Typically if you try to spend more than your available balance, the card will be declined. Other prepayment plans also offer a discount. You can use the card wherever its network is accepted. Some prepaid debit cards charge a host of fees. Bank-issued Prepaid Cards. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. 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. 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. The card carries a $9.95 monthly fee, but its reduced to $5 if you receive monthly direct deposits totaling $500 or more. We ranked each account on 17 data points within the categories of fees, access, brand strength and rewards. General fees and features: $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. So why does it make our list of prepaid card alternatives? The Bluebird by American Express is our favorite prepaid card. Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. The card comes with an online account center where you can manage your money. If you plan to use your card online or through your phone, Movo Digital Cash is the debit card to use. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. Up to 5 subaccounts, no international ATM withdrawal fee. Copyright 2022 Consumers Unified LLC. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. Netspend has more than 70,000 distribution locations and 130,000 places to reload cards. One client recently explained that he . Best Savings Accounts For Digital Banking, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide, ACE Elite Visa Prepaid Debit Card (Pay As You Go), No fee for cash reloads at Regions Bank branches and ATMs, $5 monthly fee if you make fewer than seven purchases per statement cycle, Mobile load fee of 1% to 4% of the check amount (minimum $5), Donates to charities supporting communities of color, Must accumulate $25 in rewards points to redeem them, 4% foreign transaction fees (higher than the typical 3%), Domestic cash withdrawals are only free if you receive direct deposits, The pay-as-you-go plan charges more than competitors, No maintenance fee if you receive $500 or more in monthly direct deposits, Cashback rewards at participating merchants, Requires income information and two years of address history, Transferring money from your checking account or another prepaid card, Directly depositing your paycheck onto the card, Loading physical cash onto the card at approved retailers or the financial institution that provided the card, Purchasing a reload pack to add a specific amount to the card. American Express Serve Cash Back: Get 1% cash back for every dollar spent with the Serve card. If you dont prepay, the fee is $5.99 for a monthly subscription. Don't worry -- you can approve the trades first. Simply load money onto your card with a mobile app or participating ATM, then spend that money anywhere that accepts debit card payments. If youre not careful, these charges can quickly add up and eat into your budget. ; Members FDIC. Generally, yes. 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. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. No monthly fee with balance over $1,000. Premier is an upgrade from Netspends starter prepaid debit card. All rights reserved. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: Secured credit cards help build credit, and if you can't get a regular checking account, try second chance checking. 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). Parents can also control whether their child can use the card at an ATM. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. Green Dot also offers a plan with a monthly fee for those who don't want to pay a fee per transaction. or Stride Bank, N.A. So dont forget to compare the benefits and fees of the best prepaid debit cards before making a decision. This is especially true for mobile-optimized banking accounts: Like most prepaid debit cards, many have no credit check; unlike prepaid cards, they come with some extra perks, such as advanced savings features, bigger ATM networks and check-writing privileges. Scroll down for more detail on each account. All Rights Reserved. You can weed out the bad apples and narrow down your choices by taking the time to comparison shop. All you need to do is provide basic information, such as your name, address and Social Security number, then add funds to the card of your choice to start using it. Charges a monthly plan fee of $4.95. This low-fee prepaid card is ideal for those who frequent Walmart. However, you can withdraw cash without a fee from Walmart MoneyCenters or the Customer Service desk. . Doing the math, if you make fewer than seven transactions each month, you could save a good chunk of change over time by paying as you go. 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. You can use it once online, for example, and then dispose of it. Find our top partner offers for the best prepaid debit cards with the lowest fees and the most features below. Bluebird by American Express: Best for avoiding fees. It also comes with an optional savings account. Check out NerdWallets best free checking accounts. Who Is Eligible for a Prepaid Debit Card? His work has been featured by USA Today and the Los Angeles Times. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. Offers a convenient way to receive federal benefit funds. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. ~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. For the most part, these changes have been positive. When evaluating offers, please review the financial institutions Terms and Conditions. You load funds onto prepaid cards before using them for purchases. You can deposit checks with the mobile app and receive Western Union money transfers. The Walmart MoneyCard offers a free Vault savings feature. ATM withdrawals: $2.50 fee, plus any operator fees. This influences which products we write about and where and how the product appears on a page. 2% APY with savings up to $1,000. But generally, the options include adding cash at a retail register (often for a fee), adding funds by using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer and bank transfer. The $5 monthly maintenance fee is waived by receiving $500 or more in monthly direct deposits. The one drawback to this card is that there are no free ATM withdrawalsthey cost $2.50 each. Be sure to carefully read the terms and conditions of any card before purchasing. A prepaid card is relatively easy to get there is no credit check or minimum balance requirement. Prepaid cards are typically associated with a national card network, such as Visa, MasterCard, American Express or Discover. Other fees include reload charges, which can cost as much as $6 per transaction and ATM withdrawals of $2.50 on average. $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. 