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Banking: Choosing a Prepaid Card

Provided by Visa, Content Partner for the SME Toolkit

When choosing a prepaid card that is right for you, consider the following questions:

  • Ask if you can put money on the card yourself, how to do that, and what it costs.
  • Get information about where and how you can use the card.
  • Find out if your prepaid card comes with monthly statements and how you can check the balance over the phone or online.
  • Understand all associated fees for services like activation, monthly maintenance and balance reloading.

Features to Look For In a Prepaid Card

There are many prepaid cards out there, and choosing the right one is important. What features are most important to you?

  • RELOADABLE Some prepaid cards allow you to add money once the balance reaches zero. Gift cards are not reloadable.
  • LIABILITY PROTECTION Some prepaid cards will protect your balance in case the card is lost or stolen. Look for a card that offers a Zero Liability policy.
  • EXPIRATION DATES While many cards do not expire, some do carry monthly maintenance fees, which can reduce your card balance. Prepaid cards are best for storing money you intend to spend in the short term.
  • LOW FEES Is there an activation fee charged when you set up the card? What are the fees charged for ATM withdrawals? Take note of any fees associated with the card you choose.

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