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