Watch out when applying for a prepaid card - A guide to prepaid cards fees and charges

03 September 2013 - Which Way To Pay

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Do prepaid cards really have high fees and charges? Facts you need to know about prepaid cards

Prepaid cards do exactly what they say they do right? You simply load cash on to the card, which can then be spent in shops, restaurants or online like a credit or debit card. Easy? Well yes, but what about the fees and charges associated with these plastic friends?

Prepaid Card set up fees

Providers usually charge a set up fee of around 10 when activating your prepaid card. Many providers give you a percentage of this activation fee back in your starting balance, however, not all providers do this.

Watch out: Find a prepaid card provider who will give you some of your activation fee back.

Prepaid card annual or monthly charges

Many providers provide a monthly or annual service charge to 'maintain' your account.

Watch out: Try and find a prepaid card provider who does not charge a fee OR has a low annual fee.

Prepaid card withdrawal fees

Most providers will charge a fee each time you withdraw cash from an ATM.

Watch out: This charge will either be a flat rate or as a percentage of total amount withdraw.

Inactivity charge

If you have not used your card in some time you could be charged an inactive charge.

Watch out: If you don't plan on using your card regularly then you should ensure you research this charge carefully.

There are some good prepaid card deals and offers in the market so it is important that you do your research carefully. When comparing the various providers you must check the fees associated so you get the best deal around.


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