4 Cards That Are Top Petty Cash Solutions
June 17, 2011 by admin
Filed under Cash Advances
American Express Pass is a prepaid debit card aimed squarely at parents managing teen spending, but it has strong potential for small businesses seeking a petty cash option.
But almost by accident, a group of financial services companies is offering new options in custom debit cards. These so-called reloadable prepaid debit cards were initially created for the young and those without bank accounts. They work like normal plastic — they are accepted wherever credit cards are and can offer cash advances — but are worth only what you load up in advance.
Prepaid debit has hazards. These cards can be viciously expensive; $6 in monthly fees is about average. And reading the fine print is a must, since fees can get baked in all over the place — $2 surcharges for live support, for example, is a favorite. But most cards also come with significant discounts if you meet usage minimums or order online.
Either way, used right, prepaid debit can give your people a professional fiscal identity without exposing you or your firm — or your credit score — to excessive pain.
Here is what you need to know:
Green Dot(GDOT)
Activation fee: $4.95; free if bought online.
Monthly fees: Start at $5.95; can be waived with $1,000 load or 30 purchases a month.
Retail reload fee: $4.95; no fee for direct deposit.
Probably the granddaddy of prepaid debit, Green Dot is still the industry leader — and still posting impressive quarterly earnings. Green Dot is not exactly cheap; $6 a month is a lot in card fees these days. But the company is also the place to start for small businesses testing the prepaid debit waters. Why? You can reload the card from its network of 50,000 — count em — US locations including CVS(CVS) pharmacies, Rite Aids(RAD) and 7-Eleven stores. That means you can fund your people from just about anywhere. Thats pretty darn handy.
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