This blog previously warned consumers about the differences between the three types of plastic in your wallets/pursues. Consumer Reports published the findings of its review of several prepaid cards, and concluded:
"... although fees are beginning to come down, they aren't always disclosed upfront. Moreover, prepaid cards offer weaker consumer protections than those provided by traditional debit cards..."
Some of the higher fees Consumer Reports found with prepaid cards:
- Activation or initiation fees ranging from from $3 to $14.95.
- Monthly fees as high as $10
- Fees to get cash as high as $2.50 per withdrawal
- Fees to contact customer service as high as $2.99 per call.
Obviously, consumers should ask for and read closely the terms and conditions or prepaid card agreement before purchasing a prepaid card. It is wise to understand the different types of prepaid cards.
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