How Much Does a Prepaid Visa Cost?
The Prepaid Visa only allows you to only spend the amount applied to the card, just like a gift card. When the funds run out, you can always add funds to the card.
How much does it cost?
- On average, a good prepaid Visa card will have a one-time activation fee that ranges from $7 to $11.
- According to Simplespend.com, there will be no payment requirement when signing up for a SimpleSpend Visa Prepaid Debit Card. It is free when you apply for a prepaid Visa with SimpleSpend, but there could be $7.95 standard account maintenance fee.
- Thereachcard.com does not have a minimum or maximum limit for funds to be loaded on the card; however, there is an activation fee of $9.95 which will only be needed to pay once.
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.
- ATM transactions, whether it be domestic or international, can have fees that 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 different activation fees.
- Transaction fees. Transaction fees depend on the retailer you’re purchasing from.
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?
- Research the different providersand compare at least three different cards.
- 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.