Banking Content Disclosure: Content is not provided or commissioned by the bank advertiser(s). Start by considering the costs associated with each prepaid debit cardsuch as monthly maintenance, ATM, foreign transaction and cash reload fees. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Parents can also control whether their child can use the card at an ATM. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, Our advertisers do not direct our editorial content. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. You can also receive instant transaction alerts and lock your debit card if you lose it. Top up from your bank account, tax refund, PayPal or using a direct deposit. You can use it to make transactions and purchase goods. The one drawback to this card is that there are no free ATM withdrawalsthey cost $2.50 each. Greenlight Prepaid Mastercard: Best for parents (tie). However, you can use the card year-round. Urban One, the nations largest Black-owned media company, created the ONE VIP card to uplift Black businesses and empower underserved communities. These consumers are often referred to as the underbanked'' because they lack access to traditional bank accounts. Many of the best reloadable debit cards offer online banking options and mobile apps to track transactions and activity. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company. ATM withdrawals: Free at over 60,000 ATMs in the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs, plus any ATM operator fee. Message. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. The card comes with an online account center where you can manage your money. View NerdWallet's picks for the best checking accounts. There are two plans to choose from starting at $20 a month or $200 a year. ConsumerAffairs is not a government agency. Monthly fee:$6.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$0Cash reload limits:$20 to $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReload locations:Over 45,000 across the US. Some cards in this roundup have nonbank program managers that partner with banks. Our partners cannot pay us to guarantee favorable reviews of their products or services. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. You can only spend the money you add to the card. Bluebird by American Express: Best for avoiding fees. Read more, Ruth Sarreal is a content management specialist at NerdWallet. How will we know if we're fulfilling our mission? For no monthly fee, you get both a spending and savings account. Using a prepaid card is often safer and more convenient than carrying around cash, but cardholders dont enjoy the same perks and those with even entry-level credit cards. No ATM access for gift cards. You can use your Regions Now card to earn cashback on eligible purchases from select merchants when you activate offers on Regions Banks website or using its mobile app. to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. Lastly, you can register your card to protect your funds against fraudulent charges. The. There is a $5.94 monthly fee. Most prepaid debit card issuers allow funds to be loaded and reloaded by direct deposit, cash or bank transfer. Prepaid debit card vs. debit card vs. credit card Prepaid debit cards pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions. Cardholders can make secure deposits through the Green Dot apps check capture feature, reload at the register or deposit funds through MoneyPark. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. Earn up to $75 cash back each year at Walmart. The NetSpend Prepaid Card has a $9.95 monthly fee thats reduced to $5.00 if you receive at least $500 in direct deposits on a regular basis. Funds from direct deposit, bank transfers, PayPal, tax refunds and government benefits can also be applied to the card. By Jon Alper July 29, 2008. Charges ATM cash withdrawal fees up to $0.85 per transaction. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. Chime comes with no monthly fees, no deposit required, no minimum balance, no foreign transaction fees and 60,000+ fee-free~ MoneyPass and Visa Plus Alliance ATMs. Here is a list of our partners. The monthly fee is $7.95, which cant be waived. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. . She has written and edited content on personal finance topics for more than five years. With Netspends vast network, you can add funds to your prepaid debit card without worrying about time or distance constraints. However, not all debt collectors follow these rules, so it's best to avoid postdated checks. Funds transfer instantly, in case your kids are out with friends and need money in a pinch. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: , and if you can't get a regular checking account, try. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. You can withdraw money from MoneyPass ATMs for free. Its free. You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. See our list of the best savings accounts. Since its a Visa, the card is widely accepted. Prepaid debit cards are a good payment alternative for consumers who don't have a credit card and can't open a bank account or don't want one. Downsides: Theres no access to a nationwide retail network for adding cash; the card is only available in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesnt have a separate savings feature. A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. Reload methods: Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Walmart or other stores. Fifth Third Access 360 Reloadable Prepaid Card. RushCard is a prepaid Visa card that lets consumers load their own money onto the card. Directly deposit payroll, government benefits or tax return funds. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. See our criteria for. best prepaid debit card to avoid garnishment. And parents and teens can receive text alerts when certain transactions occur. Manage your money easier with Green Dot Prepaid Cards. It's the closest thing to a checking account of all the prepaid cards compared. Parents can pay interest to their childs account as a way to incentivize savings. Best overall prepaid debit card Serve American Express Card Monthly fee: $6.95 ATM Fee: Free at MoneyPass ATMs or $2.50 elsewhere Reload fee: $0 Cash reload limits: $20 to $500 Other. