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Hi Everyone, I came across this promo at my local Loblaws, you can get $2 off the activation fee on a $100 or $200 Prepaid Visa or MasterCard Gift Card. It isn't a huge saving, however if you are out to buy one as a present, for back to school or generally buying a prepaid gift card, you'll save a couple of bucks -- which never hurts. You need to show the coupon to the cashier to get the savings (the coupons should be on the gift card racks). The promo runs until the 1st of September! Happy Shopping! I saw a lot of these Visa / MC prepaids in the grocery stores but did not know there is activation fee to use them. I thought Visa/MC got their percentage cut from the vendors.
With others (Canadian Tire, Home Depot, etc.), I do not recall any sort of fee, I get the amount said on the card and paid the same (or less if there is discount), and I bought quite a bit of these gift cards from grocery stores to take advantage of the Tangerine's 4% cash back for grocery purchases. Why would anybody want to buy the MC/Visa prepaid gift cards then? If it is for gifts, just give cash/cheque as the gifts, they'll get the full amount. Aug 22nd, 2016 4:17 pm These cards also lose their value over time, ie. They are charged monthly or quarterly or yearly fees on top of the activation feed. The only prepaid VISA GC I know of that does not loose value over time is the RBC VISA Gift Card. It has a low activation fee, but retains is value forever.
You do not need to be a RBC banking customer to purchase theirs. 'RBC Visa Gift Cards are only available to RBC Royal Bank customers. To make a purchase, visit a local branch and talk to an RBC Representative today.' Aug 22nd, 2016 4:17 pm These cards also lose their value over time, ie. They are charged monthly or quarterly or yearly fees on top of the activation feed. The only prepaid VISA GC I know of that does not loose value over time is the RBC VISA Gift Card. It has a low activation fee, but retains is value forever.
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You do not need to be a RBC banking customer to purchase theirs. 'RBC Visa Gift Cards are only available to RBC Royal Bank customers. To make a purchase, visit a local branch and talk to an RBC Representative today.' They're available to everyone. You need to show ID to buy one since they're a bank but they are available to anyone.
My understanding is that monthly fees are not permitted any longer. They were until 2014 though. They are still pretty pricy though.
See 'maintenance fee is a type of fee that can be charged after the prepaid card or product has been purchased, but that is not associated with the cardholder’s use of the product or any service related to it. Institutions are not allowed to charge maintenance fees for at least one year after the prepaid card or product is activated unless it is: a promotional product a reloadable card or product (which lets the cardholder add more funds) and the cardholder has given express consent to be charged maintenance fees.'