Nerd Wallet Rates 58 Prepaid Cards

by Mercator Advisory Group 0

Tim Chen, the founder and chief executive officer of Nerdwallet.com, has previously written pieces for outlets such as thehuffingtonpost.com and The Christian Science Monitor.

Now his site, which started out by allowing people to compare credit card offers, has launched a tool that will allow people to compare prepaid card offers to one another and to bank accounts.

Luckily, finding out how much a prepaid product will cost you just got a bit easier, thanks to the folks over at NerdWallet.

The credit card ranking site launched a tool on Tuesday that allows consumers to compare and contrast prepaid debit cards currently on the market.

The lead in to the comparison page shows skepticism to prepaid cards in general. From the site:

Prepaid debit cards come loaded with charges, from monthly fees to ATM fees to fees for using the card. Answer a few questions to the left, and we’ll figure out which one will cost you the least money.

Remember: prepaid debit cards don’t improve your credit score! If you’re looking to build or rebuild credit, consider a secured credit card. Also keep in mind that prepaid debit cards are rarely cheaper than traditional checking accounts.

Like many critics of prepaid cards, Chen immediately declares them a bad deal because free checking accounts are free. He fails to consider the possibility that free checking accounts are not available to other segments of the population or that the relative value of prepaid cards may be higher than checking account options available.

Click here for more.

See the comparison tool at: http://www.nerdwallet.com/prepaid/

Read Chen’s Piece in the Huffington Post at: http://www.huffingtonpost.com/tim-ch…_b_712301.html

Read Chen’s piece at the Christian Science Monitor at: http://www.csmonitor.com/Business/ne…ot-a-good-deal

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