prepaid visa questions

[sl_underwood]

My daughter asked tonight if I would get her a prepaid visa for her upcoming school trip. Can anyone tell me the ins and outs of using a prepaid visa. Also are there any hidden fees I should know about?
Thanks

 

[Tweevil]

I get these for the kids all the time from TD Bank. I activate them and you can check the balance and transactions online. In the event they are lost you can call and they will freeze the card and issue another one.

I know that if the balance is very small (maybe under $5) they do charge a service fee but theirs do not last very long to test that.

Hope this helps,

 

[PlutoPony]

Several friends have recommended Visa Buxx, which is designed specifically for teens. We haven't opened one yet but think we will be doing that shortly.

 

[sl_underwood]

Thanks I will check into it. Her big issue is that our bank will not allow her ot have a check card because she is only 16. She has a check book but checks are not widely accepted anymore. I would lend her my credit card, in fact I do regularly but in our small town its no big deal. She is worried that even though she knows the pin she might be asked for ID and she doesnt want to be several hundred miles away without any money. She is not willing to take cash as she has a classmate who steals and she doesnt want it stolen. I think the prepaid visa sounds like a great plan in theory, just really want to make sure that most of the money wont go to hidden charges. I would hate for her to be away and have no way of eating or anything else.

 

[maxiesmom]

With the prepaid cards you need to keep track of how much you are spending, so that you know exactly how much is left on the card. You cannot spend more than is on the card, or it will be declined. For example, you go and try to buy a $100 pair of shoes, but you only have $90 left on the card. The card will just decline, it will not take the $90 and tell you that you still owe $10. Make sense?