If you decide that using a prepaid card makes it easier for you to manage your finances, make sure to sign up for a no-fee card.The History of Money: How the Humble Bank Card Changed the WorldBankĬards – both ATM and debit cards – have changed the way that people bank, as well as the way they spend their money. Even though you're saving on potential interest charges or overdraft fees, the monthly fees on a prepaid card can get very expensive, too. A prepaid card might be a better alternative than a debit or credit card, as it can force you to stick to a budget by declining purchases that exceed the balance in your account. You can request a new prepaid card if it goes missing, and many card issuers allow you to lock your card to prevent unauthorized use.Īnd since you can incur overdraft fees with a debit card or quickly run up a balance on a credit card, a prepaid card can help you limit your kids’ spending to the amount loaded on the card.Ĭhoosing a prepaid card could be a good choice for you if you have a history of overspending. Prepaid cards are a good option for parents who want to give their kids spending money without handing them cash that could potentially get lost.
Make sure you're familiar with your card's terms of service and reach out directly to your card issuer for more information. While there's typically no minimum balance requirement, you could get stuck paying a monthly fee you regardless of your balance. Bluebird® by American Express has no card opening fee when you open an account online (otherwise it costs up to $5), no monthly fee and no foreign transaction fees. There are options out there with minimal fees. You may also incur ATM withdrawal fees of $2.50, check deposit fees ranging from $0 to 5% of the total check amount and a 4% fee on purchases made outside the U.S. The PayPal Prepaid Mastercard® can cost up to $4.95 to purchase the card ($0 if you get the card online) and charges you $4.95 a month to use the card. You can also expect to incur an ATM fee, reload fee and foreign transaction fee with many prepaid cards. But you may also pay a fee to open your prepaid card, typically around $5.
Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. Any purchases you attempt to make exceeding $200 will be declined until you load more money onto your card.īefore you open a prepaid card, it's important to understand what fees may be associated with them. If you add $200 to your prepaid card, you can only spend up to $200. One disadvantage of using a prepaid card is that you can only complete transactions up to the amount you have loaded onto it. Issuers won't do a credit check when you open a prepaid card, but you also don't build a credit history when you use one. They are accepted nearly everywhere since they are often backed by a major card network, such as Visa, Mastercard or American Express. Prepaid cards can be used to make purchases and pay bills, just like debit or credit cards. They also require more attention since you can incur fees for simply having a card or reloading it with more cash. But prepaid cards come with a few more bells and whistles, like the ability to set up direct deposit and check your balance on a mobile app. Similar to a gift card, you add value to the prepaid card before you can use it, which is essentially like prepaying for future purchases.
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