If you need a cashless way to pay money without opening a bank account, all you have to do is get a reloadable prepaid debit card. The process is as easy as buying an item off a store. Unlike a regular credit card which charges an interest rate, a debit card is prepaid so it’s interest free.
However, before getting one, consumers are advised to spend time examining their choices. Take note that there are also fees associated with prepaid debit cards. If you’re not careful, you could get stuck with a card that has even more fees than you expected. What are prepaid debit card fees that you should know about?
Basic Fees Associated with Prepaid Cards
Activation Fee. An activation fee is required before you can use your debit card. However, activation fees can range from as low as $9 to as much as $100 so you should choose one with a reasonable cost.
Negative Balance Fees. Holders of debit cards are not allowed to overdraw but there are times when your bill can be a little over your available balance but your transaction will still be accepted. In this case, you will be charged with an additional cost known as the negative balance fee.
Continue Reading: Prepaid Debit Card Fees that You Should Know
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