Card snapshot: A look at the terms for 3 prepaid cards

A look at the terms for 3 prepaid cards

The prepaid card industry is relatively young, and the fees issuers can charge are unregulated. As a result consumers will find that terms and prices vary greatly.

Unlike gift cards, it’s possible to register a prepaid card and have one issued bearing an individual’s name. They can also be used wherever credit or debit cards are accepted.

Prepaid cards are typically used by people who don’t have, or can’t get, a credit or debit card. The cards are sold in drugstores and marketed online.

Here’s a look at three cards and some of the fees associated with each. The ATM withdrawal fees do not include the fees charged by the ATM operator.

GREEN DOT, www.greendot.com

Purchase fee: $4.95

Monthly fee: $5.95 (waived if you load at least $1,000 on to card, make 30 transactions, or set up direct deposit).

Fees for transactions: None.

ATM withdrawal: $2.50++

ATM balance inquiry: 50 cents++

Adding money to card: $4.95

Card replacement: $6

FIRST VINEYARD, www.firstvineyard.com

Purchase fee: $39.95

Monthly fee: $6.95

Fees for transactions: None.

ATM withdrawal: $2

ATM balance inquiry: $1

ATM withdrawal decline for insufficient funds: $1

Adding money through direct deposit: Free

Adding money via wire transfer: $4.95

Statements: $3 per paper statement

Card replacement: $15

NEXISCARD, www.nexiscard.com

Purchase fee: $4.95 (current price+)

Monthly fee: None

Fees for transactions:

—$1 for credit transactions

—$1.50 for PIN purchases

—$1.99 for purchases with cash back

Inactivity fee: $4.95 (assessed after 120 days)

ATM withdrawal: $2

Adding money to card: $1 at locations where NexisCard is sold

Adding money via direct deposit: Up to 2.5 percent of the amount loaded, depending on the state

Live customer service: $3 per call (for inquiries that could be answered online)

Statements: $5 per paper statement

Card replacement: $10

+The card currently charges the fees listed above, but NexisCard president Andrew Siden said the company reserves the right to raise fees to as high as those listed in the cardholder agreement. For example, the purchase fee is listed at $9.95 in the agreement.

++Free at in-network ATMs. The company partners with the MoneyPass network of ATMs.