Ben Todd | Apr 16, 2017 | 3
Kaiku Visa Prepaid Debit Card Review
You are about to read something that is somewhat of a rarity on echeck.org. You are about to read a review about a prepaid card that doesn’t suck. Our website is littered with reviews of horrible prepaid cards that rip people off, trick people, and take advantage of people. The Kaiku Visa Prepaid Debit Card doesn’t fall into any of those categories. It is actually a good prepaid card that is upfront, honest, and isn’t money grubbing or greedy. Enjoy our Kaiku Visa Prepaid Debit Card review and take note that even with its downsides, it still beats a great many other prepaid cards.
Kaiku Visa Prepaid Debit Card Review – Benefits And Features
- A good alternative to a bank account
- Low fees and no hidden fees
- A large ATM network so you may avoid withdrawal fees
- No foreign transaction fees
- The monthly fee is only $3 and you can get it waived
- No purchase fees
- They have a 24-hour customer support service
- Free online bill payment features
- You have access to a mobile app that also allows you to deposit checks
- There is no inactivity fee
- It is a visa card and not a MasterCard and visa is more widely accepted
- Free reloads if you use direct deposit or mobile check deposits
- Transfer money to another external account for free
- They have a budgeting tool that allows you to track your expenses
- Comes with FDIC insurance
Perks And Downsides
[+] There is a very low fee of $3 per month, and you can have that fee waived if you deposit/load $750 per month onto the card.
[+] You are not charged for purchases. You are not charged for pin purchases or signature purchases. If you become a customer, you are also not charged for currency conversion if you use your Kaiku card abroad.
[+] The Kaiku Visa Prepaid Debit Card is part of the AllPoint ATM network, which means you are not charged a fee if you use an AllPoint ATM. That means your purchases and most of your withdrawals are fee free.
[+] If you have the app, you may deposit your checks with it. You have to take a photo of the check and enter a few details. It can take up to ten days for your check to appear and clear, but you convenience of the app makes up for the wait.
[+] Your Kaiku Visa Prepaid Debit Card account will not charge you for checking your balance. The fact that some other prepaid card companies do is scandalous. You may be charged to check your balance by another operator if you use an out-of-network ATM.
[-] Like with all prepaid debit cards, they do not report to credit agencies. This means that if you handle your money very well, the credit agencies will not know about it. That is why a bank account is always preferable to a prepaid card account.
[-] Use an ATM that is out of their network and they charge you $3. That is around 50 cents higher than most of their competitors for domestic withdrawals. The $3 fee also applies if you are abroad. A $3 charge for out-of-network ATM use in another country is very low.
[-] They charge you between $2.95 and $4.95 if you reload your card with cash from a MoneyGram or Visa ReadyLink location.
[-] You cannot write checks and there is no savings option, but is that really a downside? This is a prepaid card account after all; it is not a bank account.
FDIC Insurance And Money Reloading
Banks have to have FDIC insurance that protects your money if the bank goes under. You will be hard pressed to find a bank that doesn’t have FDIC insurance in the USA. However, prepaid card companies do not have to have this insurance. Your Kaiku Visa Prepaid Debit Card comes with FDIC insurance that covers you up to $250,000. There is a limit of $10,000 on your card, so you are covered for up to that amount for if Kaiku goes bust.
You may use direct deposit to reload your card. You may use Visa Ready Link and you may reload with cash. Reload your prepaid card with a check, or with a bank transfer. You cannot use your bank debit card or your credit card to reload your account, but you can send a bank transfer online.
There Are A Few Card Limits
For one reason or another, prepaid card companies impose limits on their cards. Usually, the limits are put in place to stop money laundering, or to stop people using their card for business reasons. Your Kaiku Visa Prepaid Debit Card has a $10,000 limit, which means that amount is the highest balance you can have on your card at any one time.
During a 30-day period, you cannot load a cumulative amount of more than $25,000. During a 30-day period, you are not allowed to reload your card more than 45 times. You are not allowed any single transaction for more than $1500. Your card has a $3000 daily spending limit, and the most you can withdraw from an ATM is $500 per day. The minimum reload amount is $20.
Kaiku Visa Prepaid Debit Card Review – Fees And Charges
Skip down to the bottom of their homepage and you will see a small link that directs you to their fees page. It is not written in bright colors for all the world to see, but at least it is on the homepage and not hidden away in a PDF file somewhere.
