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Old Aug 13, 12, 11:57 am
  #1  
DrSifu
 
Join Date: Mar 2011
Posts: 159
Wells Fargo Prepaid Cards

Found this information in the comments section of one of MileValue.com blog and thought I'd share with the FlyerTalk community. Haters are gonna hate.

No personal experience thus far.

https://www.wellsfargo.com/giftcard/...epaid-card/faq
https://www.visaprepaidprocessing.co...docs/terms.htm

Please read the FAQs and T&Cs

-Load $10-$2500 per day via credit or debit card
--quoted from a "dctech" in post #142

The rolling limits are:

$2,500 in 24 hrs
$3,500 in 15 days
$4,500 in 30 days

-$5.00 per load if using a non-Wells Fargo card
-$3.00 monthly maintenance fee
-$2.50 ATM withdrawal fee at non-Wells Fargo ATM. First 2 are free if taken at a Wells Fargo ATM and $1.00 afterwards.
-$500 max ATM withdrawal per day, $1500 max in a rolling 7 day period, $5000 in 30 days.
-$600 max per transaction online ( can't use the card on Amazon to buy a$601 IPAD)
-$5000 max on card at any one time

This is a prepaid debit card You can get cashback at grocery stores or buy money orders at Walmart.

WARNING: based on user feedback, Citibank codes these loads as cash advances while Chase did not. If you are worried, try the minimum load amount of $10 (+$5 fee)?

So, is this bettter then the AMEX prepaid + Vanilla combination?

Assuming your CC bills it as a purchase and not cash advance, let's break down the costs to meet the $10,000 Ink Plus sign-up bonus (this is an extreme example of 100% abuse of the system):

AMEX + Vanilla:

$79.00 for 20 Vanilla reloads ($3.95 ea)
$110.50 for 25 $400 withdrawals (25x$2.50 + 24x$2.00)

$189.50 total cost

Wells Fargo:

$20.00 for 4 CC loads of $2500 ea ($5.00 ea)
$6.00 maintenace fee (need to hold on to the card for two mths)
$100.00 for 20 $500 withdrawals (20x$2.50 + 20x$2.50)

$126.00 total cost

So, which one are you gonna use?

EDIT: based on posts in this thread, below is a summary of how some credit card companies are posting loads to the Wells Fargo prepaid:

Citibank - CASH ADVANCE
BofA - Sale
Chase - Sale

Last edited by DrSifu; Sep 4, 12 at 1:03 pm
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