Prepaid Credit Cards

[StartALawnCareBusiness]

I was at Walmart last week and saw a display for prepaid credit cards at the checkout. Has anyone used those? I believe you top them up with money and then you can use them just like a regular credit card. They might be a good idea for new business owners to help keep their business expenses separate from personal purchase. Also, if you only keep $100, or so, in the card it will help keep you on your budget. Also, would it be a good idea to give employees so they can use them for fuel purchases? I am not sure if there is a cost to these or if there is a transaction fee. Let me know what you think. Keith

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[Steve]

Lawn care business tips

Those are some good ideas! Here is an article on this product Walmart is offering. There is a monthly fee and it costs money to reload the card. What's your view on these fees? Wal-Mart moves into banking with debit card - Wal-Mart, furthering a lucrative push to offer financial services to its customers, will sell prepaid Visa debit cards that would allow millions of low-income shoppers who don’t have bank accounts to keep up with an increasingly cashless society. The Wal-Mart MoneyCard costs $8.95 to buy and $4.95 for monthly maintenance. Cash can be loaded on the card for free by cashing a payroll or government check at Wal-Mart or direct depositing. Otherwise it costs $4.64 to reload the card.

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[FourSeasons]

[quote]They might be a good idea for new business owners to help keep their business expenses separate from personal purchase[code]

Why not just get a seperate business account with a debit card linked to it?

[StartALawnCareBusiness]

Originally Posted by [b

Quote[/b] ]The Wal-Mart MoneyCard costs $8.95 to buy and $4.95 for monthly maintenance. Cash can be loaded on the card for free by cashing a payroll or government check at Wal-Mart or direct depositing. Otherwise it costs $4.64 to reload the card.

They sound like a great idea...FOR WALMART.

Not only do they deposit your money into an interest bearing account and keep the interest, they also charge an initial fee of $8.95 and a monthly fee of $4.95. That seems excessive.

If these cards were free, I would probably use them often. Walmart would still make money on the interest they make on my money.

Since there are such high fees, I'll have to pass.

Keith

My Insurance Co. offers a Prepaid Visa I got one for the fact is that I don't keep money in it unless I know I'm going to use it, mostly for eBay and Internet purchases. This way I don't have to use any real credit cards, I don't mind giving out the PPCC info I just wont no matter how secure the site my be give out real CC info.

The PPCC only charges 3$ for loading, 2$ per month service fee, 1$ per transaction, so the rates are cheap. no other fees.

I think Wal-Mart is just trying to find another way to get into your pocket with these PPCC. Charging high load fees, monthly service fees and etc, seems as if every business of this type is jumping on pp-cc band wagon scam.

This just doesn't seem right to me.

[c4trash]

Originally Posted by StartALawnCareBusiness

I was at Walmart last week and saw a display for prepaid credit cards at the checkout.

Has anyone used those? I believe you top them up with money and then you can use them just like a regular credit card.

They might be a good idea for new business owners to help keep their business expenses separate from personal purchase. Also, if you only keep $100, or so, in the card it will help keep you on your budget.

Also, would it be a good idea to give employees so they can use them for fuel purchases?

I am not sure if there is a cost to these or if there is a transaction fee.

Let me know what you think.

Keith

There are two types available over here
The first option is for people who cant get a credit card
1 is a Prepaid Prezzy Card (Visa) its not rechargeable
You buy a certain value i.e $25 and pay a additional fee of $5 regardless of how much is loaded
Its normally available from outlets which supply postal services
Pros are It can be used most outlets or online which accept Visa
Cons are Always ask or check with merchant first some wont accept them because the cards don't identify the person making the transaction by name
TradeMe and my ISP don't accept them
I used mine on PayPal to pay an account and now there is a problem because I have setup an account as Prezzy Card no one else can use it
If I need to top up Paypal I just buy a new card and top up
In anticipation of later issues I opened a separate PayPal account in my own name which I have linked to my bank account
if you are going to take them check with your bank if they accept them

2 Some banks have an option called a debit card which allows you to use your eftpos card as a credit card
Under this system I understand your credit is limited to the amount in your account
Hope this helps