Wednesday, February 1, 2023

What Banks Sell Prepaid Visa Cards

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Do Prepaid Cards Come With Fees

Does Bank of America sell prepaid Visa cards?

Before you open a prepaid card, it’s important to understand what fees may be associated with them. Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. But you may also pay a fee to open your prepaid card, typically around $5.

You can also expect to incur an ATM fee, reload fee and foreign transaction fee with many prepaid cards.

The PayPal Prepaid Mastercard® can cost up to $4.95 to purchase the card and charges you $4.95 a month to use the card. You may also incur ATM withdrawal fees of $2.50, check deposit fees ranging from $0 to 5% of the total check amount and a 4% fee on purchases made outside the U.S.

There are options out there with minimal fees. Bluebird® by American Express has no card opening fee when you open an account online , no monthly fee and no foreign transaction fees.

While there’s typically no minimum balance requirement, you could get stuck paying a monthly fee you regardless of your balance. Make sure you’re familiar with your card’s terms of service and reach out directly to your card issuer for more information.

Best For Budgeting: Akimbo Prepaid Mastercard

  • Availability: Everywhere MasterCard is accepted
  • Rewards: None

Akimbo Prepaid MasterCard is ideal for budgeting because you can create a separate card for each of your budget goals and you can easily manage them all from the app.

  • No enrollment fee

  • 99-cent fee for each PIN purchase

  • Dormancy fee

What we like: Akimbo lets you create a separate prepaid card for each of your budget goals, and you can manage each card from within the Akimbo app. The first sub-account can be added at no cost and each one after that is $4.95 . You can schedule weekly autoloads for recurring expenses. You can also disable and enable cards at any time from within the app, as well as receive text updates after each transaction.

There is no enrollment or monthly fee. Moreover, there’s no transaction fee for signature purchases, but youll pay 99 cents for each PIN purchase transaction. ATM cash withdrawals are charged $1.98 for each transaction and ATM balance inquiries are charged 33 cents each.

What we don’t like: If your account is dormant for 12 months, youll pay a $5.95 dormancy fee beginning in the 13th month.

  • Card Purchase Fee: First 2 cards are free $4.95 for each card thereafter
  • Monthly Fee: None
  • Reload Fee: Cash reload is $5.95
  • ATM Fee: $1.98

How To Convert Visa Gift Cards To Cash

There are a bunch of different ways to get your Visa gift card balance converted to cash. In a few cases, theyll let you end up with actual cash in your hand, while others will let you treat the card as if it were cash in terms of how you use it.

There are a few ways though that involve a transfer of the Visa gift card to your bank account. From there, youll then be able to withdraw the money as cash.

Want to get started with a free $5 Visa gift card? Simply and youll get a free $5 welcome bonus, which you can then convert into a Visa gift card

Whichever option you choose though, the outcome is the same. So it just becomes a question of which one is easier for you.

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Can I Use A Prepaid Card To Get Cash At An Atm

Most prepaid cards allow ATM withdrawals. The biggest variable is fees.

Typically, prepaid cards charge nothing for cash withdrawals from in-network ATMs. Out-of-network ATM withdrawals are a different story, and prepaid cards may charge several dollars per withdrawal, plus whatever the cash machine operator may charge.

The challenge for a prepaid card owner is to locate a conveniently situated in-network ATM. That gives an advantage to prepaid cards that have extensive ATM networks.

Our top pick for prepaid cards with no ATM fees is American Express Serve®, which provides free withdrawals from the MoneyPass ATM network throughout the country.

The card charges $2.50 for each withdrawal from an out-of-network ATM. The card offers many free services, including no reload fee at more than 45,000 retail locations.

When You Should Get A Prepaid Card

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Prepaid cards are a good option for parents who want to give their kids spending money without handing them cash that could potentially get lost. You can request a new prepaid card if it goes missing, and many card issuers allow you to lock your card to prevent unauthorized use.

And since you can incur overdraft fees with a debit card or quickly run up a balance on a credit card, a prepaid card can help you limit your kids spending to the amount loaded on the card.

Choosing a prepaid card could be a good choice for you if you have a history of overspending. A prepaid card might be a better alternative than a debit or credit card, as it can force you to stick to a budget by declining purchases that exceed the balance in your account. But make sure it makes financial sense. Even though you’re saving on potential interest charges or overdraft fees, the monthly fees on a prepaid card can get very expensive, too. If you decide that using a prepaid card makes it easier for you to manage your finances, make sure to sign up for a no-fee card.

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Prepaid Cards Issued By A Financial Institution

Prepaid cards issued by a financial institution link to certain payment card networks, such as:

  • American Express
  • MasterCard
  • VISA

The payment card network logo will be on the card. You can use the prepaid card at most merchants that accept credit cards from the same payment card network. For example, you may use a prepaid MasterCard at a store that accepts MasterCard credit cards.

Note the following about prepaid cards issued by a financial institution:

  • you need to put money on the card
  • you can reload the card as many times as you want until it expires
  • the money on the card won’t expire
  • you may have to pay a fee to reload the card
  • you may be able to make cash withdrawals
  • you usually wont have to pay for transactions you didnt make or approve

Replacing a prepaid card after it expires

If your prepaid card expires and it still has money on it, contact the prepaid card issuer.

