DES MOINES, Iowa (9/27/12)--NerdWallet.com, an online financial planning resource, has ranked the Coopera Prepaid Reloadable Visa Card as the fifth-most-affordable prepaid card available to consumers.
The ranking is based on the Coopera Card's low fees as compared with other prepaid card options on the market, including two competing products designed for Hispanic cardholders, said Coopera, which works with the Credit Union National Association on serving Hispanic credit union members.
The Coopera Card is designed to offer Hispanic cardholders a fair, dignified reloadable prepaid card option to help them avoid costly nonbank financial services such as money orders, check-cashing and payday advances. The card differs from other prepaid cards targeted for Hispanic cardholders in the language of their choice--English or Spanish--which includes the copy on the card, statements and text alerts, and cardholder support and other related services.
Coopera Card fees are tailored to match the financial behaviors of the Hispanic market, with lower secondary card fees, free interactive voice response calls, lower international fees and lower print statement fees.
NerdWallet.com's interactive prepaid card comparison tool standardizes prepaid cards' disclosures, fee structures and terms and conditions to help consumers understand quickly each card's cost structure. It makes recommendations to consumers based on:
- Card use, including both signature and PIN transactions;
- ATM use, including withdrawals and balance inquiries;
- Reloads, including cash reloads; and
- Direct deposit and monthly loads, to determine if the user is eligible for a discount.
Coopera Card keeps costs low by offering fee-free cash loads at the cardholder's credit union, direct deposit of payroll checks, or online transfers from an existing checking or savings account, or from other credit or prepaid cards.
"Where a lot of prepaid debit cards get you is the 'free' cash loads," said Anisha Sekar, NerdWallet.com vice president of credit and debit products. "They might not charge a fee, but third-party retailers can levy charges as high as $5 per reload. Not-for-profit credit unions, by contrast, tend to offer affordable products and to reinvest in their community and members' well-being."
To see how the Coopera Card compares to other prepaid card options, use the link.
Coopera works CUNA and credit unions nationwide to help credit unions grow by serving the Hispanic community. Coopera and CUNA designed El Poder es Tuyo (The Power is Yours), a customizable, Spanish-language personal finance website for Hispanic credit union members and potential members. For more information, use the resource link.