Some Common Costs Associated With Prepaid Visa Cards

Visa gift cards are like any other business out there, to make money while they are providing a service. So if someone purchases a gift card, for a certain amount, and the recipient receives that amount, how does the service provider make their money to be able to pay for the costs of making the card (minor, yes), processing the card for each gift purchase, and keeping track of the accounting? Well, there are charges, some hidden and some not so hidden that will pay for the costs to provide this service.

Some prepaid visa gift card plans carry a monthly fee, which is usually around $10 per month. The monthly plan includes 2 free ATM withdrawals, a free convenience fee (when you don't use your PIN) and no maintenance fees. This kind of plan is useful if you plan on using the ATM at least twice a month and like to check your balance regularly. All in all, if you plan to use your card a lot, if you can, you should get a bank account, or a credit card and can pay your balance off every month, you would do better with those options.

There is also a pay as you go plan that has no monthly fee. The difference with this plan is that you pay each time you check your balance, and each time you want to withdraw money from your account. You will also get charged a maintenance fee as well if you don't use your card for at least 3 months. This plan is more cost effective if you don't use your card more than once or twice a month.

In either case, using a prepaid Visa card, or any other type of prepaid card for that matter, will have some costs associated with it. These types of cards are really not recommended for those with good credit and have a bank account with their own ATM service feature. If you plan to use your prepaid card regularly, or you get paid by having a balance added to a prepaid account, you will end up paying to access your own money. If someone proposes this payment arrangement, going the PayPal route will be much better solution.

Other lesser known costs associated with the gift cards concern using the card for more than just a cash card or a debit card. If you use your card to pay bills, there is a bill payment fee of $1.00. However, even before you get charged to pay your bills, there is a one time charge of $2 to enroll your card to pay your bills. If you decide that you want to change your plan from the monthly to the pay as you go, or the other way around, you will get charged a 'plan change fee' of about $2. If you want to transfer a balance from your prepaid account to another account, you will be charged a fee of $2.95. Last but not least, if you lose your card, you will get charged a $3.95 fee to replace your card.

Most of these charges don't exist with credit cards or bank accounts, so it is very evident that the use of prepaid visa cards should be used sparingly and if no other option is available, as you get charged for almost any activity that you perform on your card. Find out all you can about the difference between credit cards, debit cards, prepaid visa cards and gift cards before you make your decision on which solution is right for you.

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NetSpend Prepaid Debit Card Vs Rushcard

Yes, I would agree, there is really no such thing as a prepaid debit card with no fees, but there are quite a few prepaid debit cards that come close. Many of these cards are very easy to obtain but some do have plenty of fees associated with there use normally requiring direct deposit and minimum balance to eliminate most or all fees. Here are some of your best options in my opinion:

The Walmart Money Card can be obtained at any participating Walmart or you can apply online. With just a $3.00 monthly fee and very low transaction fees it rates highly as a card that is easy to load at any participating Walmart especially if you live close to Walmart. Reload fees can be waived when you cash an eligible payroll or government check or you can also load your card with a Green Dot MoneyPak. Walmart has been providing discount merchandise to many consumers for years and having a Walmart Money Card could make your shopping experience there that much easier.

Rushcard by Russell Simmons hits you with a $19.95 activation fee right of the bat. If this isn't enough to make you leery of prepaid debit cards I don't know what is. Some of the other fees that may be charged to your card are a monthly fee, card fee, plan change fee and express cash fee. I certainly wouldn't be happy with all these fees and don't feel like you the consumer should have to pick your poison. There are cards that are free to sign up for, have reasonable or no fees and offer cash back, bonuses and rewards.

NetSpend is the leading provider of prepaid debit cards in the USA and can be found in over 10,000 stores and check cashing centers in the U.S. The prepaid debit MasterCard that I have is free to sign up for, has no monthly fees unless you choose that plan. Credit transactions are $1.00, pin transactions are $2.00 and NetSpend cardholder to cardholder transfers are absolutely free. NetSpend even offers a referral bonus to new cardholders as a way to reimburse you for some of those fees. NetSpend is the best prepaid debit card in my opinion but do choose your own card wisely.

Most prepaid debit cards do not require a credit check or report any information regarding your card use or fee payment history to the credit bureau so good or bad credit is not an issue. So if you are looking to rebuild your credit a prepaid debit card normally will not do that for you. If you need a fast and convenient way to access your cash funds without bank overdraft fees then choose the card that is right for you.

Find out How you can turn your Netspend Prepaid Debit Card into a virtual payment processor and received $20 payments for referring your friends Right Here.

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