The card issuer may:

  • send you a new card
  • send you a cheque for the remaining balance on the expired card

The card issuer may charge you a fee for these services.

Give Out The Visa Gift Card As A Gift

Sometimes, you may be required to give a gift to a friend or a family member for special occasions such as weddings.

Since the prepaid Visa gift cards are usually bought in denominations of $100, $200 or $500, it can be an excellent gift and will essentially serve as cash.

Instead of giving a check, a Visa gift card is just as good.

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Can I Build Credit With A Prepaid Card

Just as prepaid cards cant hurt your credit, neither will they help you build it. Credit refers to debt, which is money you owe to creditors and lenders. A prepaid card incurs no debt, so when it comes to your credit score, prepaid cards are as neutral as Switzerland.

A card issuer must report your account activity to at least one credit bureau for it to help build your credit history, which prepaid card issuers do not do.

However, if you are willing to concede that building credit is a long-term endeavor, you may consider prepaid card usage as the first step on the journey. How? By giving you the opportunity to develop good money-management habits:

For whatever reason, schools today just dont teach personal finance. Its up to you to develop good financial habits, and using prepaid cards can be a helpful step in that direction.

Add It To Your Paypal Wallet

Credit Bank teams up with Visa in unveiling prepaid card

Another way to convert Visa gift cards to cash is with PayPal. That is, PayPal lets you add prepaid cards, including Via gift cards, to your PayPal wallet. What this means is that youre then able to treat the balance like cash, by using it to purchase things from any merchant that accepts PayPal which is most major ones, these days.

How can I get money off of a gift card through PayPal?

To get money from a Visa gift card to PayPal accounts, just do the following:

  • Log in to your PayPal account.
  • Select the Wallet option at the top of the page
  • There should be an option on the left to Link a card or bank. Youll be able to find this under any existing cards or banks you have linked. Click this and continue through the prompts.
  • When you get to the point where PayPal asks you for the relevant information, add your Visa gift card details. Then click Link Card.
  • Theres a chance that you may get an error when trying to do this. If that happens to you, you may have to first register the card with the issuer so an address is linked to the Visa gift card. After that, PayPal should have no problem accepting it.

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    Best For Walmart Shoppers: Walmart Moneycard

    Walmart MoneyCard

    • Earn 3% cashback at Walmart.com, 2% back at Walmart fuel stations, and 1% back at Walmart stores

    • Earn 2% annual interest on a linked savings account

    • No monthly fee if you load $500 or more each month

    • Free cash reloads via the Walmart MoneyCard App, direct deposit, mobile check deposit, and bank transfer

    • Cashback is capped at $75 per year

    • The standard monthly fee is $5.94 if you dont load $500 or more each month

    • All ATM withdrawals will incur a $2.50 fee

    • Mobile check deposit takes five days

    The Walmart MoneyCard is one of the few prepaid cards that offer rewards, although there is an annual cap on them. Even if you cant get the monthly fee waived, the annual rewards are enough to pay for it. The major downside is the fees youll have to pay if you need to use ATMs to get access to your cash.

    Best Seed Banks That Accept Prepaid Visa Quality Seeds + Discounts

    Are you looking to purchase cannabis seeds online but you only want to use a prepaid Visa card? What seed banks accept prepaid Visa? What are the pros and cons of using a prepaid visa and what else do you need to know before you purchase?

    Well dont you worry, weve done our research and tested quite a few different seed banks on the market, and weve compiled this review to give you everything you need to know! Below you will find the most trustworthy seed banks that take prepaid Visa cards as payment for cannabis seeds in 2021!

    Contents

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    Best For Direct Deposits: Netspend Prepaid

    • Fees: Up to $9.95/month
    • Availability: Almost everywhere Visa is accepted
    • Rewards: Cash back from eligible purchases

    Netspend Prepaid lets you get your paycheck up to two days faster, making it our top choice for prepaid debit cards that are best for direct deposits.

    • Reward details arent spelled out

    What we like: The Netspend Prepaid card allows you to get paid up to two days faster with direct deposit. You can load money onto your account using mobile check deposit, reload at over 130,000 locations, or receive money from friends and family who have Netspend cards.

    You can choose between two plans that have varying fee structures depending on your deposit habits. Pay-As-You-Go is the default plan, which charges no monthly fee, but $2.00 for each signature or PIN transaction. The Premier Fee Advantage Plan is the best value if you have a direct deposit of $500 or more. Youll pay $9.95 per month and transactions are included in the plan.

    What we don’t like: Fees can add up quickly. There’s no way to avoid some kind of feeyou’ll either pay the monthly fee or transaction fees. And keeping your card active is key to avoiding the inactivity fee of $5.95, which applies if the card isnt used for 90 days.

    • Monthly Fee: $0 for PAY-Go or $9.95
    • Reload Fee: Up to $3.95 for cash reloads
    • ATM Withdrawal Fee: $2.50

    Does Td Bank Sell Prepaid Visa Cards

    The Curious Case of Prepaid Credit Cards in Iran ...

