Intro Purchase APR | Regular APR | Annual Fee | Credit Needed |
N.A. | $7.50 a month (waived if you spend $50,000) | No Credit |
Feature Summary
|
The Pex Card(SM) is one of the very rare prepaid cards that is made especially for a small business owner. It has many neat features that enables you to manage your account and also gives enough freedom to your employees to use it. Our investigation into this card was very interesting indeed.
Fees - Firstly, let's take a look at the fees that this card charges. Like similar prepaid cards, Pex charges a monthly fee. The amount is $7.50 a month. The monthly fee is waived if you spend $50,000 a year on the card. In addition to that, you have to pay an activation fee of $49.95. But aside from these two fees, everything else is pretty much free. How so/
Free Services - Unlike regular consumer prepaid cards that charge little fees on almost everything, this card provides many services with no charge at all. For example, there are no fees for live agent customer service. You can transfer money to your card via bank ACH transfer and not incur any fee. Currency conversion is free and there is also no fee for transactions.
Account Management System - Perhaps the strongest feature of this card is the fact that they have an interface that makes it easy for either the business owner or manager to administer the card. For the dashboard, you can see the amount of funds the cards has. You can break them down by employee cards, spending by employees (ie see all transactions). You can add or remove employee cards, suspend them temporarily. You can even set up daily spending limits, restrict the type of merchants where the card can be used, transfer money to the card. Essentially, their portal or dashboard makes it really easy to manage the card.
One thing to note is that the funds that you see in the dashboard are separated between corporate and cardholder accounts, so you can see more clearly which employee card has funds loaded.
Pex Card - A Great Prepaid Card For Businesses
After looking at the features of this card, I would not hesitate to recommend the Pex Card(SM) to business owners. The real question is why wouldn't you get a regular small business credit card? Actually, there could be a few reasons. Perhaps, you have no credit history or he could even have bad credit, but have a thriving business. Perhaps, your business does not need credit lines and you are not concerned about building a "business credit profile or history". Perhaps, all you really want is a prepaid rather than credit card to maintain spending discipline.
If this describes yourself, then this card looks like a perfect match for you. If you have a 503c non profit organization or would like to discuss special pricing with Pex, they are more than happy to have that discussion with you as well.