Tax Tip: Do Not Put A Refund Anticipation Loan On A Prepaid Credit Card

As we’ve mentioned before, refund anticipation loans are a bad idea. They’re made doubly bad when they are deposited to a prepaid credit card, but that’s just what HR Block suggests that you do. Why is this a bad idea?

•Refund Anticipation Loans can saddle you with unmanageable debt and unreasonable fees.

•Prepaid Credit Cards are notorious for having things like monthly maintenance fees, inactivity fees, reload fees and expiration dates.

•eFiling with direct deposit can take as little as 10 days.

So don’t be a sucker. Do your taxes and wait for your refund. —MEGHANN MARCO

Emerald Pre-Paid Card [HR Block]

RELATED: Avoid Tax Refund Anticipation Loans
Don’t Get A Refund Anticipation Loan