Higher Fees For Prepaid Cards

0:00Hire fees to come for prepaid debit cards. This is a money minute from InCharge Education Foundation and MilitaryMoney.com. Many Americans choose to use prepaid debit cards in order to avoid hidden bank fees, budget and control spending, or to receive government benefits like veterans aid. But like many things, there are pros and cons. Here's what you should know about using prepaid debit cards. Prepaid cards can protect your money when traveling overseas. If your card is stolen, your losses are limited to the amount on your card. Also, because your card isn't linked to personal data, it's a great way to prevent identity theft or fraud when shopping online. But the fees associated with using these prepaid cards can cost as much and sometimes more than checking account fees. Over half of prepaid cards fees are related to basic services, from opening an account to closing it, from loading money to spending money, from ATM use to card declines. Before you decide to use a prepaid debit card, consider a low-cost checking account, like those offered at one of many military credit unions. This money minute is made possible by InCharge debt solutions. Visit us online at www.incharge.org