Careful with convenience
Prepaid cash cards are easy and can be a good choice for kids on leaving home for the first time. But buyer beware. “Almost all prepaid cards come with some sort of activation fee, swipe fee, or monthly maintenance fee. While they may seem inconsequential at first, these fees can often pile up,” Wang says.
Know, too, there are only a few prepaid cards with no fees. Says Wang, “Only use prepaid cards when you have to, and be sure to read the fine print or do some research online regarding what fees may be potentially involved.”
