How to Compare Prepaid Credit Cards
Look for low monthly maintenance fees., Seek cards without an activation fee., Review ATM withdrawal fees., Watch out for fees for PIN/signature transactions.
Step-by-Step Guide
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Step 1: Look for low monthly maintenance fees.
Most prepaid cards charge what is called a monthly maintenance fee.
The best prepaid cards offer the lowest fees.
Fees between $1 and $3 are generally on the cheaper side.
Avoid cards with large monthly fees.
Some cards charge nearly $6 simply for a maintenance fee.American Express cards, such as Bluebird and American Express Serve, tend to have lower maintenance fees.
They're typically around a dollar or less.
Green Dot and Chase Liquid cards have higher fees, often over $5 a month.
Visa's gold prepaid card charges almost $10 a month for a maintenance fee. -
Step 2: Seek cards without an activation fee.
Some cards charge money simply for activating your card and may also charge for reloading it.
It can be frustrating to put money into an account, only to have it taken out immediately.
Ideally, find a card that does not charge an activation fee.If you find a card that otherwise meets your needs, but has an activation fee, it may be worth paying if it's on the lower side.
Card activation fees may only be a little over a dollar, but be careful of cards with an activation fee that's $4 or more.
Visa's prepaid rush chard, for example, can charge over $9 for activation., Unfortunately, most prepaid cards have withdrawal fees for ATMs not associated with certain banks.
Some cards have withdrawal fees for any ATMs.
However, with a little diligence, you should be able to find cards that offer no ATM fees.
BB&T money account cards, Chase Liquid cards, and Comerica Bank Independence Prepaid Card all have no ATM fees.ATM fees often look small, but they can add up fast if you're withdrawing money multiple times a month.
Also, if ATM fees are coupled with maintenance and activation fees, the money you put in your card will dwindle fast. , As many retail outlets expect you to enter your PIN or sign after a purchase, avoid prepaid cards that charge a fee for this.
PIN/signature fees will eat up your money fast and inconvenience you greatly each time you use the card. -
Step 3: Review ATM withdrawal fees.
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Step 4: Watch out for fees for PIN/signature transactions.
Detailed Guide
Most prepaid cards charge what is called a monthly maintenance fee.
The best prepaid cards offer the lowest fees.
Fees between $1 and $3 are generally on the cheaper side.
Avoid cards with large monthly fees.
Some cards charge nearly $6 simply for a maintenance fee.American Express cards, such as Bluebird and American Express Serve, tend to have lower maintenance fees.
They're typically around a dollar or less.
Green Dot and Chase Liquid cards have higher fees, often over $5 a month.
Visa's gold prepaid card charges almost $10 a month for a maintenance fee.
Some cards charge money simply for activating your card and may also charge for reloading it.
It can be frustrating to put money into an account, only to have it taken out immediately.
Ideally, find a card that does not charge an activation fee.If you find a card that otherwise meets your needs, but has an activation fee, it may be worth paying if it's on the lower side.
Card activation fees may only be a little over a dollar, but be careful of cards with an activation fee that's $4 or more.
Visa's prepaid rush chard, for example, can charge over $9 for activation., Unfortunately, most prepaid cards have withdrawal fees for ATMs not associated with certain banks.
Some cards have withdrawal fees for any ATMs.
However, with a little diligence, you should be able to find cards that offer no ATM fees.
BB&T money account cards, Chase Liquid cards, and Comerica Bank Independence Prepaid Card all have no ATM fees.ATM fees often look small, but they can add up fast if you're withdrawing money multiple times a month.
Also, if ATM fees are coupled with maintenance and activation fees, the money you put in your card will dwindle fast. , As many retail outlets expect you to enter your PIN or sign after a purchase, avoid prepaid cards that charge a fee for this.
PIN/signature fees will eat up your money fast and inconvenience you greatly each time you use the card.
About the Author
Samuel Bailey
Creates helpful guides on DIY projects to inspire and educate readers.
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