New card on campus
September 11, 2008 | Wall Street Journal, alternatives, industry, industry critics, media coverage, personal finance | Comments (0)Pre-paid debt cards. Now that a great way to keep kids on a budget. From the Wall Street Journal piece:
This fall, financial-services companies are focusing more of their campus marketing on “prepaid debit cards,” which work like standard debit cards except that they aren’t linked to a traditional checking account. Among the issuers aggressively marketing their cards this year: U.S. Bancorp and Wal-Mart Stores Inc.
The cards typically carry hefty fees and offer fewer consumer protections than credit cards. Fees are often charged when the card is activated, when it is used at an ATM and even when there’s a lack of transaction activity.
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