Kaiku Finance LLC was incorporated in 2010. The company is based out of Los Angeles, California, and offers a prepaid debit card.
Prepaid debit cards look just like traditional debit cards but they aren’t linked to bank accounts. These cards have to be loaded with money to work, causing people to refer to them as “pay as you go” cards. People load money as needed and then use that money.
While debit cards have been around since 1984, prepaid debit cards didn’t really take off until 2006. Prepaid card usage increased by 20 percent a year for the following three years, and it continues to be popular with consumers to this day. Consumers have more prepaid debit card options than ever. That means it’s important to research the various choices.
Get the details on the Kaiku Visa Prepaid Debit Card to find out if it’s right for you.
Benefits of the Kauku Visa Prepaid Debit Card
The Kaiku Visa Prepaid Debit Card is a straightforward, no-frills card, and that’s typically a good thing. The company’s fees are low and transparent. There is no activation fee, and the monthly fee is waived when users load at least $750 on the card each month.
There isn’t a fee for:
- Bill payment
- Card purchases
- Card replacement
- Card inactivity
- International currency conversions
- Standard mobile deposits
The card comes with lots of reload options, making it easy to keep cash on the card. People can reload with direct deposit, bank transfers, the Visa ReadyLink, and with cash. In addition, check reloads are available through the iPhone and Android apps. The card also accepts transfers from Amazon and PayPal, as well as card-to-card transfers. This allows users to transfer funds to friends and family.
Spending money with the card is also easy. It can be used anywhere that accepts Visa. Also, users have the option of taking out cash at one of the 55,000 surcharge-free ATMs.
The Kaiku app has some nice features. It has an ATM finder and a budgeting tool to help people stay on top of their spending. They can even break down their spending by category. For instance, they can see how much they spent on groceries and how much they spent on eating out.
Drawbacks of the Kauku Visa Prepaid Debit Card
Lots of benefits come with using a no-frills card, but no frills also means no membership benefits. Regardless of how often cardholders use the card, they won’t earn cash back, points, or any other type of benefit.
People who don’t spend enough to get the monthly fee waived have to pay $3 per month for the card. It also costs money to load the card with cash. Merchants charge $2.95 to $4.95 each time cash is loaded.
Mobile deposits might be free, but they take up to ten days to load. Those who want access to their cash immediately have to make an expedited deposit. That will cost between one and four percent of the deposit, with a $5 minimum. The reason there isn’t an exact percentage is it varies by check type.
Also, users have to pay a $3 charge when using out-of-network ATMs. Fortunately, there are tens of thousands of in-network ATMs, so this fee is easy to avoid. The card has some reload limits as well. It can only hold up to $10,000 at a time and users can only make a total of $25,000 in deposits per 30 days. Also, consumers can only load it 45 times per month.
In addition, the card does not help users build credit. While it does give them access to cash on the go, they do not enjoy any credit benefits.
The Kaiku Visa Prepaid Debit Card is a nice option for people who want a no-frills card to use in place of a card that’s linked to a bank account. It is easy to load and spend money, and the fees are minimal, especially for those who intend to load at least $750 a month. It might not have a lot of bells and whistles, but it gets the job done at a low cost to the consumer.