7 On Your Side

Prepaid cards can contain hidden fees

Thursday, April 12, 2012

A new survey by Consumer Action advises users of prepaid cards how to avoid the so-called "gotcha" fees associated with many of the cards.

The cards are used by some as a convenience; others have little choice since they don't have banking or credit card accounts. The cards are preloaded with money and then are used like a debit card.

Consumer action suggests avoiding ATM fees by requesting cash back when making a purchase. Also reloading fees can be avoided by using direct deposit.

 

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