Review Criteria

Each prepaid card featured on Prepaid101 has been researched and rated by an AccountNow editor based on the following predefined criteria. The review process focuses on three main categories; Fees, Features and Service. The editor’s overall rating is an average of the three categories. Every effort is made by AccountNow to be fair and accurate. To help ensure the objectivity of the site, AccountNow also allows consumers to enter their own ratings and comments.

Fees

In the fees category, stars were assigned based on the total monthly cost. The same sample monthly activity was applied to each card to determine the total monthly cost. Details below:

  • $15 - $19.99 = 5 stars
  • $20 - $24.99 = 4 stars
  • $25 - $30.99 = 3 stars
  • $31 - $35.99 = 2 stars
  • $36+ = 1 star

The sample monthly card activity used to determine the total monthly cost is listed below:

  • Two deposits
  • $600 in total deposits
  • Three ATM withdrawals
  • Fifteen purchases
  • One live customer service call
  • Four calls using an automated phone system
  • Seven bills paid (if the card company does not have a bill pay service, we assumed $1.25 per bill to pay for money order and stamps.)
  • Monthly fee amount

Features

In the features category, each prepaid card company was automatically given one star for making the following basic features available to their customers:

  1. The ability to make purchases through the Visa or MasterCard network.
  2. The ability to access cash at ATMs
  3. A partnership with at least one major money depositing service network such as Money Gram, GreenDot or Western Union.

In addition, one half star was assigned for each of the following features for a maximum total of five stars:

  • Bill Pay
  • Credit Building Service
  • Short-term Loans
  • SMS Text Alerts
  • Card-to-Card Transfer
  • Savings Account
  • Overdraft Protection
  • Rewards

Services

In the services category, each prepaid card company was automatically given one star for making the following basic services available to their customers:

  • 24/7 online access
  • Automated response by phone
  • Live customer service

In addition, half and whole stars were assigned for each of the following additional services, for a maximum total of five stars:

  • Customer’s money is FDIC insured = ½ star
  • Over 50,000 deposit locations = ½ star
  • Maximum balance limit on the prepaid card >$7,500 = ½ star
  • Online educational resource center = ½ star
  • Friendly and helpful customer service (3 calls to each prepaid card company regarding the same three issues).
    • Friendly = ½ star or 1 star depending on the quality of service
    • Helpful = ½ star or 1 star depending on the quality of service
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