How Much Does a Prepaid Visa Cost?
Prepaid Visa cards are considered a great way to spend wisely on your purchases. The Prepaid Visa only allows you to spend a specific amount, but not usually beyond your financial capacity. When the funds run out, you can always add funds through the provider from whom you got the Prepaid Visa. Another great use for a prepaid Visa is as a gift card. For example, if you want to give someone a gift card but are unsure what restaurants or stores that person likes, you can simply get a prepaid Visa. This will allow the holder to spend the money on whatever he chooses. The amounts and fees for every Prepaid Visa varied from one provide to another.
How much does it cost?
- On average, a good prepaid Visa card will have an account one-time activation fee that ranges from $7 to $11. Some can have monthly or annual fees that are less than $75 for the year or $8 per month. Since all cards are different, be sure to look at the hidden fees that many of these prepaid cards have.
- According to Simplespend.com, there will be no payment requirement in signing up for a SimpleSpend Visa Prepaid Debit Card. It is free when you apply for a prepaid Visa with SimpleSpend but there would be standard Account Maintenance Fee of $7.95.
- Thereachcard.com do not have a minimum or maximum limit for funds to be loaded in the Visa Card. However, there is an activation fee of $9.95 which will only be needed to pay once.
- This U.S. news article lays out the prices that most cards charge.
What is going to be included?
- The Prepaid Visa should come with a Visa Zero Liability policy to insure your card if ever it gets lost or stolen.
- The Prepaid Visa should allow you to use your funds within an hour after you have reloaded the card. Most cards allow you to add up to $2,500 in funds.
- Prepaid Visas usually enables card holders to get cash using ATMs. They can also pay their bills with the use of the prepaid card.
What are the extra costs?
- There are simple fees that you need to settle to be able to get your prepaid visa card. The fees would include the activation fee, which is a one-time payment and the monthly fees required by the provider.
- Also, additional cost would take up for ATM transactions, whether it be domestic or international. These fees can range anywhere from $2 to $4.
- It depends on the retailer of your prepaid visa, but a loading fee may be charged to you every time you put funds into your account.
- Lost or stolen cards can cost upwards of $10 to replace.
- If the purchase exceeds the amount on the card, overdraft fees as high as $45 can be charged.
- There are cards that can charge for PIN purchases, which means $0.50 to $3 can be taken out for every purchase made when the PIN is used. This means that every time the card is used as a debit, you will be charged.
- While rare, some cards do charge to call the customer service hotline.
Factors that influence the price
- Minimum and Maximum Funds. Not a lot of Prepaid Visa cards require a minimum or maximum amount of funds for loading. It is up to the card holder to put their desired amount into the card.
- Retailer. Different retailers will require varied amounts for loading. They do not usually have minimum amount of funds but they generally need you load up on a specific maximum amount.
- Transaction fees. There is a varied amount for transaction fees depending on the provider and retailer with which you are doing business.
Tips to know:
- There are a lot of prepaid visa cards you can get online. Be sure to compare at least five before choosing. What you will find is that all of them will vary with their fee schedule.
- Most prepaid visa card providers have a limit on how much money you can use in a day, so it would be helpful to ask your provider about how much you can spend with your prepaid visa in a day.
- You will have to be older than 18 to apply for a card.
- Closely look at the minimum balance required to avoid the monthly maintenance fee.
How can I save money?
- One very helpful way to save with your Prepaid Visa is to research the different providers. Different prepaid visa providers require different amount of fees and it would be great if you find those that have very reasonable rates. No prepaid card is going to be free.
- Try to avoid those cards that have monthly fees. Instead, find one that just charges a one-time activation fee.
- In the end, if you can afford a regular credit card, consider one. Prepaid cards are loaded with fees and should typically be avoided.