Well, a quick glance at the SilverCard Prepaid Card’s fees should leave you pretty concerned. It charges nearly $10 for activation, $4 per month, $1 for making a purchase that requires you to enter your PIN, and $2 per ATM withdrawal. Furthermore, it charges $2 for live customer service, $4 per month if you don’t use your card for 6 months, and $15 to cancel your account. Wow, what doesn’t the Prepaid SilverCard charge for? This type of fee structure is what you want to avoid when looking for a prepaid card.
You see, there are cheap cards out there, you just have to know where to look. The GreenDot Prepaid Card, American Express Prepaid Card, and Chase Liquid Card are good starting points. The GreenDot is free if you load $1,000 per month via direct deposit (e.g. paycheck), the Amex is free if you only make one ATM withdrawal per month, and while the Chase Liquid Card costs nearly $5 per month, it doesn’t charge for much else. Any of these cards would be a far better option than the SilverCard MasterCard Prepaid Card.… show more