New study: Annual prepaid card fees up to $500 - KWWL - Eastern Iowa Breaking News, Weather, Closings

New study: Annual prepaid card fees up to $500

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CardHub today announced the launch of a proprietary prepaid card cost comparison tool along with the release of its 2015 Prepaid Card Report.

Prepaid cards – often used as replacement checking accounts or alternative check cashing tools – have grown increasingly popular in recent years, with the amount of money consumers load to such cards expected to rise to $337.8 billion by 2017. 

And to the report, while some prepaid cards can be free to use – perhaps most notably, the Bluebird and Serve cards from American Express – picking the wrong card can result in you paying up to $500 per year.

The best prepaid cards to use as replacement checking accounts include American Express Serve and Bluebird. 

The study also said prepaid cards founded or endorsed by celebrities are steadily disappearing, reflecting the maturation of the market. 

For the full report, click here

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