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If you've been keeping up with the news, you know the controversy surrounding the additional fees that go along with credit and ATM cards. Consumers are accusing banks of nickel and diming their customers out of millions each year in user fees for the privilege of withdrawing their own money. In an effort to skirt the problem, the emergence of prepaid credit cards has drawn in a host of customers who want the convenience and safety that comes with using plastic. Whether you're spending locally or internationally, you can enjoy a new level of independence.
The most appealing feature of the prepaid credit card is the fact that it comes with the MasterCard or Visa logo, although now, a number of companies like Discover and American Express are offering their own version. Consumers can use the card to do everything from pay bills and shop online, to withdraw cash from ATM's. It has also become an increasingly popular option for receiving your pay check or government benefits. As far as budgeting goes, because the money is withdrawn right away, there's no danger of overspending. But, prepaid credit cards also charge fees, which can run as high as $8.00 a month, so it's worth it to shop around.
Because of the intense competition between consumer financial products, prepaid credit cards are beginning to offer price breaks for things like direct deposit, which relieve you of monthly fees. Some even give you purchase rewards that let you accumulate enough points to earn travel miles and discounts on merchandise. Another popular selling point is a credit to your account when you activate your card. Although the amount rarely tops $10, it's enough to draw in new customers.
As far as convenience and safety goes, most prepaid credit cards come with a 24 hour customer service number and website that allows you to conduct business when you want. If you're worried about someone accessing your account, the risks are the same as any regular credit card, so make sure you take the proper precautions. Overall, prepaid credit cards are becoming the new standard, and with an increasingly financially savvy public on the rise, it looks like they have a bright future.
What else can I help you with?
What does the prepaid tuition covers?
Tuition and fees
What are the best prepaid credit cards, without annual fees?
Upside Card has the best prepaid credit cards, without annual fees. YOu can get your Visa prepaid debit card online at www.UPsideCard.com
Where can I find a prepaid credit card without any fees?
You will not be able to find a prepaid credit card with absolutely zero fees, but most large retailers sell prepaid cards with a very low percentage fee.
What does a prepaid tuition plan cover?
Tuition and fees
What does prepaid tuition plan covers?
tuition and fees
What is the process for handling prepaid HOA fees at closing when purchasing a property?
Prepaid HOA fees at closing when purchasing a property are typically handled by the seller. The seller will provide the buyer with a statement showing the amount of prepaid HOA fees, which the buyer will then reimburse to the seller at closing. This ensures that the buyer takes over responsibility for the HOA fees from the date of closing onwards.
Is unearned fees a example of prepaid expenses?
No, unearned fees are not an example of prepaid expenses. Unearned fees represent income received before services are performed, indicating a liability on the balance sheet until the service is rendered. In contrast, prepaid expenses are payments made in advance for goods or services that will be received in the future, representing an asset until the benefit is realized.
Does a prepaid internet card have any hidden fees?
There are many different prepaid credit cards that can be used to make internet purchases. Each card has different terms and these should be looked at carefully before deciding to use the card. Some hidden fees may include atm withdrawal fees, cash advance fees, and inactivity fees.
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What are the fees associated with giving a prepaid visa credit card as a gift?
There are no fees for giving prepaid visa credit card as gift. You must take care to instruct the recipient about all terms and conditions for best use of the card.
What should I know about prepaid debit cards before I get one for my son?
The major thing you should know is that some prepaid cards have evil, evil fees. There may be fees per purchase, to check your balance, to reload the card, etc.
Are there hidden fees when getting a prepaid debit or credit card?
Sometimes yes. There are fees if you don't use it within X months, and generally fees for making purchases or withdrawing money.
