I love prepaid debit cards, but hate the fees that are attached to so many of them.  If you’ve ever used a prepaid card then you know that the fees that come along with just about all of them are frankly, ridiculous.  In some cases, more than you’d pay with a traditional bank account.

And for that reason I’ve stuck with only a chosen few because I’d rather not have fees chip away at my hard earned cash.

Recently, I came across Kaiku, a new prepaid card and I am impressed.  I used it for about a month.   I love not only their branding, but I am also impressed with their push to remain clear, upfront and honest about how the card is structured.

That’s Great And All But What About The Fees?

Originally, the fee was $3 per month but this was recently revised and changed by Kaiku.  It is now $0 per month when users load $750 per month via direct deposit.   If you don’t load the card using direct deposit then the fee is $3 per month.  Another way to avoid fees is to use one of the 55,000 Allpoint surcharge free ATMS worldwide.


Even More Good News

I mentioned above that so many cards have exorbitant fees attached to them which results in their customers paying more fees than they intend to over the course of a month.  This is where the Visa Clear Prepaid Designation comes into play.   Love this!  The way this works is the prepaid card must abide by certain criteria to be in the Visa Clear program.  *Drumroll*

These are:

      • Fee plans which give you the flexibility to choose to cover all of your purchase transactions under a single monthly fee, or for less frequent users, to pay a fee only when you use your card to make a purchase up to a clearly disclosed limit on purchase transaction fees charged during the month
      • No fees for declined transactions
      • No fees for cashback at point of sale
      • No fees for customer service
      • No fees for in-network ATM withdrawals or balance inquiries
      • No fees for card closures
      • Visa Zero Liability fraud protection²
      • No overdrafts permitted, so you cannot spend more money than you have – VISA Clear

Because We Like Perks and Benefits:

      • $3 per month fee
      • Direct deposit ($750 monthly avoids the fee!)Use your smartphone to load checks to your account
      • No ATM fees when you use one of the 55,000 Allpoint ATMs
      • Out of network ATM fee: $1.45
      • Have Amazon or Paypal?  Transfer money from those accounts onto your Kaiku card
      • Card to card transfers
      • No charge for paying bills
      • No charge for purchasing the card
      • No charge for activating the card
      • No charge for replacing the card

If you’ve ever used a prepaid card in the past then you know that the above-mentioned protections bring a sigh of relief to many.  Think about it, with other cards there’s a fee to check your balance, withdraw cash, monthly fee for having the card and fees for not using your card!  So many fees they make my teeth itch!  You may remember Suze Orman’s card catching serious whiplash for that card’s fee structure and thankfully, that program is now closed.  We saw that coming.

kermi tea

This is why I have so much respect for the folks over at Kaiku because their fee structure aims to be not only clear but fair to it’s customers.  Simple fee structure with pretty much the same protections as a credit card.

I’m planning to get at least 2 more cards for myself because it really works for how I structure my money.  I love the fact that they don’t have crazy fees and I can use it on the go while not being attached to a brick and mortar bank.  No trips to the bank needed.

kaiku cards colors

You’re Still Here?

Grab your new Kaiku card and pick a color.  Choose wisely ladies.  Your new card should arrive within a week and you should be set to go!