    Purchasing a Gift Card Is there a fee to purchase a Gift Card? How can I purchase a TD Bank Visa ® Gift Card? As a TD Bank customer, you can purchase gift cards at your local TD Bank or by calling Customer Service at 1-888-751-9000. Gift cards can be purchased in dollar values ranging from $25 to $750.

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    Rakuten Cash Back Visa Credit Card

    The Japanese chain of supermarkets, Rakuten, also offers two distinct prepaid Visa credit cards that offer between one and three percent cashback on your purchases. Therere certain rules and regulations to qualify for this prepaid Visa card for international use. These cards are issued by Symphony Financial Co. You get amazing cashback in your bank account, PayPal wallet or prepaid card.

    Rakuten Cash Back Visa Credit Card allows you to earn amazing cashback at more than 2,500 stores in the US and elsewhere including Macys, Walmart, Target and Amazon. Additionally, you dont need to carry the physical card: Rakuten also has an e-card that you can use. Application for this prepaid card is simple: create an online account, fill in the necessary details and Symphony Financial Co will mail you one.

    How To Cancel A Prepaid Card

    When you decide that you no longer want your prepaid card, whether that’s because you’re opting for credit or debit, you’ll need to take some action. You can’t just forget about the card because you could still incur monthly fees.

    In order to cancel a prepaid card, you’ll first need to withdraw all of the money currently in your account. You can typically withdraw money at an ATM, through a transfer to another account or by requesting a check. Once your balance reaches $0, you can call your card issuer to cancel your account.

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    Bank Of Baroda Prepaid Cards

    • Bank of Baroda offers two types of prepaid cards namely – Baroda Gift Card and Baroda TravelEasy Card.
    • Baroda Gift Card

      • The Baroda Gift Card can be used at various merchant outlets and comes with a validity of one year.
      • Purchases can be done across India in Rupees and can also be used for online transactions.
      • The Baroda Gift Card uses the Verified by Visa platform for e-commerce transactions.
      • The card cannot be used for making ATM withdrawals.

      Baroda TravelEasy Card

      • The Baroda TravelEasy Card can be loaded in US Dollars, Pound Sterling and Euros and can be used by frequent travellers.
      • This card is valid for a period of two years and has to carry a minimum amount of US$ 200 or an equivalent amount.
      • The maximum limit on the Baroda TravelEasy Card varies depending on the purpose for which the card is availed.
      • For holidays and personal travel the maximum limit is $ 10,000, for business travel the maximum limit is $25,000 for every trip, for students abroad the maximum limit is $ 100,000 per year and for individuals undergoing medical treatment abroad the limit is $100,000 per year.
      • The documents that are required while availing the Baroda TravelEasy Card are passport and visa copies with the purpose of travel mentioned.

    Advantages Of Prepaid Visa Card For International Use

    Prepaid Debit Cards: Retail, Web or Bank?

    As I say earlier, most Visa cards that are available nowadays are already valid for international use. Often, banks also offer the facility of blocking your card for international use with a simple smartphone app or reactivating the facility within seconds, when necessary.

    In such cases, why should you opt for a prepaid Visa card?

    Actually, there are five main advantages of getting a prepaid Visa card for international use.

  • Visa cards are accepted by more than 9.5 million merchants worldwide, ranging from the smallest neighborhood store to dealers of expensive cars, porn sites and swanky hotels, magazine publishers to pharmacies and almost everyone.
  • Over 16,000 banks, credit unions, Non-Banking Financial Companies issue Visa cards. Hence, you can get a prepaid card anywhere in the world, if you have proper documents.
  • A prepaid Visa card for international use protects you against loss of money while making online purchases from foreign merchants. Even if someone hacks your Visa card details, they cant get much money from a prepaid card. You can also dispute a purchase and Visa refunds the money after verifying all details.
  • Some banks and credit unions charge a higher free for Visa cards for international use. Therefore, you could be losing money while paying the annual fees of your debit or credit card. In contrast, Visa cards for domestic use are available free or at much lower annual fees.
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    Fees To Use A Prepaid Card

    Fees can lower the value of your prepaid card. This means youll have less to spend. Review the terms and conditions of your prepaid card to find out what fees apply.

    Depending on the kind of prepaid card you have, you may need to pay fees to:

    • activate your card
    • transfer the remaining funds onto a new card
    • maintain your card if you dont use it for a certain period of time
    • keep your card active each month

    Add It To Your Venmo Account

    Similar to PayPal, you can convert your Visa gift card to cash via Venmo by putting your gift card balance on your Venmo account. And this is actually a better option than PayPal if you were planning to transfer the money to your own account as cold, hard cash.

    This is because Venmo doesnt charge any fee to transfer money from your Venmo account to your bank account, unless you select the Instant Transfer option. Otherwise, the money should arrive in your account within one to three business days.

    To do this, go into the Venmo app and find the option that lets you add gift cards. Theres a chance that youll get a warning message here for fraud prevention, so either try again or give Venmo customer service a call at their helpline to see if they can clear up the issue.

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