Although some prepaid cards come with extra fees, it will soon be easier to find the ones that have lower (or no) fees. Visa® has plans to make it more convenient for consumers to determine which cards come with fees, and how much these fees are, by assigning a special designation to each type of card.
As the popularity of prepaid cards has continued to increase, there have been some concerns over the extra fees that come with some of these cards, which more individuals are turning to in place of debit and credit cards.
Visa’s new system would assign cards a seal that indicates it meets specific criteria, in addition to a name, which has yet to be determined. In order for a card to qualify for the new designation, its terms and conditions would need to clearly outline its fees and anything else that consumers should know about the card upfront. If a prepaid card doesn’t meet these requirements, it can still be a Visa-branded card, but it won’t receive the special designation.
Currently, there are 25,000 Visa-branded prepaid card programs available throughout the world, and the special designation will begin in the United States. Although Visa has intentions of unveiling the new designation system soon, no definite date has been confirmed yet.
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Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.