Prepaid card provider nFinanSe Inc. is offering its prepaid Discover card at Winn Dixie Stores Inc., a grocery-store chain based in Jacksonville, Fla. The company claims it offers the lowest-cost reloadable prepaid card with a purchase price of $5.95, a monthly maintenance fee of $2.95 and a reload fee of $2.95. The company's prices are on the low end of the spectrum, Brent Watters, senior analyst with Maynard, Mass.-based Mercator Advisory Group Inc., tells CardLine. "That is probably one of the lowest cost points I have seen," Watters says. Other cards have been sold for $5.95, he says. But monthly fees on cards typically range from $4.95 to $10, he says. But while the average reload fee is about $5, Waters notes that nFinanSe's $2.95 reload only applies when reloading the card at an nFinanSe network location. The reload agent sets the price if a cardholder uses Western Union Holdings Inc. or MoneyGram International Inc. locations to reload value, nFinanSe says. Milwaukee-based Metavante Corp. processes the card transactions, and First National Bank in Pipestone, Minn., and Palm Desert (Calif.) National Bank issue the cards, says Clare Morgan, an nFinanSe spokesperson.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry