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Valued Member
spartanspirit
Posts: 47
Registered: ‎08-16-2011
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Chase Liquid pre-paid card

just saw this on a commercial. wonder if it will "help" get a chase card like AMEX claims theirs does.

 

https://www.chase.com/online/prepaid-card/liquid-prepaid-card.htm#tab-content-home



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WhiteCollar
Posts: 314
Registered: ‎04-07-2012
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Re: Chase Liquid pre-paid card

[ Edited ]

The Chase Liquid is geared to those that do not want or that do not qualify for traditional checking accounts for a number of reasons. (i.e.. chexstems, teletrack, discharged accounts at other financial institutions). Customers that get the Liquid can eventually obtain a traditional checking account. The Liquid does not help you transition to Chase credit card products.

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Revelate
Posts: 9,762
Registered: ‎12-30-2011
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Re: Chase Liquid pre-paid card

[ Edited ]

PrettyNPink wrote:

The Chase Liquid is geared to those that do not want or that do not qualify for traditional checking accounts for a number of reasons. (i.e.. chexstems, teletrack, discharged accounts at other financial institutions). Customers that get the Liquid can eventually obtain a traditional checking account. The Liquid does not help you transition to Chase credit card products.


There's no guaruntee of that, it's simply unstated like so many other things in the financial world.  I didn't see mention of that when I skimmed their FAQ.

 

I don't understand this card although visually it looks pretty cool: $4.95/mo?  Why consider it over the Amex prepaid at all unless you can't do anything else but put cash into an ATM... and I have to believe nearly everyone can find a checking account somewhere if they look hard enough.

 

 

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Revelate
Posts: 9,762
Registered: ‎12-30-2011
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Re: Chase Liquid pre-paid card

[ Edited ]

Further looking at it, this appears to be a shill to open up a savings account.

 

- FDIC insured to 250K

- Edit: hey what do you know, a Chase Savings account (their basic option) monthly fee: $5 assuming you don't have any of the get-out-of-jail criteria.

 

For additional funsies, you get a Liquid gratis with Chase Premier Plus checking :cattongue:

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WhiteCollar
Posts: 314
Registered: ‎04-07-2012
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Re: Chase Liquid pre-paid card

As an industry insider, I will say again that the Chase Liquid Prepaid card was not designed to help customer transition into Chase credit card products. This card was designed to help customers with budgeting/spending and those that abused accounts with financial institutions previously. Chase prepaid and credit are two separate departments within JP Morgan Chase that function independently.

 

The $4.95 monthly fee is among the lowest in the industry. What sets Chase apart from other prepaid card providers is their number of ATM's, the ability to walk into a branch and talk to an actually person and you can use the chase mobile app with the Liquid. You'd be surprised at the number of people that cannot qualify for a basic checking account.

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Revelate
Posts: 9,762
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Re: Chase Liquid pre-paid card

Not certain on that last point, I've worked both in subprime lending and now on a project for a subprime insurance broker, payments come from all sorts of random places I've never heard of, though I agree for the big 5ish there's lots of people who can't get one, though admittedly there's a lot of people in the underbanked category which simply don't have a checking account period for whatever reason.

 

If Chase manages to get into with that sector where it's still blue-water competition, then you're probably right, but if there's traction on this card (and others like it), why won't someone (Amex) cut a deal with say BOFA or another national bank with lots of ATM's and undercut that 4.95 service fee?

 

Have you seen the financials on how much the prepaid cards are actually making service wise?  They haven't been out for that long but I haven't gone looking for the data.  Interesting stuff though.

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jsickz32
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Re: Chase Liquid pre-paid card

Cool looking card tho
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trumpet-205
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Re: Chase Liquid pre-paid card

[ Edited ]

Although pricy, $4.95 monthly maintence fee is within line of prepaid card. Visa and MC prepaid card is treated as debit card, where swipe fee is capped at 21 cents.

 

AMEX prepaid card is treated as a credit card, asking for signature instead. Combine the fact that AMEX gets to keep all the swipe fee, AMEX can offer prepaid for free.

 

Only MC prepaid card that I know is free is Western Union prepaid card.

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Revelate
Posts: 9,762
Registered: ‎12-30-2011
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Re: Chase Liquid pre-paid card


trumpet-205 wrote:

Although pricy, $4.95 monthly maintence fee is within line of prepaid card. Visa and MC prepaid card is treated as debit card, where swipe fee is capped at 21 cents.

 

AMEX prepaid card is treated as a credit card, asking for signature instead. Combine the fact that AMEX gets to keep all the swipe fee, AMEX can offer prepaid for free.

 

Only MC prepaid card that I know is free is Western Union prepaid card.


Ah thanks Trumpet.  I hadn't thought of the difference between debit vs. credit swipe fees.  Much appreciate your pointing that out.

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