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PRE-PAID Credit Cards: fees, rates & charges |
Pre-paid credit cards generally have more fees associated with them since there are no interest rates charged. Fees can be per transaction or other services including, loading fees (adding money to the card), transfer fees, check deposit fees, annual fees or monthly fees and more. So READ THE FINE PRINT before you apply!
Spending a few minutes shopping around can make a big difference when it comes to choosing a pre-paid credit card. Practically all cards charge a monthly fee, but there can be exceptions to be found. Be careful and be wary of unscrupulous issuers who make their product look appealing with no annual/monthly fees, but try to hide other fees that can well prove more costly.
Initial deposits on pre-paid cards usually require a minimum of $300-$500 and there are additional fees when more money is added at a later date. Some cards offer direct deposit services free of charge making their money solely on the monthly fee associated with the card.
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