Credit Cards

How Much Can I Expect To Pay For A Prepaid Card

For most people, it only makes sense to have a normal credit or debit card for day-to-day transactions rather than having a prepaid card. However, it all depends on why exactly you need the card. If you want to Buy Cvv, then there is a need to select the right shop. You can have a look at the reviews and ratings of the store for the purchasing of cvv card. The qualities of the card will depend on the needs and requirements of the people to have the desired results. 

A prepaid card can prove to be of great use for people who are on a stringent budget. As it is, a prepaid card will only let you spend what you have loaded onto the card. Extravagant expanses are out of the question here. Also, it can be great for parents who want to teach their children the ways and benefits of money management. It can also be a good option if you want to stay safe while making transactions over the internet. There is little or no chance of identity theft when using a prepaid card online.

However, it all boils down to one single thing at the end—are you financially sound enough to be able to easily pay your credit card bills on time? If not, having a prepaid card will be your best bet.

Here are some of the fees associated with prepaid cards that you need to keep an eye out for:

  • Application fees

you will need to pay a nominal fee at the time of opening the account. This is a one-off charge and could range at anything between $2 and $10.

  • Monthly fees

Some cards will require you to pay a month maintenance fee that could be anything from $2 to $5.

  • Renewal fees

A standard prepaid card will have a validity period of up to 3 years. So, to continue using your card, you will need to pay a renewal fee at the end of every three years. The renewal fee is almost about the same price as the application fee. Though, you can get a waiver at times.

  • Transaction fees

Just like the case with credit cards and debit cards, every time there is a transaction with the card, you will be charged a fee, the amount depending on the type of card you are using. Typically, there is a set charge of up to a dollar per transaction, but you can end up paying a percentage of the transaction as well. Therefore it is wise to choose a card that has a very nominal transaction fee.

  • Inactivity fee

Yes, you might need to pay a fee even if you haven’t used the card for a months. If your account is a dormant one, they will charge you to keep your account running. A good idea will be to use your card for buying something really insignificant from time to time, like a packet of chips, if you do not actively use your card.

Joseph Keough is a writer, social media manager, and entrepreneur. He founded Take Back Parliament in 2014 with the goal of transforming the site as one of the most trusted and reliable generic news sources across the internet

Leave a Reply

Your email address will not be published. Required fields are marked *