a consumer’s guide to choosing a prepaid card a project of consumer action | funding provided by...
TRANSCRIPT
![Page 1: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/1.jpg)
A Consumer’s Guide to Choosing a Prepaid Card
A project of Consumer Action | www.consumer-action.org
Funding provided by Visa Inc.
![Page 2: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/2.jpg)
What you will learn
• What a prepaid card is and how it works
• The most common prepaid card fees and how to avoid or reduce them
• How to shop for and choose a prepaid card
• Where to find more information
![Page 3: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/3.jpg)
Payment card comparison
• Credit cards
• Debit cards (checking account)
• Prepaid cards
![Page 4: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/4.jpg)
Is a prepaid card right for you?
![Page 5: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/5.jpg)
How prepaid cards work
• Loading/reloading funds
• Making purchases
• Getting cash
• Paying bills
![Page 6: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/6.jpg)
Overdraft coverage
• Pushes account into the “red”
• A fee for each overdraft
• Avoid!
![Page 7: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/7.jpg)
Consumer protections
• Limited liability
• Dispute resolution
• Insurance
• Statements/activity
![Page 8: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/8.jpg)
Prepaid card fees
![Page 9: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/9.jpg)
Fees (continued)
![Page 10: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/10.jpg)
Rewards and cardholder benefits
![Page 11: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/11.jpg)
Savings feature
![Page 12: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/12.jpg)
Shopping for a prepaid card
![Page 13: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/13.jpg)
Shopping tools
![Page 14: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/14.jpg)
Using your card
![Page 15: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/15.jpg)
Managing your account
• Set up online account / download app
• Sign up for alerts
• Monitor transactions
• Check for changes
![Page 16: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/16.jpg)
Resources
• Consumer Financial Protection Bureau (CFPB) (www.consumerfinance.gov)
• Federal Trade Commission (FTC) (www.consumer.ftc.gov)
• Consumer Action (www.consumer-action.org)
• KnowYourCard.org (www.knowyourcard.org)
![Page 17: A Consumer’s Guide to Choosing a Prepaid Card A project of Consumer Action | Funding provided by Visa Inc](https://reader033.vdocuments.us/reader033/viewer/2022051401/5697bf921a28abf838c8ece6/html5/thumbnails/17.jpg)
Congratulations!
You’ve completed the training.
Consumer Actionwww.consumer-action.org
© Consumer Action 2015