One of the many cool things this website will do is review the best prepaid cards out there. As you may be aware, banks are now getting serious about prepaid cards, including innovative solutions like the American Express Bluebird card, which is going to be the first card we will review in our next post. There are several reasons why the banks are interested in prepaid cards. The first is that as a result of the CARD ACT and other bank regulations, especially those issued by the Federal reserve regarding Credit Cards fees, banks have seen their fee income from traditional credit card business shrink considerably.
They therefore are looking for new ways to make up the lost fee income. As a result, most now sell gift cards that can be reloaded and used as debit cards. Since reloadable prepaid gift cards are not as regulated, the banks see an opportunity to expand their consumer base and also make money. American Express has teamed up with Walmart on the Bluebird Card and expect more of these partnerships as more and more banks see the potential in expanding their prepaid offerings.
But from a consumer perspective, not all prepaid cards are made equal, so we are going to review a few of the top ones we consider as worth the money – so that you have all the information you need to pick the perfect prepaid debit card for you.