Consumer Payment Card News

Prepaid Wars

Wal-Mart’s new prepaid VISA card is igniting a firestorm among its competitors who claim the new card is anything but low cost. The fact is the new “Wal-Mart MoneyCard” charges fifteen different fees and is fee-heavy in comparison to some of the more established prepaid card specialists. For example, Wal-Mart’s “MoneyCard” charges $8.94 for issuance; a monthly fee of $4.95; a cash reload of $4.64; and an ATM fee of $1.95. By comparison San Jose-based BanXcard charges no issuance fee; a $2.95 monthly fee; a cash reload fee from $0.00 – $3.00; and an ATM fee of $0.95. Shopping for a good prepaid card is a bigger challenge than shopping a good credit card as it requires a full review of the many and varied fees involved. For more information on the MoneyCard visit: “http://www.walmart.com”:http://www.walmart.com. For more information on the BanXcard visit: “http://www.banxcard.com”:http://www.banxcard.com.

“Click here for a side-by-side comparison.”:https://cardtrak.com/media/pdfs/2007/july/25a.pdf

Leave A Reply