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5 downsides to prepaid debit cards

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Tracking prepaid debit card transactions can be hard.

"You could get double-swiped," says Fox. "And you don't usually get paper statements."

Since 18 out of the 19 prepaid debit cards studied by Consumers Union charge fees for balance inquiries, it can set you back. The fees range from 45 cents to $1 per inquiry. Also, 15 of the 19 prepaid cards charge fees for paper statements ranging from $1 to $5.95 per statement.

However, all 19 issuers provided free access to account statements online, says the Consumers Union report.


 

 

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Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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