Pre-Paid Credit/Debit cards

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pac4toon
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Pre-Paid Credit/Debit cards

Postby pac4toon » Wed May 20, 2015 2:08 pm

Hello.

Just wanted to know if there are any PREPAID credit/debit cards out there without a monthly service fee? I remember Amex having one but it is no longer on their website. Thank you very much.
In my wallet:
AmEx PRG/ BoH Hawaiian Airlines WEMC / Chase Freedom /

In my sock drawer:
AmEx HHonors & BCE


Vermonster
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Re: Pre-Paid Credit/Debit cards

Postby Vermonster » Wed May 20, 2015 2:13 pm

The Amex Serve is still around. https://www.serve.com/

It has a $1 monthly service fee that can be waived in a number of ways. I have $25 out of every paycheck directly deposited as a form of "savings." Mostly because I forget about it, lol.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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obxfisherman
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Re: Pre-Paid Credit/Debit cards

Postby obxfisherman » Wed May 20, 2015 4:10 pm

To my knowledge there are no Prepaid Credit Cards, because well….credit cards don't work like that. Now there are many prepaid debit cards, however to find one without a monthly fee is rare. The Serve Card that was linked above is your best bet to get no fee, or to have a fee of only $1. The next cheapest I have found is $3 a month or $5 a month using BBT Prepaid Card. So AMEX Serve is your only option essentially.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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CarefulBuilder14
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Re: Pre-Paid Credit/Debit cards

Postby CarefulBuilder14 » Wed May 20, 2015 4:12 pm

obxfisherman wrote:To my knowledge there are no Prepaid Credit Cards, because well….credit cards don't work like that. Now there are many prepaid debit cards, however to find one without a monthly fee is rare. The Serve Card that was linked above is your best bet to get no fee, or to have a fee of only $1. The next cheapest I have found is $3 a month or $5 a month using BBT Prepaid Card. So AMEX Serve is your only option essentially.

A secured card is kind of like a prepaid credit card, and you can get one of those with no fee (or a very small initial fee).

For example, I think SDFCU charges a $5 fee to join the CU through some consumer agency (and some people can get around the $5 fee). Once you're in, the SDFCU secured card has no fee.

It makes more sense than paying a monthly or annual fee for a debit or prepaid card.

The downside is that it won't graduate to being unsecured and the rewards are nothing special.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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obxfisherman
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Re: Pre-Paid Credit/Debit cards

Postby obxfisherman » Wed May 20, 2015 4:19 pm

CarefulBuilder14 wrote:A secured card is kind of like a prepaid credit card, and you can get one of those with no fee (or a very small initial fee).

For example, I think SDFCU charges a $5 fee to join the CU through some consumer agency (and some people can get around the $5 fee). Once you're in, the SDFCU secured card has no fee.

It makes more sense than paying a fee for a debit or prepaid card.


Didn't think of a secured card. Yes I suppose that is a viable option. For me personally, I'd rather take the $1 monthly fee over putting up $100+ for a secured card. Of course the ideal card overall is just a regular debit card linked to a checking, some of those can be found with very little or no fee especially through a CU, but that may not work out well for the OP for whatever reason.

Anyway yes a secured card is an option I spaced off, good to consider all options!
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

Vermonster
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Re: Pre-Paid Credit/Debit cards

Postby Vermonster » Wed May 20, 2015 5:01 pm

obxfisherman wrote:Of course the ideal card overall is just a regular debit card linked to a checking, some of those can be found with very little or no fee especially through a CU, but that may not work out well for the OP for whatever reason.


Normally I'd agree but a lot of people starting their financial independence either don't know about CUs or can't get into one. Chase charges me $12 a month if I don't direct deposit $500 a month that can be a high number for someone working part time at minimum wage. Serve will take any direct deposit amount, though generally payroll companies frown upon a $1 direct deposit.

A secured card is probably the better choice as it starts a credit file. IF you have no student loans, you will most likely have to start with this at some point any way. I think BoA offers the best secured card as you will eventually be converted to an unsecured.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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obxfisherman
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Re: Pre-Paid Credit/Debit cards

Postby obxfisherman » Wed May 20, 2015 5:13 pm

Vermonster wrote:
Normally I'd agree but a lot of people starting their financial independence either don't know about CUs or can't get into one. Chase charges me $12 a month if I don't direct deposit $500 a month that can be a high number for someone working part time at minimum wage. Serve will take any direct deposit amount, though generally payroll companies frown upon a $1 direct deposit.

A secured card is probably the better choice as it starts a credit file. IF you have no student loans, you will most likely have to start with this at some point any way. I think BoA offers the best secured card as you will eventually be converted to an unsecured.


Yes all are excellent points that I agree with. The Secured Card is probably the best bet, especially if dealing with thin file. I was in that position not long ago. In fact I had a capital one secured card that claimed it would switch to unsecured after 12 months but when the 12 months rolled around the CSRs thought I was crazy for wanting it to flip to unsecured….needless to say I don't have that card anymore…haven't dealt with CapOne since…maybe the BoA one is better..one would hope so.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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lobbythis
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Re: Pre-Paid Credit/Debit cards

Postby lobbythis » Wed May 20, 2015 7:35 pm

OP has nice cards according to their sig so I don't think this is someone starting with nothing.

Just looking for a no fee prepaid card for whatever reason.

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CarefulBuilder14
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Re: Pre-Paid Credit/Debit cards

Postby CarefulBuilder14 » Wed May 20, 2015 9:16 pm

Discover's terms look pretty good.

I've been with Chase checking for a long time. I've thought about moving to Discover (for rewards) and/or Schwab (for the ATM reimbursements - though I've not used an ATM for years).

If I was traveling in a country that used mostly cash, I'm sure it would be nice to avoid ATM fees.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

takeshi
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Re: Pre-Paid Credit/Debit cards

Postby takeshi » Thu May 21, 2015 8:46 am

(nm)



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