List of No Annual Fee Prepaid Credit Cards
My friend Tricia asked me about prepaid credit cards and I thought that most of them carry annual fees (understandable). Well, I’ve compiled a list of all the prepaid credit cards without annual fees that I’m aware of.
- Western Union Prepaid MasterCard
- All-Access Visa Prepaid Card
- Account Now Vantage Debit MasterCard
- Wired Plastic Prepaid Visa Card
- BuyRIGHT Pre-Paid MasterCard
Update: I was only looking at annual fees via a list from Card Offers, not realizing that most prepaid credit cards had application fees, monthly fees, etc. Bleah, I’ve never had a prepaid credit card before so I didn’t know much about them, I just took that list at face value. Thanks for educating me Matt and Jonathan!
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There are 6 comments, add your thoughts now!
Jim - You rock! Thanks!
No fees!? Jim, I think I’d read those applications a lot more closely
While they may not have “annual” fees, almost all of them have some sort of fee. Application fees, *monthly* maintenance fees, “enrollment” fees, etc.
Western Union - non-refundable $9.95 enrollment fee, 4.95 monthly fee (can be waived with direct deposit each month)
Prime Mutual - There is an application fee of $59.95, a processing fee of $90, and a minimum initial deposit of $10. There is also a monthly participation fee of $5.95 that amounts to $71.40 annually.
Wired Plastic - a one-time application fee of $9.95, and a monthly maintenance fee of $3.95 ($47.40 annually)
… and so on.
Wired Plastic has a monthly fee.
Best prepaid payroll only (can not be loaded except through direct deposit) card http://www.cashpay.com from Bank of America $1.25 a month fee with one free ATM transaction per pay period.
Best card that can be loaded with direct deposit and at local locations is http://www.obopay.com the only fees are the atm surcharge from the bank that owns the atm you use $1 to $2 each and if you load money locally at US Bank, Wachovia or Wells Fargo. There are some load locations where you can load the card at no cost.
western union also has a 25.00 overdraft charge to its card
The ONLY pre-paid card that is truly 100% free is called “UPside Clear”. No monthly/yearly fees, free to setup, free to reload money, free to setup an allowance. There are no hidden fees at all. You can see their website at upsideclear.com …I just started using them a month ago. It’s intended for teens but it works well for those that are trying to stay within a budget (and never carry a balance). My wife and I both have one for personal spending (guilt free spending money) and then we both have one for family purchases as well. I love it. I hope others find them so that the concept will succeed and they stay around for a long time.
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