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. Walmart MoneyCard: Best for shopping at Walmart. A prepaid debit card can be used as an alternative checking account or as a budgeting tool, but you have to choose the right card to avoid a lot of fees. Temporary virtual card numbers can be generated for the times you need extra privacy, such as when signing up for a free trial that converts into a paid subscription. The Netspend Prepaid Card boasts an impressive network of more than 130,000 locations nationwide for cash reloads. A prepaid debit card is not linked to a bank account, so you can only spend as much as the available balance. We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Disclaimer: NerdWallet strives to keep its information accurate and up to date. With so many prepaid debit card options, choosing the right one can be overwhelming. However, you typically cant pay for a reloadable debit card with a credit card. Something went wrong. Be sure to carefully read the terms and conditions of any card before purchasing. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. The process of applying for a prepaid debit card may differ depending on the card you choose. The content has not been reviewed, American Express Gift Cards are prepaid personal gift cards from $25 to $3,000 that can be purchased and then given away. Bluebird by American Express: Best for avoiding fees. Cynthia Paez Bowman is a finance, real estate and international business journalist. Direct deposit, bank transfer and mobile check deposit; add cash at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! Some banks and local credit unions also sell prepaid cards. Besides Bankrate.com, her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and SimpleDollar.com. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. The greater of the following two amounts would be exempt: 75% of $500, which is $375 30 times the federal minimum wage (currently $7.25 an hour), which is $217.50 Since $375 is the greater amount,. Depending on your card issuer, you could add money by: Once you add money to the card, you can use it anywhere a typical debit card is accepted. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. Chime has two automatic savings programs: one where a percentage of every paycheck automatically goes into the savings account and the other where your purchases are rounded up to the nearest dollar and the rounded-up change goes to savings (see below for more information from Chime). Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. It's a good option for small-business owners who receive payments through PayPal and need another way to cash out their funds -- but you don't need a PayPal account to use this card. aseptic technique ampoule; deaths in hardeman county tn; hydro dipping hertfordshire; trove gem calculator; abandoned places in orange county ny; buford's message to reynolds gettysburg 1863 Even if you dont want to build your credit score, many easy-to-get credit cards come with better perks than even the best prepaid cards. In addition, some prepaid cards will waive some or all of the monthly fee if you load a certain amount of money on the card via direct deposit. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. Other services: Up to 5 subaccounts, no international ATM withdrawal fee. Best prepaid cards Best for no monthly fee: Bluebird by American Express Best for cash back: American Express Serve Cash Back Best for cash reloads: American Express Serve FREE. One of the biggest free ATM networks among prepaid cards. 26 Feb Feb Free withdrawals and cash deposits at major retailers. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). But you're the final judge. Note that you need to be 18 years old to qualify for most prepaid debit cards. Which product would I recommend to my mom or daughter? Minimum initial load of $25. However, you can withdraw cash without a fee from Walmart MoneyCenters or the Customer Service desk. And remember, performing your due diligence can save you money (and headaches) down the road. Chime is a financial technology company, not a bank. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. NOTE: Before we get to prepaid cards, you should consider Chime. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. No purchase fee. Prepaid debit cards let you enjoy the convenience of paying by card without a line of credit or a bank account. Greenlight stands out for a feature that other prepaid cards lack: store-specific spending controls. General fees and features: $5.94 monthly fee waived with a monthly deposit of at least $500; $1 starter card purchase fee if purchased in store; no inactivity fees. If you need todeposit cash, you can visit one of Movo's 3.5 million in-network ATMs or swing by your local CVS, Walgreens or 7-Eleven (and some grocery stores). Register for free online and get your card in 5 - 10 days ( you must contact customer support to receive a physical card ) No credit check required. Access to surcharge-free ATMs through the MoneyPass network; Minors of any age can get a debit card; Multiple subscription plans: $5.99 monthly service fee, $25.99 for six months, $39.99 for 12 . If you dont prepay, the fee is $5.99 for a monthly subscription. Use in stores and online. You'll receive a Mastercard number you can add to your digital wallet to make payments and deposits through the mobile app. Our content is intended to be used for general information purposes only. Find our top partner offers for the best prepaid debit cards with the lowest fees and the most features below. Cash withdrawal and third-party fees may apply. His work has been featured by USA Today and the Los Angeles Times. Don't worry -- you can approve the trades first. How to pick the best prepaid debit card for you? It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. Commissions do not affect our editors' opinions or evaluations. Deposit methods: Direct deposit, bank transfer and mobile check deposit; add cash at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. What are the best prepaid debit cards? Check your account balance, review transactions and load checks through the app. Monthly fee:$4.99 to $9.98 (up to five kids)ATM Fee:FreeReload fee:N/ACash reload limits:N/AOther fees:Custom-design card fee for $9.99, card replacement $3.50Reload locations:N/A. * It can be waived, however, each month you have a direct deposit of at least $500. All financial products, shopping products and services are presented without warranty. We value your privacy. But if youre fee averse, youre not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. After that, the fee is just $4.99 per month for a family with up to five children. 