$0.00 to purchase and activate your card
$0.00 to replace your card
$3.00 per month maintenance fee that can be waived
$0.00 international currency conversion
$3.00 for out-of-network ATM withdrawals
$0.00 for using AllPoint ATM machines
$0.00 bill payment services
$5.00 or more for expedited check cashing
1% to 4% for expedited check cashing
$2.95 – $4.95 for cash reloads
Whom Should Take Note Of This Kaiku Visa Prepaid Debit Card Review?
The claim that the Kaiku Visa Prepaid Debit Card is aimed at Millennials is somewhat reinforced by the people in their late twenties on their homepage, and their use of the word “Cool” on their homepage. Quote the Simpsons, “There is nothing cooler than calling yourself cool”
Should Millennials stand up a take notice? I actually think the net should be cast a little wider. I can’t think of anybody who will not benefit from a Kaiku Visa Prepaid Debit Card, (if in fact said person is looking for a prepaid card).
People who are attracted to prepaid cards are foreigners who cannot get a bank account, or people with a poor credit history who cannot get a credit card. Others usually include people who want more control over their money and would prefer to use their prepaid card when shopping because they stand to lose less than if they carry around or use their bankcard; which may have significantly more money on it.
Adding Yet More Of My Opinion
I think Kaiku are making a mistake targeting people in their early thirties and younger. I think they should cast a wider net.
The only people I would suggest do not use this card are people who are not looking to get or use any type of prepaid card anyway. I don’t think Kaiku should try to sell to people who are happy with their bank cards and are not already actively seeking a prepaid card.
Even if your current bank is pummeling you with fees, I would suggest changing banks rather than seeking out a prepaid card. Maybe you could do both if you are worried about where you money will be during the interim time between switching from one bank to another.
Get a Kaiku card because you want more control over your money, or because you want to give money to other people via your account. Get a Kaiku card because you cannot get a bank account, or because you want a secure way to shop online and offline. Don’t get a Kaiku because you are unhappy with your bank.
User Comments And Reviews
[+] Some online users have said they do not use the cards themselves, but they give them to their student children. The parents pay an allowance into their student’s prepaid cards with the understanding that the student will not get credit cards or get into debt with their bank accounts.
[+] Loading as much as $750 onto the card each month is no big deal unless you work a minimum wage job. You can pay your bills from your account, so you can put your shopping and bill money into the account to help avoid the $3 maintenance fee.
[+] The email support is probably their best support option because you can lay out your question in full and you can keep resending it if their answer is not full enough.
[+] Their Funds-o-meter tool is lots of fun. Their budgeting tools help some users to manage their money more efficiently. Many people compliment the simple-but-effective app.
[+] They don’t advertise very much, which is probably why they are able to keep their fees low. The mobile check loading function is something people expect from a bank, and some are thrilled to see that they can do it with their prepaid card account too.
[-] Getting a replacement card takes too long. You may have to wait two weeks to get a new card. That is a long time when it is your only card account.
[-] Some of the customer support staff are too casual and informal. People want professional customer service staff; they do not want an informal experience.
[-] There are some online users that say their questions are ignored when they call and when they email. They say the customer service staff has a habit of ignoring the questions they cannot answer and only answering the easy ones.
[-] Some people have complained that direct deposits take too long to clear. One man online added to this by saying that Kaiku hold on to your direct deposit money for around 30 hours longer than most other prepaid card companies. Is this poor administration or a fraud detection thing?
Conclusion – Kaiku Visa Prepaid Debit Card Review
The reason that Kaiku receives such high praise in my Kaiku Visa Prepaid Debit Card Review is because I have seen how bad the competition is. I have seen other companies charge people for checking their balance. You wouldn’t think something such as not having to pay to check your balance would be a big selling point. You wouldn’t think that free transfers to external accounts would be such a selling point. However, when you see how many competitor prepaid cards add fees for stuff like that, then it is refreshing to find a card company that doesn’t.
Would Kaiku receive such high praise if its competitors were playing a fair game? Probably not. Many of the benefits you receive from your Kaiku Visa Prepaid Debit Card, such as the lack of excessive fees, should be things we expect as standard. The fact that Kaiku receives praise for not being money grubbing and greedy is sad, but that is the state of the market at the moment.
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To conclude my Kaiku Visa Prepaid Debit Card review, I say that the Kaiku Visa Prepaid debit card is one of the top prepaid card companies in the USA. It is one of a very small minority of prepaid card companies that plays a fair game, and for that, they get a strong recommendation from me.