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16/10/2009 -
Branded prepaid cards have emerged as an attractive option for consumers looking to save money, according to a study released this week by economist Michael Flores of Bretton Woods."There is no question that prepaid cards are a much better option for many consumers," Flores said. "An objective review of the costs associated with these cards compared to costs of alternatives such as basic bank checking accounts, in addition to the safety and security associated with prepaid cards compared to cash, leaves no doubt that prepaid cards are a smarter option for many."
The study found that consumers could pay between 35 percent and 70 percent less in fees by using branded prepaid cards, as compared to low-balance checking and debit accounts.
Specifically, Flores reported that consumers can expect to spend between US$200 and US$350 each year for credit and checking accounts, largely due to ATM fees, overdraft charges and minimum balance fees.
As prepaid cards become increasingly popular with cost-minded consumers, it becomes even more important for merchants to have POS terminals that accept prepaid cards in addition to debit and credit card processing.
