Prepaid Debit Card Fees that You Should Know

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.


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Prepaid Credit Cards – Plastic Money for All

The use of plastic money or credit cards has increased dramatically over the years. Compared to cash or check, credit cards are considered to be safer and more convenient way of payment. However, not everyone can qualify for a regular credit card so easily.

Many issuers require good or excellent credit history before granting approval. If you have no credit or bad credit, does that mean you cannot get a credit card at all?

Prepaid Credit or Debit Cards for Everyone

A prepaid debit card is the perfect option for people who do not want to go through a complicated approval process. Whether you have no credit or bad credit history, you can get a prepaid debit card with no hassle. All you have to do is open a debit account, make a deposit and you’re approved.

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Rent a Car with Your Prepaid Debit Card

When taking a vacation or traveling to a new place, many people rent a car for convenience. Major companies that provide rent-a-car services usually require credit card payment. But what if you do not have a credit card? Or if you do have a credit card, what if you do not want to use to rent a car? Do you have other options?
The truth is, prepaid debit cards can be used for car rentals. Below are practical tips on how you can use a prepaid debit card for renting:

Explore your options. Some auto rental companies impose more restrictions than others. By doing your own research, you can find a company that has more lenient policies to non-credit-cardholders. Different branches of the same company may also have varying rules. The best way to know your options is to call up the company and make inquiries.

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