2023 CNET, a Red Ventures company. But it's pretty cool to get notifications that your child wants to buy Starbucks shares instead of a latte. He is based in Berkeley, California. Skip ahead to read about these low-fee alternatives. Prepaid debit cards come with a variety of fees that add to the cost. Fee to use ATMs; limited methods for reloading funds. AccountNow offers Visa and MasterCard prepaid cards that let customers add money through a variety of ways and also directly deposit their paychecks into their accounts. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. annual percentage yield. A prepaid card functions similarly to a debit card. Looking for a traditional spending account? Your potential liability is capped at $50 if you give timely notice that your card has been lost or stolen. And with direct deposit, you can get paid up to two days early.*. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. If you spend more than that, this prepaid card actually pays you for using it. Gold Visa Prepaid Card earns cash back rewards plus 3% APY. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. In a digital world, information only matters if it's timely, relevant, and credible. Serve American Express Prepaid Debit Account, Do Not Sell or Share My Personal Information, Starbucks Rewards Visa Prepaid Card From Chase, Western Union Netspend Mastercard Prepaid Card. approved or otherwise endorsed by the bank advertiser(s). Cash deposit fees may apply if using a retailer other than Walgreens. And for good reason. CNET is not an insurance agency or broker. Direct deposit, debit card transfer, bank transfer. Up to 5 subaccounts, no international ATM withdrawal fee. Family Law Attorney in Houston, TX. Service fees vary by card, so you should check the list of fees associated with different types of transactions before you activate a new prepaid debit card. Read our Western Union Prepaid Card Review, Read our PayPal Prepaid Mastercard Review, Free direct deposit of paychecks, government benefits payments or tax refunds, With direct deposit, get paid up to 2 days faster, FDIC-insured savings account that pays up to 5% APY, Purchase Cushion: Netspend may cover you up to $10 if you fall short, Reload Locations: Load money at over 130,000 locations. Other services: Up to four free additional accounts; savings account with 2% APY for first $1,000, and chances to win monthly cash prizes; option to lock and unlock your card via the app; text and email alerts. Payments can be split across multiple accounts. Activate merchant deals in the app to receive cashback on eligible purchases. For regular debit cards, the funds for your payments are taken directly from your checking account as you make payments. Best with No PIN Transaction Fees: PayPal Prepaid Mastercard. This keeps the monthly fee to just $5, with no fees for purchase transactions. Thats not to say the card is perfect. Thank you, you have successfully subscribed to our newsletter! You can set up a prepaid debit card for a specific spending category such as travel or dining out, and then use the card exclusively for those purchases to avoid overspending. You can use it once online, for example, and then dispose of it. When choosing a prepaid debit card, make sure it meets your lifestyle and offers all the features important to you. Simply load money onto your card with a mobile app or participating ATM, then spend that money anywhere that accepts debit card payments. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. advertiser(s) Affiliate Program(s). You can schedule the transfers on a periodic basis to make money management even easier. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. You use a prepaid card to make purchases in stores, shop online and pay bills. Some prepaid debit cards charge a host of fees. Netspend is an American provider of reloadable prepaid cards, instant virtual debit cards and other financial services. Add funds. More from NerdWallet: What is a debit card? Then, look into the benefits each card offers. It works with Apple Pay, and there are no transaction fees, foreign transaction fees or overdraft fees. Manage your money from your mobile device through the app. Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. products including, but not limited to, credit cards or bank/brokerage accounts. $2.50 to $4.33 if prepaid; $5.99 if billed. There is a $5.94 monthly fee. Get more smart money moves straight to your inbox. But if you're fee averse, you're not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. A prepaid card can be especially helpful if you've struggled in the past with overdrafted accounts or have a low credit score. ATM withdrawals: Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! ", Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. ACE Elite Visa Prepaid Debit Card (Pay As You Go) 4.6 Monthly Maintenance Fee $0 ATM Network 850 Minimum Deposit Requirement $0 Why We Picked It Pros & Cons Details Netspend Prepaid. We dont charge you for our services. Currently, they report to Experian and Equifax. Most prepaid cards offer many of the features you'd expect from a checking account -- you can pay bills, receive direct deposits, transfer money, withdraw funds at ATMs and deposit cash. Add cash via the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds from checks cashed at Walmart stores; $3 to reload cash at a Walmart store; up to $4.95 to reload elsewhere. General fees and features: No monthly fee and no costs for activation or inactivity; no credit check. No, a prepaid card is not a credit card or charge card. The app, which gets decent ratings, is required to get fee-free cash reloads at Walmart stores. Cash withdrawal and third-party fees may apply. Determine what features you need and how youll use the card. They can pay interest to their young ones to encourage savings. Free family accounts up to four people. Chime has two automatic savings programs: one where a percentage of every paycheck automatically goes into the savings account and the other where your purchases are rounded up to the nearest dollar and the rounded-up change goes to savings (see below for more information from Chime). Offers prepaid debit cards for $0 purchase price. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. Make purchases anywhere Visa Debit cards are accepted. If youd prefer not to pay for purchases with cash, credit cards or funds in your checking account, give prepaid debit cards a try. 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Mobile check capture feature, reload at the register or deposit funds through MoneyPark and empower underserved.!, relevant, and the Los Angeles Times withdrawal fee as you make payments VIP to...