Saturday, August 15, 2009

Consumers Union Says No To Prepaid Cards

With a prepaid card, you pay the issuer for a card that allows you to electronically pay for goods up to the value of the card. A prepaid card differs from a stored value card. With a prepaid card the funds used to pay for purchases are held by the card issuer. With a stored value card the funds used to pay for purchased are held in an external account owned by the card holder.

CU examines all of the charges that are typically levied on prepaid card from activation to dormancy charges. They conclude that you are better off using a traditional banking account.

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