Common fees for prepaid cards
Possession of a prepaid card is an advantage in many situations but it also comes along with a lot of fees and charges. There are fees which are charged for almost everything that you do. In this article, we are going to inform about the different fees which you could be charged by your prepaid card provider. For related information, you can check onevanilla balance .
The monthly fee is the fixed pee which you are required to pay at the beginning or end of each month. This fee is required to be paid even if you do not use your card. Once you are in possession of the card, you will have to pay the monthly fee. The fees are automatically deducted from the balance of your account. Some cards could waive your monthly fee if you want your social security to be deposited directly in your account.
The transaction fee is charged when you use your card to make any kind of transactions. Some card provider may charge you for every transaction or for certain transactions. The transaction fees may also be charged under the “pay-as-you-go” plan. Some providers could also charge monthly instead of the transaction fee. While some of the cards allow you to choose betweenplans which charge transaction fees monthly or at a single time.
Balance Inquiry Fee
Balance inquiry fees may be charged if you check the balance of your prepaid card at an ATM or even if you call the customer service to ask and know about your balance. Not all card providers charge the same fees for checking the balance. Generally, all providers provide atleast one free request to you to check your balance. You can check the agreement of the cardholder if you want to know about the fees which are to be charged. You can avoid the charge or fees if you know about the terms beforehand.
Cash Reload Fee
Every time you add money to your account or card at any retail outlet, the cash reload fee is applied. The fee is generally charged by the retail location. This fee can be avoided by reloading cash using direct deposit. Most of the card providers provide this option.
If you attempt to buy something using your card, which costs more than the total amount of money which is left in the card, you will be charged a decline fee. Most of the card generally do not charge decline fees.
Inactivity fee is charged when you do not use your card for a certain period of time. Most of the card providers have their own duration of days under which, if you don’t use the card for any transaction, you will be charged an inactivity fee. However, most of the prepaid cards do not charge this fee and rather they deactivate the card.
Not all card providers charge all these fees. But all the card providers charge the basic fees.