Consumer Payment Card News

Prepaid War

Competition is heating up in the reloadable prepaid card market which is good news for consumers. nFinanSe, an issuer of reloadable Discover prepaid cards, has taken on Walmart’s reloadable Visa prepaid cards. The Company announced it will cut the price of its card from $5.95 to $3.00, effective July 1st. Walmart announced in February it was dropping the fees for its reloadable “Walmart MoneyCard” to $3.00. nFinanSe says it will continue to offer its reloadable cards through major retailers with a $2.95 monthly maintenance fee and $2.95 reload fee, plus free customer service and direct deposit. Walmart’s reloadable Visa program charges a $3.00 charge for reloads and a $3.00 monthly fee. However, if customers reload with direct deposit or after cashing their paychecks at Walmart, there is no reload fee. If Walmart customers load at least $1,000 per month, the $3.00 monthly fee is waived. nFinanSe’s “Discover Reloadable Prepaid Cards” are currently available at approximately 10,000 retail stores nationwide including Dollar General, Winn-Dixie and Mapco Express Convenience Stores. The “Walmart MoneyCard” is issued by GE Money Bank and can also be recharged at tens of thousands of Green Dot retailer locations.

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