Executive Summary -
In this section, we'll do some peer comparison with popular prepaid cards before reaching our verdict as to whether you should get this card or not.
Before we reach a conclusion about this card, we have to compare it to some of it's peers. In these comparisons, we want to focus especially on the fees.
Vs Walmart Money Card - While this card charges a monthly fee of $1.95, Walmart charges $3. But Walmart's monthly fee is waived if you direct deposit $1,000 or more a month. Hence, in terms of cost, it depends on whether you would use the direct deposit feature and how much will you load the card a month. If you know for sure you would be direct depositing more than $1,000, then Walmart would be the better alternative. If not, then this card comes out ahead.
Vs GreenDot - GreenDot is another very popular prepaid card. It has a monthly fee of $5.95, much higher than this card. But it is waived if you use the card more than 30 times a month or direct deposit $1,000 or more. Once again, if you direct deposit more than $1,000, the GreenDot would make the cheaper alternative.
Vs American Express Prepaid Card - Perhaps the strongest competition this card faces is from Amex. Their prepaid card does not charge any fees at all (including monthly fees). Furthermore, they provide credit card type perks and even offer a path of an Amex charge card down the road. So in terms of fees, Amex wins the battle.
Is this a good card? - I would say that this card is perhaps one of the most cost effective prepaid cards in the market. With just a $1.95 monthly fee, it is almost the lowest in the market.
The fact that they do not charge for direct deposit and bank transfers is also a plus.
The only issue potential applicants have to contend is that the American Express Prepaid Card has no fees, and provides credit card type perks that no other cards can match.
If you get this card, you will be getting one of the lowest fees cards around. If you are still sitting on the fence, then read our review of the American Express Prepaid Card as a comparable. You may find that to be a better alternative.
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