If you are thinking about giving a prepaid card as a gift this holiday season, you should be mindful of various terms and conditions.
Lucie Tedesco is the Commissioner of the Financial Consumer Agency of Canada and she says fees can lower the balance of a prepaid card, catching consumers off guard.
Tedesco says if you’re giving out these cards, make sure the person you’re giving it to gets a copy of the agreement and the proof-of-purchase.
She stresses this will help prevent any surprises down the road.
Tedesco notes depending on the type of card, fees may be charged for making a purchase, loading money onto the card, or for monthly maintenance.
