Prepaid Visa cards

[KA2PTE]

Curious how often people use these and what different kinds there are and the limits. I was told the basic ones at the Walmart and supermarkets are $100 max. I guess banks can supply these as well, but are there limits and conditions.
I guess you merely charge it directly from a bank account and it ca be reused till exhausted?

[koØm]

Curious how often people use these and what different kinds there are and the limits. I was told the basic ones at the Walmart and supermarkets are $100 max. I guess banks can supply these as well, but are there limits and conditions.
I guess you merely charge it directly from a bank account and it ca be reused till exhausted?

For a fee.

I could see giving them as a gift but beyond that I will use the cards associated with my bank and the major CC companies.

.

[KA2PTE]

So with the bank card do they let you have (x) number of disposable cards you can pre-charge
up to a certain dollar? I guess as long as you pay for them, as many as you like, and the fee structure
depends on the max dollar amount they can be charged to?



For a fee.

I could see giving them as a gift but beyond that I will use the cards associated with my bank and the major CC companies.

.

[K4PIH]

Got to watch those card scams. Some are legit but most say things like ... get paid up to 2 days early.
One of my kids got caught up in one of those scams because she didn't watch her credit card spending. She got CHIME and boy did she get CHIMED! Use it just like a credit card they say, yeah for a fee that's usually higher that the interest rate on a real credit card.

The Pre-paid ones from Wally World are fine. You put X$$ on one and it's like a cash transfer. That's what I did to help my daughter out. If I put 100$ on one it would cost me about 112$ so I was paying the fee up front not here.

[KA2PTE]

Interesting. Do you have to use them / payout by a certain time and is $100.00 the max?



The Pre-paid ones from Wally World are fine. You put X$$ on one and it's like a cash transfer. That's what I did to help my daughter out. If I put 100$ on one it would cost me about 112$ so I was paying the fee up front not here.

[K4PIH]

Usually they are good for a year. I've put as much as $300 on a wally world prepaid. The ones that don;t make sense are the ones like CHIME. You have to put money on it first to use it. So if you have $200 in your wallet, why would you put it on a card, then pay a fee to use the card? That $200 is really only about $190 once you pay the fee. I guess people just like to whip out a card and look all impressive..

[KG4CGC]

I had to look up CHIME. One or some of these "banks" will help you build up a credit score.

https://en.wikipedia.org/wiki/Chime_(company)

[n6hcm]

I had to look up CHIME. One or some of these "banks" will help you build up a credit score.

https://en.wikipedia.org/wiki/Chime_(company)

afaik Chime has shut down.

yeah, there are a few kinds: there are kinds that work like gift cards (only, since they're VISA or MC, they work in most places). there are other kinds that work like checking accounts without the checks.

all of these are aimed at the unbanked, millenials, ...

the cards that work like checking accounts without checks make their money through card fees charged to merchants. the kinds that work like checking accounts have apps with advanced functionality like budgeting, ... (you know, all the crap you'd never ask your bank to do for you) ...

the cards that work like gift cards make their money by the merchant fees and by fees collected from the card user (often unexpectedly).

[K4PIH]

I saw a Chime add last week on the TV. They may be gone but the adds still run. There are several more that have sprung up to take their place. They are the new Cash For Your Car Title predatory scam.

I asked my daughter why use one of those cards, she replied it was much easier and safer than cash.

[koØm]

I saw a Chime add last week on the TV. They may be gone but the adds still run. There are several more that have sprung up to take their place. They are the new Cash For Your Car Title predatory scam.

I asked my daughter why use one of those cards, she replied it was much easier and safer than cash.

Even prior to the outbreak of coronavirus, many brick-and-mortar retailers across the country, for reasons of cost and efficiency, had been moving toward cashless operations. They had been doing this to such an extent that a number of cities and states had to (https://www.laprogressive.com/cashless-society/)ban (https://www.npr.org/2020/02/06/803003343/some-businesses-are-going-cashless-but-cities-are-pushing-back) the practice to protect the vulnerable

(https://www.laprogressive.com/cashless-society/)Is the Move Toward a Cashless Society Racist? (https://www.laprogressive.com/cashless-society/)


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Even prior to the outbreak of coronavirus, many brick-and-mortar retailers across the country, for reasons of cost and efficiency, had been moving toward cashless operations. They had been doing this to such an extent that a number of cities and states had to ban (https://www.npr.org/2020/02/06/803003343/some-businesses-are-going-cashless-but-cities-are-pushing-back) the practice to protect the vulnerable.

The pandemic has led to a surge of businesses either refusing to accept cash or strongly discouraging its use.


But the pandemic, and the belief that the use of cash can spread the virus, has led to a surge of businesses either refusing to accept cash or strongly discouraging its use, and this disproportionately affecting people of color. Here are the reasons why:

1. People of Color Have Less Access to Banking Services

Even the U.S. Federal Reserve admits (https://www.federalreserve.gov/publications/2018-economic-well-being-of-us-households-in-2017-banking-credit.htm) that people of color have less access to banking services than white people. While 84% of the latter are “fully banked,” which they define as having bank accounts and not requiring financial services outside of banks such as payday loans, only 52% of African-Americans and 63% of Hispanics are fully banked. This means that these people are far more likely to be denied service at cashless retailers.

.

[N8YX]

You do have to wonder who such measures as cash for clunkers, high gasoline prices and a cashless-focused society are intended to hurt.