Until recently I didn’t know what a prepaid card was. I know what a credit card is and I know what a debit card is and how they both work. A prepaid card? Not so much. That’s when I heard from the people at Kaiku. They helped me understand what a prepaid card is and how it can be helpful for teens like us. So here ya go, this is my Kaiku Prepaid Card Review:
This post is sponsored by Kaiku…you can read my disclosure statement HERE.
To get started I thought a few definitions are in order:
Credit Card: A bad idea for many reasons, not the least of which is that you can buy things you can’t afford… But really, a credit card allows you to buy something today and pay for it at a later time in payments. This is not a free service. There are fees and interest associated with however much you owe in a month.
Debit Card: Associated with your checking account at your credit union (or bank if you haven’t switched yet). Allows you to spend only the money you have in your account. Depending on where you have your account you may be charged monthly fees and such.
Got some new clothes today at Old Navy. It was the first time I used the card and it worked perfectly!
Prepaid Card: A prepaid card is a card that you add money to in advance. It isn’t associated with a checking account like a debit card. It is a great way to make sure that you don’t overspend like you can with a credit card and helps a lot of people budget their money more carefully. It’s also a great way to carry money instead of carrying cash around with you.
There are fees associated with prepaid cards so you have to be careful. If you get one be SURE to check out all the fees or charges before you sign up so you don’t get a nasty surprise. When I checked around I realized that the Kaiku card has smaller fees than many of the other companies out there:
I will admit that one of the reasons I like this card is because of the cool colors…don’t judge me…
Monthly Maintenance: $3
ATM in network: FREE – and they have 55,000 ATM’s to choose from.
ATM out of network: $1.45 (plus the ATM operator might charge something as well but that isn’t Kaiku’s fault)
Mobile Deposit: FREE And yes, this means that you can make a direct deposit simply by taking a picture of the check with your smartphone and it goes directly on your card!
Mobile Deposit Expedited: 1% or 4% depending on the type of check. (This fee is from the people who provide the service, not Kaiku. I guess you would do this if you needed the money that moment but it sure is going to cost a lot.)
Card Inactivity: FREE (Some companies charge you extra if you don’t use your card.)
Card Purchase: FREE They don’t charge you every time you swipe your card to buy something or pay a bill.
Took my mom out to dinner after shopping.
And I almost forgot! They have a cool mobile app that you can use to check your balance and deposit checks and everything. It makes the card easy to use because you can always check your balance to make sure you have the money in your account. The app is free and I got it set up easily.
I didn’t intentionally match my nail color to my Kaiku card but I guess I like this color more than I realized. I was even able to leave a tip for the nail lady using my card without any problems.
Have you ever used a prepaid card before? Did it work well for you? I’m loving my Kaiku card. If you are in need of a prepaid card I do recommend them after having such a positive experience with Kaiku myself.
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