Consumer Reports ranked 26 prepaid debit agenda offerings from best to worst, and appear that coffer prepaid cards were not necessarily cheaper than added products.
Last year, prepaid cards were acclimated in 1.3 billion affairs that totaled $77 billion, according to the Center for Financial Services Innovation. By the end of 2014, a projected $167 billion will be loaded assimilate prepaid agenda accounts, an accustomed admission of 42 percent from the bulk loaded in 2010, according to the Consumer Financial Protection Bureau.
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In its address appear on Tuesday, “Prepaid Cards: How They Rate on Value, Convenience, Assurance and Fee Accessibility and Clarity,” the annual appear that fee advice was “often adamantine to acquisition and difficult to understand.
“This botheration is circuitous by a abridgement of bendability in fee names and descriptions beyond cards, which makes it difficult for consumers to analyze fees and costs beyond prepaid cards,” the address states.
Consumers Union, the action and advancement analysis of Consumer Reports, has tracked the prepaid agenda industry as it has accomplished and rated the 26 agenda offerings on value, convenience, assurance and fee accessibility and clarity.
Score: 80/100. Recommended by Consumer Reports. No activation fee or account fee.
Score: 78/100. Recommended by Consumer Reports. No activation fee or account fee.
Score: 75/100. Recommended by Consumer Reports. $4.95 activation fee and $5.95 account fee. If you get a abandonment or discount, there is no account fee.
Score: 69/100. $3 activation fee and $3 account fee.
Score: 67/100. $3 activation fee and $3 account fee.
Score: 36/100. No activation fee and $9.95 account fee. AccountNow Gold Visa Prepaid agenda has four fees: a account fee, an out of arrangement ATM fee, a fee for a reload at retail, and a backup agenda fee.
Account 34/100. $9.95 activation fee and $8.95 account fee. The Reach agenda had the additional accomplished nonwaivable account fee and a aerial activation fee, but it becoming a “very good” account for convenience.
Score: 33/100. $19.95 activation fee and $4 account fee. Despite scoring in the mid-range in the added three factors, Redpack Mi Promesa is amid the affliction in Consumer Reports’ amount category.
Score: 17/100. $3 activation fee and no account fee. The American Express for Target prepaid agenda is the alone prepaid agenda to accept Consumer Reports’ “poor” appraisement for safety. It denticulate the affliction for fee accessibility and clarity, and “lacks capital convenience, back it is not broadly accustomed and doesn’t accommodate admission to in-network ATMs,” Consumer Reports said.
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