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22/11/2010 -
The Consumers Union recently analyzed top prepaid card brands in its report entitled, "Prepaid Cards: Second-Tier Bank Account Substitutes."Of the 19 cards examined, the consumer advocacy group found that 12 had activation fees before they could be used at point-of-sale terminals. The fees ranged widely in price, ranging from the Walmart Money Card at $3 to MasterCard's First Vineyard card at $39.95.
However, Jerry Welch, chief executive officer of prepaid card distributor for nFinanSe, notes that competition within the market should narrow the range of fees in the future, Selling Prepaid reports.
"I think the level of fees have come down. Transparency's improved," Welch told the news source."If you looked at all these things two years ago, when you look at it today, you see that, by and large, our industry is moving in the right direction."
Innovation within the prepaid card sector has resulted in more options for consumers. From Interactive's open-loop facecard to MasterCard's reloadable card crafted for young adults, there is an abundance of demographics being catered to.
