Prepaid credit cards can have their places. For example they might be a good option to introduce teens to using the convenience of cards or they might make good gift options for someone who’s difficult to shop for. But if you think prepaid credit cards will give you convenience while helping you save money compared to traditional credit cards (and even the monthly fees for accounts with debit cards), you might not save as much as you think.

Some prepaid credit cards can even be downright costly. To figure out how much a prepaid card will cost you be sure to look at the different fees involved. Here are some examples of fees to keep a look out for, based on the terms for the VCARD and Canvas prepaid Visa card.

Setup Fees – In addition to preloading the card with funds you’ll need to pay a setup fee for the privilege of using the card.

Recharge Fees – You may also be charged a small fee every time you want to add more money to the card, if the card is rechargeable. So if you know you’ll spend a lot you’re probably better off with one big recharge than several smaller ones.

Telephone Support Fees – If you have problems using your card and you need to reach a support representative, you’ll be charged a fee for the call.

Document / Statement Fees – While you can likely access some kind of transaction history online at no charge if you want paper statements or other records mailed to you, you might have to pay for them.

Negative Balance Fees – Wait a minute. The cards are prepaid. That means you can’t technically go into debt, right? If your prepaid balance won’t cover a purchase then it simply won’t be approved. Well, apparently not. Prepaid credit cards can have negative balance fees (like over-the-limit credit card fees) after all. So watch that balance! Hint: other fees charged might be what pushes you into a negative balance, so be careful.

Fund Redemption Fees – If you want to get your funds back off of the prepaid card, you’ll be charged a fee for that. Yes. You pay a fee to start using the card, and you pay a fee when you want to stop using the card and get your excess money back.

ATM Transaction Fees – Just like a bank might charge an ATM transaction fee for debit card users, you’ll find similar fees if you use your prepaid credit card to get cash. And watch out. You might even be charged a fee just for checking your balance using the ATM.

Card Replacement Fees – If your card is lost, stolen, or damaged expect to pay for a replacement too.

Expiration Fees – These prepaid credit cards expire. When they do you’ll be “invited” to get a new card with a later expiration date. If you do, your balance should be transferred to it. If you opt not to continue the relationship you’ll be charged an expiration fee. Want to know how much that fee is? It’s however much you have left on your balance. You forfeit any money left on the card if you don’t accept the replacement card they offer. Maybe they just think they’re doing you a favour by zeroing out your balance so you can stop worrying about it. I doubt it. Make sure you redeem any leftover balance before your card expires to avoid losing it all.

Monthly Fees - To top it all off we have the good old fashioned monthly fee. I mean, they couldn’t possibly be getting enough out of you with all of those other fees, could they? Here’s another good reason to keep an eye on your balance. You don’t want to risk a monthly fee pushing you into a negative balance and causing you to pay yet another fee. Just remember that even if you don’t use your card you might still be paying them for the privilege of carrying around the piece of plastic every month.

Prepaid credit cards aren’t always a bad idea. But that doesn’t mean they’re a sound financial decision in all cases either. Before choosing a prepaid credit card do exactly what you would do with traditional credit cards — compare them. Most importantly, compare the fee structures and how they might influence the way you can use the cards.