The first thing that strikes me about the Chase Liquid Card (besides its look of course) is the small number of fees that it charges. Besides the $4.95 monthly fee, you won’t really get charged for much. Chase ATM withdrawals are free, customer service is free, there’s no inactivity fee or anything. From what I’ve seen prepaid cards are best used as fill-ins for checking accounts or to teach kids how to handle money. I wouldn’t use the Liquid Card as a checking account because the Orchard Bank Prepaid Card is free if you load something like $1,000 a month. The Liquid Card doesn’t allow you to escape the monthly fee, and it doesn’t have a bill pay option as far as I’ve seen. Using it for teaching your child isn’t a bad idea though because kids aren’t going to deposit that much anyway.
Bottom line, the Chase Liquid Prepaid Card is an interesting offer because it’s likely to be one of the first big bank prepaid cards introduced in the coming months, and it’s interesting to see whether the offers the big boys come up with can compete with the top dogs already in the prepaid card market. Also it will be interesting to see whether Chase adds a way to escape the Liquid Card’s fees to let it compete more with the Orchard Card.… show more