Important fees to take into consideration when choosing a prepaid card

12 September 2013 - Which Way To Pay

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What fees and hidden charges are associated with prepaid card?

As more companies enter the prepaid card market, the fees and charges are gradually coming down. However, it is still important to consider the fees that you might have to pay

Charges that are typically applied to prepaid cards include:

Prepaid card set-up fee

Prepaid card providers always charge a set-up fee when you apply for a prepaid card. This is usually around $15. Some companies will give you a percentage of this activation fee back in the form of a starting balance on your card. Watch out though, as not all do this.

Prepaid service charges

Many prepaid card providers will charge you a monthly or annual fee. It is important to take this charge into account when choosing your prepaid card, especially if you do not anticipate using the card frequently.

Cash withdrawal fee

Watch out for any fees associated with cash withdrawals from an ATM machine. This will either be a flat rate or a percentage of the total amount that you have withdrawn. The withdrawal rate will be different when you are abroad so watch out for these fees.

Card purchase fee

Like a cash withdrawal fee, each time you use your card to make a purchase you will either be charged a fixed flat fee or a percentage of the purchase.

Prepaid card inactivity charges

Watch out for any inactivity fees and charges that might apply to your prepaid card if you haven't used it for a while. If you know that you will not be using your card for a while you should look into options to avoid these charges.

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