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Visa to label prepaid card that have lower fees
New York • Visa wants to make it easier for people to spot a cheaper prepaid card.
The payment processor says it will put labels on packages of cards that meet a new set of standards it unveiled Tuesday.
Those standards include a flat monthly fee and no hidden charges. Companies that issue Visa prepaid cards will have to apply for the new label, and the program is voluntary. It could take up to a year before the seal of approval starts showing up on packaging.
Prepaid cards are mainly aimed at people without checking accounts. It lets them pay bills and receive direct deposits. But critics say some cards aren't clear about what they charge. Visa hopes the new label will push card issuers to be more transparent and lower fees.