Prepaid Card Fees Charges
With most prepaid cards you will have to pay some fees for holding or using the card. The kinds of fees and the amounts vary depending on the card and how it’s used, below is list the types of fees that prepaid cards may charge, it’s vary in different cards
Monthly Fee
A monthly fee is a fixed fee you pay each month even if you don’t use the card, the fee is automatically deducted from your account balance, some cards may waive the monthly fee under certain circumstances, for example, some prepaid cards waive the monthly if you have your prepaid account, if you use your account frequently.
Transaction Fee
A transaction fee is a fee charged every time you use the card for certain types of transactions, such as purchases made in stores or online, your card provider might charge transaction fees under a “pay-as-you-go” plan. Some cards let you choose between a plan that charges transaction fees and one that charges a single monthly fee.
Balance inquiry Fee
If you check your prepaid card balance at an ATM or call customer service to ask about your balance. Not all prepaid cards charge the same fees to check your balance, with most cards, offering at least one free option to check account balance, you might be able to check online for free/ request the balance information by email.
Cash reload Fee
A cash reload is a fee imposed by the retail location for adding money to your card, most prepaid cards provide other options for loading money to your card, including direct deposit, which may save you money by avoiding the cash reload fee.
Paper statement Fee
Some prepaid cards charge a fee if you request paper statement for your prepaid card you may go online to get a statement, or at least a list of your recent card purchases and other transaction, without a fee.
Decline Fee
A decline fee is a fee charged if you attempt to use your card for something that costs more than the amount of money you have left on your card. Many prepaid cards do not charge decline fees.
Bill payment Fee
Some prepaid cards let you pay your bills online through the card provider’s website, your prepaid card provider may charge a fee each time you use the program to pay a bill
Inactivity Fee
An inactivity fee is a charged if you do not use your card for a certain time, the length of time that triggers an inactivity fee can vary and not all prepaid cards charge inactivity fee.
Card to card Fee
You may be charged a fee if you transfer money between two prepaid cards, this is called card- to-card or person- to- person transfer fee, some cards providers allow you to transfer money between cards online without a fee.