With so many people struggling to make ends meet, prepaid debit cards have risen in popularity. The problem is, these cards have big fees.
“There are initiation fees, maintenance fees, and paper statement fees along with payment inquiry fees and don’t forget the fees on theses cards to reload with your own money range from $3.95 to $5.00 every time…” Black Enterprise reports.
However, these cards have become one of the fastest growing forms of electronic payment, up 20 percent with more growth expected in the int he next year.
Besides the fees, there are other reasons why these cards aren’t good for consumers. Click through to BlackEnterprise.com to learn more about prepaid debit cards and some of the pitfalls of their use.