Description: This article is mainly focusing on the reloadable prepaid card, it can tell you what to look for and what to be aware of in a reloadable prepaid card and how to monitor and manage your card wisely
No payment card is right for everyone or every situation, but a general purpose reloadable prepaid card could be a solution if you don’t have a checking card or a checking account debit card. Or if you want to give someone, for example, a teenager a way of paying with plastic without the risk of overspending, prepaid card aren’t the same as credit or debit cards but they do offer advantages for some consumers.
First, a reloadable prepaid card doesn’t require a credit check, so it’s easy to get. It can generally be used at restaurants, stores and online. And it may offer you the option to pay bills online or by phone. But not all prepaid cards are alike, some don’t offer all the features and services you might want and others charge a lot of fees, which making them a potentially expensive option.
If you’ve decided that a prepaid card might be right for you, you will need to do a little research to select the best one. Now I’ll explain what to look for and what to be aware of in a reloadable prepaid card and how to monitor and manage your card wisely. Then after this article, you will know how to select the right card for you.
There are dozens of reloadable prepaid cards to choose from, the best place to start your research is online, consider the cards that only offer the features and services you want are accepted by the businesses where you shop, easy and convenient to use and reload, protect your money, clearly disclose all fees and terms and offer account management tools. Be sure to choose a card for its low cost, the useful features and benefits it offers and how convenient if it is to use.
When you find the cards you like, visit the issuers websites to read the cardholder agreement and fee schedule, the information will be more detailed than what is printed on the card package or in an online offer. Make sure you understand exactly what the terms and conditions are.
Then it’s time to compare costs, there are more than 15 different types of prepaid card fees, you can be charged for everything from card activation and monthly maintenance to customer service, there may even be a fee to close the card.
Some cards are more consumer-friendly than others with fewer and lower fees while still offering many useful features. To determine the true cost of any card, you have to calculate the fees you are likely to pay the way you plan to use the card.
In addition to these types of usage fees, consider one-time fees for things like purchasing, activating and closing the card, you also need to find out if there are ways to avoid certain fees altogether.
Lastly, consider any card services or benefits you would use that might save you money, once you’ve chosen and received your card, check your account transaction history regularly. It’s the best way to keep these down and unauthorized use sooner rather than later. If you are paying fees you could avoid, consider changing your habits to reduce your card costs.
If you think a reloadable prepaid card might be a good choice for you, visit consumer actions website where you can learn more about prepaid cards before making a decision.