Prepaid credit cards can be a life saver for consumers needing a way to manage their money, however before you sign up for a card you need to be aware of the prepaid credit card fees your being charged. While some cards offer an excellent service with a low fee schedule, others are ripping you off and you better off paying cash than dealing with the fees your being charged.
When it comes to prepaid credit cards fees, you may be surprised at the fees some cards will charge. Fees to deposit your money, fees when you make a purchase, fees when you need help and more. Below is a run down of the fees being charged by some prepaid card companies.
- Card Fee – The fee that is charged to get the card and if you want a specialized card can cots upwards of $19.95
- Activation Fee – The fee charged by some prepaid cards just to start using your card and it can be as high as $29.95
- Monthly Fee – All cards charge a monthly fee and while normally $9.95 or less, this fee can be as high as $19.95 per month. Check out the Upside prepaid card for a monthly fee of only $4.95 per month
- Convenience Fee – This is the fee charged when you use your card and is normally $1 per transaction, however the better cards do not charge this fee.
- Balance Inquiry Fee – The fee charged when you check your account balance via an ATM and is normally $2 per check and again, the better cards do not charge this fee.
- ATM Withdrawal Fee – The fee charged when you withdraw money from an ATM and is a normal fee for all banks and prepaid credit cards and can be as much as $2.50 per transaction. Save money by getting cash back with your transactions.
- Refill Fees – The fee charged when you refill your prepaid credit card through reload cards. Save money by using direct deposit.
- Statement Fee – The fee charged to get a statement whether or not it is online or paper. Normally, online statements are free but this is not always the case and the better prepaid cards do not charge this fee.
- Maintenance Fee – The fee charged to maintain your account. The better prepaid cards do not charge a maintenance fee while others charge as much as $9.95. This fee can be the same as or in addition to your monthly fee.
- Optional Fees – Yes, there can be more fees. These fees cover optional services such as getting a replacement card, bill pay, cash express, etc.
If you need a checking account, check out our directory of banks and if you cant find a local bank in your area, get the low fee Upside prepaid card.
