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8
Apr

Prepaid Credit Cards Affected By New Law

By Keith Castor

Have you obtained prepaid crerdit cards in the past? Chances are that you may pay more to obtain to obtain one in the future.

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The Credit CARD Act imposes prepurchase disclosure of certain fees, such as inactivity fees, associated with prepaid cards — and mandates that the cards not expire before five years. The new rules for prepaid cards — including gift certificates, reloadable prepaid cards and gift cards — go into effect Aug. 22, 2010.

“In the past, some expired after a year — if you still had money on it, you lost it,” Straessle says. He predicts that, to make up for this lost revenue, issuers will start charging a higher upfront fee to get prepaid debit and credit cards and also a higher fee to reload the card — as high as the market will bear. “It will depend what they think they can do competitively,” he says. “It’s the logical place for additional revenue to happen because there are not many revenue sources in a prepaid cards program.”

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