Avoid Huge Fees When Using Prepaid Debit Cards
There are many reasons why you may be considering getting and using a prepaid debit card, however one thing you do need to be aware of in regards to initially getting one and then using it is that there may be all manner of different fees and charges you will be required to pay.
There could be a fee to pay to buy a prepaid debit card, and then a fee each time you top it up, buy anything with it, withdraw cash from an ATM, and some of them also have a monthly or annual fee you are forced to pay just for having a prepaid debit card!
As such you really do need to think long and hard about just which if any prepaid debit card you get and use, for if you don’t you may find they could be a very expensive way of carrying cash around but stored on a plastic card!
To help you get an insight into just what the fees and charges could be, today I am going to be giving you an insight into those fees and charges, so you will at the very least know what to look out for when you are comparing just which prepaid debit card to use.
You can apply for prepaid debit cards online however some retail outlets do also sell them over the counter, so in regards to actually getting such a card you will find plenty of places you can do just that!
Prepaid Debit Card Fees and Charges
Let me now give you an insight into the fees and charges associated with prepaid debit cards. If you are considering getting one then I would urge you to shop around for the card that best suits your needs and requirements, and also look for the ones with the lowest possible fees or the ones that don’t have any fees associated with using them!
The first thing you may have to pay is a fee to buy a prepaid debit card, the actual purchase fee can vary, and by paying a slightly higher purchase price you may be given the option of picking out the design of your prepaid card and may also be able to get your name embossed on the front of your card.
Topping up your card can often see you having to pay either a fee each time you do so or a percentage of the cash you load onto your prepaid card. Obviously you will want to pay as little as possible for loading up a card!
Monthly or annual “service charges” can often be forced upon you, and there could also be a charge if you want to get a secondary card for your husband, wife, children or partner.
There can also be a range of fees associated with using your prepaid card that is often usually always the case if you are using an ATM to withdraw cash, additional fees will also be charged to your prepaid debit card account if you withdraw money in a different currency from an ATM when you are overseas on holiday for example.
Why Get a Prepaid Debit Card?
Many people will get a prepaid debit cad if they have problems getting a bank account, for there are usually no credit checks performed when you apply for such a card and as such by getting one you will have a way of paying for goods and services online.
However, some people also like to get a prepaid debit card when they are going to holiday or on vacation, as they can load up some cards in the currency of the country they are going to and by doing so will be able to lock in a certain exchange rate on the day they top up their card and won’t be faced with having to carry cash around with them.
Instead of giving their children pocket money in cash I am aware of many people who now simply get a prepaid debit card for their children and load it up with cash each week, as such parents can keep an eye on what their children are spending their money on, and it does give children the experience of using such a card.
I have also come across ATM type machines at airports that allow people to feed into them banknotes and then the machine will print out a prepaid debit card on the spot, allowing people to pay for flight at an airport if the airline they wish to buy a ticket from only accepts debit or credit cards and those people don’t have one at hand!