I got has the following T&Cs (emphasis added):
*$20 Offer: Limited time offer, subject to change. Limit one offer per customer per card account. Offer good on new and existing accounts activated with direct deposit of federal tax refund. Please allow 8 weeks for promotional credit to appear on Card after successful direct deposit of tax refund.
Hi R.,
Looks like they’ve changed the terms of the promo then. Interesting…
That email was from 1/22.
A couple of comments on this offer. Buried in the fine print, it says that it is only good for new accounts:
“*$20 Offer: Offer Expires 4/30/2015; subject to change. Limit 1 credit per eligible account. Offer good on new accounts activated with direct deposit of federal tax refund. Credit may take up to 8 weeks following direct deposit of federal tax refund to be applied to account. Capable device and qualifying data plan are required.” Look towards the bottom of the page on this link:
http://www.t-mobile.com/landing/moneyservices.html
I think YMMV if you have a current T-Mobile Money account
Secondly, if you have a refund coming and are eligible for this direct deposit offer, the Amex Serve offer, or the Turbo Tax offer and maybe others, you might be able to do as many as three by filing form 8888. You are supposed to be able to file this form in this year’s Turbo Tax. For more info from the IRS, see this link:
http://www.irs.gov/uac/Newsroom/IRS-Reminds-Taxpayers-about-Direct-Deposit-and-Split-Refunds
They don’t have that wording on the actual offer page, I’m going to contest it but in the mean time I’ve updated this post. Thanks for letting me know about form 8888, written a post on this and will go live sometime next week.