Two years after the Consumer Financial Protection Bureau first proposed rules aimed at making prepaid cards safer and less costly for the 24 million unbanked consumers who make use of these sometimes costly and fee-laden financial products, the agency is releasing the final version of the rules that will kick in a year from now. [More]
Have you ever exchanged an American Express gift card for goods or services? Luke writes that he received one as a gift, but hasn’t been able to use the card to make any purchases. All he’s managed to do is prove the futility of giving people credit card-branded gift cards as presents. Cash, my friends. Think cash.
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?