Ok be honest, did you compare prepaid card providers before buying yours? Did you find it easy to compare other prepaid card providers against one another?
It’s not so easy, eh?
Therein lays a huge problem in the prepaid card market: a never-ending variety of fees and service charges with no way in which to truly compare them. Types of fees and charges include dormancy fees, ATM charges, FX fees, calling customer services, replacement card cost, monthly charges, next day fund transfers, PAUSE FOR BREATH, international transfer fees, Chaps, account cancellation charge… do I need to continue?
I think you’ll agree it’s definitely not easy to find the best prepaid card suited for your needs. Not only that but if you load or spend by a particular source (debit card, BACS, or online transactions) there could be charges for that too! *Sigh*
So in reality it’s actually very difficult to get a truly accurate comparison of prepaid cards against one another unless you’re an Excel spreadsheet ninja… and even then you might struggle!
Well there’s no easy fix, unless all prepaid card providers agree to standardise the way their fees are displayed. This has already been kicked off in the States by the Pew Charitable Trust with their disclosure box albeit for purchasing prepaid cards.
Pockit like to keep our fees clean and simple, that means no confusing percentage charging, monthly/yearly fees or even dormancy charges to name just a few. What do you think about the way our fees are displayed? Any surprises?
Let us know what you think of the UK prepaid card market and how fees are structured? Should we be following suit with our US counterparts?
Pockit HQ would be happy to standardise how prepaid card fees and charges should be displayed – because we have nothing to hide! What you see is what you get with Pockit, and that’s how it will remain! :)
Anthony Haniff-Marketing Team-http://cdn.pockit.com/images/Anthonyheadshot2.png