banking

6 tips for controlling prepaid card fees

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

Avoid branded debit cards
Avoid branded debit cards © NAN728/Shutterstock.com

McClary says that you'll find fees all over the map with these prepaid cards.

"On an annual basis, consumers can expect to pay anywhere from under $20 to nearly $400 in fees," McClary says. "It all depends on the card selected and on how it's used."

When shopping for the best cards, the generic cards linked to trusted banks are likely to be the most stable and cost-effective, he says. Flashy cards branded with celebrity names or other pop culture icons tend to have the steepest fees.

According to McClary, the key to saving the most money is knowing the terms of the card agreement. The better you're acquainted with the details, the less likely you'll be blindsided by a variety of fees that can drain your account.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

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

Ask Dr. Don

Duped by 1970s bond scam?

Dear Dr. Don, Back in 1976, there was a chain letter scam involving savings bonds. I got caught up in it. You could buy a bond for the person at the top of the list and you were then supposed to receive many more in return.... Read more

advertisement
Partner Center
advertisement

Connect with us