In Beware of fees with prepaid credit cards (Toronto Star, August 12, 2013) personal finance columnist and Boomer & Echo blogger Robb Engen offers some sage advice about prepaid cards. Though they may be ideal for post-secondary students, prepaid cards come with hidden fees (such as activation fees, monthly service fees, ATM fees and transactions fees) that aren’t apparent unless you carefully read the fine print.
So, before obtaining one of these cards for your kid or a niece or nephew who may be headed off to university, be sure to do the research. Or better yet, Engen suggests buying regular store gift cards to chains such as Loblaws or Sobeys (i.e., cards that don't have additional fees or expiry dates).
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