Earlier this year, Visa made headlines when it announced the Visa Clear Prepaid program, as a new and straightforward way for consumers to research and choose a prepaid card. But what exactly is Visa Clear and what does it mean for you?
What is Visa Clear Prepaid?
The overall goal of the Visa Clear Prepaid program is to make prepaid card usage less confusing for consumers. To qualify for Visa Clear Prepaid, prepaid providers certify that they meet the standards for clearly communicated fees and great consumer protections.
In order for a card to receive the Visa Clear Prepaid “seal of approval” they must offer one of two fee structures.
- A flat monthly fee plan that gives you the flexibility to choose to cover all of your purchase transactions under a single monthly fee
- A per-transaction plan where you pay a fee only when you use your card to make a purchase – up to a clearly disclosed limit on purchase transaction fees charged during the month
Why should you care?
The launch of this program means increased transparency and peace of mind for all who use cards in the Visa Clear Prepaid program, which include the Prepaid Visa RushCard. Cards in the Visa Clear Prepaid program have consumer protections like deposit or share insurance like FDIC or NCUSIF, Visa’s Zero Liability policy, and no overdrafts permitted so you can’t overspend.
But that’s not all. Prepaid cards must meet additional criteria in order to be a part of the Visa Clear Prepaid program, which include:
- No fees for declined transactions
- No fees for cashback at the register
- No fees for customer service
- No fees to use in-network ATMs
- No fees to close your account
What do I have to do to participate?
If you are looking to open a prepaid card account, visit the Visa Clear Prepaid website to choose from the full list of qualified cards. However, if you are already using RushCard or one of the other qualified prepaid cards, continue to use it as normal and you will automatically be protected under the standards of the Visa Clear Prepaid program.
Visa’s Zero Liability Policy covers U.S.-issued cards and does not apply to certain commercial card transactions, or any transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your prepaid card provider.
All data and information provided on this blog is for informational purposes only. The opinions, conclusions and other information expressed reflect the views of the author and does not necessarily reflect the views or positions of UniRush, LLC.