Credit Card News
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Card Issuers » Chase Adopts New Fee Disclosure

Chase Adopts New Fee Disclosure

Add to Favorites:
Chase Adopts New Fee Disclosure

People applying for a Chase Liquid prepaid card are the first to get a peek at the new disclosure form that aims to make terms and conditions clearer and fee schedules easier to understand.

The new form, created by the Pew Charitable Trusts, was prompted by a push by lawmakers to make prepaid fee disclosures clearer. Senator Mark Warner of Virginia introduced the legislation. “Prepaid cards are one of the fastest-growing segments of the digital economy, but aren’t required to have the same kinds of consumer protections as other types of credit cards,” said Senator Warner. His legislation proposed making the new disclosures a standard across the prepaid card industry.

Prepaid cards often have fees for things such as ATM withdrawals, loading money onto the card, monthly fees, activation fees, card replacement and more. But since fee disclosures look different for different prepaid cards, these fees may not always be clear to consumers. The Pew Foundation researched prepaid card fee disclosures and found that fees were difficult to understand, according to Susan Weinstock, director of Pew’s safe checking research department.

This is not the first time the Pew Foundation has sought to make financial institutions’ terms and conditions disclaimers clearer for consumers. Pew overhauled Chase Total Checking’s disclosure forms in December 2011.

Prepaid card fees vary

Prepaid cards, also called general purpose reloadable debit cards, are cards that customers load money onto up front and can add money to as needed. They have become increasingly popular as alternatives to credit cards and checking accounts. But fees vary greatly. Adopting a uniform disclosure box for prepaid cards may make it easier for customers to compare cards and make an informed decision about which card to purchase.

The Chase Liquid card charges customers a monthly fee of $4.95, but transactions and reloading are fee-free. The card is available at Chase bank branches. The new disclosure forms will be available online in March but won’t be in branches until June.

Add to Favorites:

Related News:

Credit Cards Continue To Rally

By Dar Dowling, Posted: June 08, 2015

Across the board U.S payment cards of all kinds continue to be hot with consumers last year, according to a new study. But when push came to shove, credit cards outperformed debt and prepaid cards. Continue reading
GAO Recommends Tougher Laws to Protect Students

By Nan Bauroth, Posted: March 14, 2014

The recent wave of agreements between colleges and non-bank providers of prepaid card services to market these products to students has sparked a call for more stringent laws and regulations. Continue reading
Visa Ups the Ante for Prepaid Cards

By Dar Dowling, Posted: June 13, 2014

It's easy to unknowingly rack up fees when you’re using prepaid cards, but Visa aims to change all that by rolling out new standards for cards carrying its logo. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
You could turn $200 into $400 with Cashback Match™. We’ll automatically match all the cash back you earn at the end of your first year. New cardmembers only.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit