Listed Below Are Some Important Fees Levied On Prepaid Cards

Prepaid credit cards are becoming increasingly popular amongst consumer to improve financial discipline and credit history.

Having a good knowledge about these fees helps the consumer make an informed decision. Though, a prepaid card doesn' t come a with late penalty because there are no repayments to be made, but there are various other fees associated with them, which increase the ownership costs. Listed below are some important fees levied on prepaid cards. Charged by the prepaid card issuing company for usage of the prepaid card on an annual basis. Annual Fees. Monthly fees. Customer Service fees.

Charge by the prepaid card issuing company for usage of the prepaid card on monthly basis. Charged by the prepaid card company for providing initial customer service to issue the prepaid card. This fees is charged by the prepaid card issuing company for activating the prepaid card. Activation Fees. Fees per purchase. Some prepaid card companies levy this fees to increase their revenue. Every purchase done by your prepaid card can attract a fee per purchase.

ATM Cash withdrawal fees. Inactivity fees. Whenever you withdraw money from ATM's prepaid card company slaps ATM cash withdrawal fees to your account. This fees is charged when your prepaid card is not used for a specified period of time. To use this information you can compare various prepaid cards and fees associated with them. Now, you have an idea of the most important fees associated with prepaid cards. Comparing this way, you will be able to lower your total ownership cost of prepaid cards.