Tuesday, July 30, 2013
"Not all prepaid cards are created equal," said Michelle Jun, Senior Attorney at Consumers Union. "The good news is that prepaid card fees have come down and a number of cards offer many of the same features you get with a bank account. But consumers can still end up paying more than they bargain for because fees are often poorly disclosed and can pile up quickly."
Consumer Reports based its prepaid card review on four factors:
Consumer Reports said the best cards of the 26 reviewed scored well in each of the categories, offering fewer fees, checking account comparable features, FDIC insurance and accessible fee disclosures.
The top five cards reviewed by Consumer Reports are:
Editor's Note:
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