Kaiku Visa Prepaid Debit Card
[Update April 24, 2017: The current Kaiku prepaid debit card is closing June 7, 2017, according to Kaiku’s public relations team. Kaiku confirmed to NerdWallet that it is switching its issuer from The Bancorp Bank to a new one: “Our relationship with Bancorp is ending but Kaiku is moving to a new issuing bank. Unfortunately, we aren’t allowed to disclose more information at the moment.”
Any bill payments and card reloads, including direct deposits, will stop working May 24, according to an email sent to customers. Cardholders will have until June 6 to use or withdraw any funds from the card. Any remaining balance after June 7 will be mailed by check within several weeks.
The company said on its Facebook page that it would contact cardholders about how to obtain the new Kaiku card after it determines the launch date.
NerdWallet will report on new details as they become available.]
A prepaid debit card that shows its true colors is rare. The Kaiku Visa Prepaid Card pulls it off without hidden fees and has six colorful options to choose from, including ones with strange names like “unicorn pink.”
Kaiku promotes a “cool way to bank online” in its effort to target millennials, but this card isn’t just for them. It might be a good choice for anyone who wants a decent digital experience, easy access to cash and fee-free use abroad.
Let’s see if it’s right for you.
The bottom line:
- A card without foreign transaction fees
- A low-fee alternative to a traditional bank account
- A large ATM network that avoids withdrawal fees
|Purchases and withdrawals|
Read on for more details about Kaiku’s fees and services.
4.5 / 5.0
Prepaid debit cards often come with many fees, but that’s not the case with Kaiku. Over one year, the low monthly fee adds up to the average overdraft fee for bank accounts.
Purchases and withdrawals
5.0 / 5.0
Kaiku offers plenty of free ways to access your money. Among them is a broad ATM network through Allpoint that reaches international locations such as Mexico, Canada, the United Kingdom and Australia.
What is especially appealing about this prepaid debit card is that Kaiku doesn’t charge foreign transaction fees or currency conversion fees when you travel abroad. You just have to load it fully before you travel, because loading locations aren’t available in other countries.
3.0 / 5.0
Kaiku will be less costly for people who are paid via direct deposit and don’t need to load cash often. Otherwise, there will be fees to load at retail locations.
4.0 / 5.0
Many of the services that other prepaid debit cards charge for are free at Kaiku. This card can’t offer check writing options or other services that a bank can, but it sure comes close.
Convenient access to cash
Kaiku offers easy access to your cash. It may not be right for you, though, if your circumstances don’t allow you to skip the monthly fees or loading fees.
To avoid fees altogether, the American Express Bluebird Prepaid Debit Card may be the better option.
Updated April 24, 2017.
NerdWallet’s overall rating is a weighted average of each category: general account fees, transactions and funds access, reloads and other services. Factors we consider, depending on the category, include fees, ATM access, reload options, breadth of merchant acceptance, account features and limits, user-facing tech and customer service. Several Nerds contribute to prepaid debit card ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below)— Best to avoid