Prepaid cards are a good option for parents who want to give their kids spending money without handing them cash that could potentially get lost. Make sure you're familiar with your card's terms of service and reach out directly to your card issuer for more information. ![]() While there's typically no minimum balance requirement, you could get stuck paying a monthly fee you regardless of your balance. Bluebird® by American Express has no card opening fee when you open an account online (otherwise it costs up to $5), no monthly fee and no foreign transaction fees. There are options out there with minimal fees. You may also incur ATM withdrawal fees of $2.50, check deposit fees ranging from $0 to 5% of the total check amount and a 4% fee on purchases made outside the U.S. The PayPal Prepaid Mastercard® can cost up to $4.95 to purchase the card ($0 if you get the card online) and charges you $4.95 a month to use the card. You can also expect to incur an ATM fee, reload fee and foreign transaction fee with many prepaid cards. But you may also pay a fee to open your prepaid card, typically around $5. ![]() ![]() Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. Before you open a prepaid card, it's important to understand what fees may be associated with them.
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