What should I consider when buying a prepaid card at a store?

Before purchasing a prepaid card, you should compare prepaid cards and select the one that best suits your needs. Consider both how you plan to use the card and any fees that could apply to you.

The CFPB’s prepaid rule requires providers to give you certain information about fees and terms – known as disclosures – before you purchase or select a prepaid card. The prepaid card packaging must include a chart listing certain fees and other information to help you comparison shop. You should consider whether the card can be registered and if it includes account history activity reports and liability and error resolution protections. It should also provide a website where you can view more detailed information online. Learn how to understand prepaid card disclosures

When you buy a prepaid card, you pay the initial amount that you want to load onto the card, known as the “initial load”, plus the cost of the card. Some cards will require you to put a minimum amount on the card upon purchase.

Be sure to register the card and confirm that the company verifies your identification after purchase to help protect your money in case someone steals or misuses it.

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