6 tips for controlling prepaid card fees

Debit Cards » Best Prepaid Debit Cards » 6 Tips For Controlling Prepaid Card Fees

Know your prepaid card fees
Know your prepaid card fees © Minerva Studio/

U.S. consumers loaded more than $64 billion onto general-purpose reloadable prepaid cards in 2012, up from $56.8 billion in 2011, according to the Mercator Advisory Group.

But a Pew Charitable Trusts report released in February titled "Consumers Continue to Load Up on Prepaid Cards" says the cards' increased use is good for people seeking an alternative to traditional checking accounts or credit accounts.

Pew says more cards are charging monthly prepaid card fees but not charging transaction-based fees, such as point-of-sale or customer service fees.

But while many prepaid cards have become more affordable, no federal laws or regulations exist that protect consumers from hidden fees. Companies that back the cards don't have to disclose fees, terms, conditions or dispute-resolution practices.

Savvy consumers can avoid, decrease or control many prepaid card fees by being diligent when choosing a prepaid debit card and by using the following tips.

Find the best credit card rates at


Show Bankrate's community sharing policy
          Connect with us

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

How often to compound interest?

Dear Dr. Don, Is it better to have interest compounded on your money daily, monthly or quarterly? Which gives you the most for your money invested? Thanks, -- Jan Juxtapose Dear Jan, With all else being equal, the more... Read more

Partner Center

Connect with us