Jim McKelvey was a glass artist, creating exquisite hand-blown glass bowls and spiraling faucets. About five years ago, a visitor to Jim’s St. Louis studio was so impressed with his work that he wanted to make a $2,000 purchase on the spot. Without the cash on hand, the customer offered to pay with a credit card. Unfortunately, Jim didn’t...
|Signing Promotion||Great For: Instantly funding employee purchases.|
|Intro APR Promotions||
- Instantly fund employee purchases.
- Gain 24/7 control over where and how much employees spend.
- Save money - no surprise interest charges or overdraft fees.
- Free Trial Period - No Monthly Fee for at least 2 months after you enroll
- No transaction fees
- No deposit fees
- Cards are personalized with the cardholder's name
- The funds on deposit are corporate funds - not employee-owned
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- Very useful for small business owners who don't want to use a true credit card for business expenses
- Monthly fee waived if business spends at least $50,000 on the card collectively
- Ability to manage employee spending online
- Instant approval
- $7.50 monthly maintenance fee per card if minimum spending limit is not met
- $49.95 account setup fee
- $5 card replacement fee
- $5 fee to transfer money into bank account
The Simple Dollar’s Review
While business credit cards are all the rage right now, some smaller companies simply cannot afford to obtain one. Additionally, these businesses might not yet have any established credit history. If you are a business owner and this sounds like you, this type of prepaid card might just be what you’re looking for. Only about one year old, the PEX Visa® Prepaid Card For Business is an innovative prepaid card designed with the needs of small employers in mind. Especially if your business requires you and your employees to charge business expenses frequently, this prepaid card enables you to carefully track everyone’s expenses.
The biggest disadvantages of prepaid cards are always in the fees. The PEX Visa® Prepaid Card For Business is no different, although its fees are fairly low. The biggest fee is the monthly maintenance fee, which comes out to $7.50 per card. If you’re hoping to have all your employees use a prepaid card, then those fees can quickly add up. On the plus side, however, is the possibility of having the fee waived. All you have to do is spend at least $50,000 per month collectively. While this might sound like a large figure, in reality, most small businesses can easily spend that much, especially if all employees use the card exclusively for business expenses. Another great feature of this card is its intuitive website, where cardholders can create an account and track all employee spending.
Other fees include a one-time account setup fee of $49.95, a $5 card replacement fee, and a $5 fee for transferring money from a card into a bank account. All in all, the PEX Visa® Prepaid Card For Business has fewer fees than most consumer prepaid cards. If you’re looking for a way to manage your business expenses without the hassle of a business credit card, then look no further.
You’re a student. It’s a time of self-discovery, education, and new-found independence. Part of taking those first, brave steps into adulthood is learning to manage your own finances. Getting a credit card is crucial for building a good credit history and learning to spend wisely. But as you apply for your first card, you may find yourself in a minor...