Pre Paid Credit Card

Hey Guys,

I'm giving some money as a gift to someone who is going to go traveling (USA). I thought rather then cash it might be good to get one of those Visa/Master cards that are prepaid and put money on that. I haven't ever used one though so I'm not entirely sure where to get them from, if different places have different fees or what fees apply (new card fee? top up fee? usage fee? cancellation fee?).

Figure the Oz Bargainers would let em know if this is a stupid idea or the best way the do it. Would love some thoughts on this.

Comments

  • Choice did a review earlier this year of prepaid travel cards here. Lots of charges.

    http://www.choice.com.au/reviews-and-tests/money/banking/tra...

    Why not just give the recipient the cash and let them lump it into their preferred method of exchange?

  • I'm just not a big fan of cash payments really. They just kinda say 'this is how much your worth', but in this case giving money will be more helpful then an item to lug around I would think. I thought that maybe as a Card it would feel more classy. But I will probably go the cash way.

  • if the card is being used overseas you will get stung with lots of foreign transaction fees.