Consumer Reports has released a new comparison of general purpose prepaid reloadable cards where it compares them based on value, convenience, safety, fee accessibility, and clarity. The report says that some prepaid cards are not so bad.
Some prepaid cards with their lower simpler fees and increased functionality may provide consumers with the features and benefits consumers need and want at a reasonable cost. However, consumers may not have meaningful access to the information that allows for comparison-shopping. Moreover, consumer protections for prepaid cards are not yet on par with debit cards linked to bank accounts.
The report ranks the best five prepaid cards and worst four. It still views all cards through the lens of treating them purely as bank account substitutes. It also silently compares them to free checking accounts with no regard to what the fees might actually be on a standard account. All the same, the report shows that prepaid cards are no longer viewed solely as a payments pariah by consumer advocates.
Click here to read the report.