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. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. It offers a free debit card and a free secured credit card. Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. Reload methods: 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: $4 monthly fee thats waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; no costs for activation or inactivity. Other services: Card can have joint owners. We value your privacy. To get the card you must link a bank account to the card. Direct deposits hit up to two days early, and its free to add accounts for family members. CNET editors independently choose every product and service we cover. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards. Cardholders earn 3% back when they shop at Walmart.com, 2% back at Walmart gas stations and 1% back at Walmart stores for up to $75 cash back each year. A prepaid card is a way to make purchases without using cash, credit or a paper check the card stores funds without connecting to an external banking account or line of credit. Bluebird by American Express - Editor's Choice. Its free. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). No, a prepaid card is not a credit card or charge card. Pay rent or expedite bill payments online. Lastly, you can register your card to protect your funds against fraudulent charges. Top 5 Best Prepaid Debit Cards 2023. For features, we looked at each cards money management tools, mobile apps, and customer service. Serve rewards you with1% back on all your purchases, which hit your account as soon as the transaction settles. She previously edited content on personal finance topics at GOBankingRates. 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. Unsubscribe at any time. He is based in Berkeley, California. The credits could take 36 to 48 hours to show up in your ONE VIP account. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. The monthly fee is $7.95, which cant be waived. However, we may receive compensation when you click on links to products or services offered by our partners. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. Skip ahead to read about these low-fee alternatives. You can also easily transfer funds to friends and family members who have a Movo account. annual percentage yield. Make purchases anywhere Visa Debit cards are accepted. By Jon Alper July 29, 2008. Our partners compensate us. The pay-as-you-go plan has no monthly fees but costs $1.50 per transaction. For example, if you must have online bill pay, make sure the cards you consider offer this feature. $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. Minimize initial purchase or setup fees. Content Management Specialist | Bank accounts, bank account bonuses. The. Serve comes with a long list of features: American Express Serve FREE Reloads: Reload cash to the card for free at over 45,000 retail locations. The funds you add to the card are available right away for spending. It comes with the following: Once you open and fund your account, you can then create virtual debit cards in an amount that you choose. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. Not reloadable. Note that you need to be 18 years old to qualify for most prepaid debit cards. Monthly fee:$7.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$3.95Cash reload limits:$20 - $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReward rates:1% back on all online and store purchasesReload locations: Over 45,000 across the US. Some banks and credit unions also issue prepaid cards. You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. Since its a Visa, the card is widely accepted. This site does not include all available financial companies or offers. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Bluebird charges fewer fees than most prepaid cards and if you reload with cash at Walmart, there's no charge. Still, there are many prepaid debit cards that charge outrageous fees, offer limited benefits, or both. This site may be compensated through the bank To support our work, we are paid in different ways for providing advertising services. Website. Extra is a debit card, not a prepaid card. Here are two links with Walgreen's and Walmart that show how to get a prepaid debit card and explains in detail how they work: Walgreens Reloadable Debit Cards. 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 The Walmart MoneyCard offers its shoppers up to $75 per year in cash-back rewards: 3% for purchases made at Walmart.com and in the Walmart app, 2% at Walmart fuel stations and 1% at Walmart stores. See our criteria for evaluating banks and credit unions. Other services: Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. No. Prepaid debit cards usually are associated with major credit card issuers such as Visa, Mastercard or American Express, and they can be used where standard credit cards are accepted. You can also open a linked Chime savings account and set up automatic transfers. From the website or app, you can send allowances, split payments, see balances and activity across all cards and set up text and email alerts. 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. 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. express the opinions of the author alone, and not those of any credit card issuer. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor. Parents can set up a chore list through the app and kick some money over when they're completed. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. Each issuer sets different requirements for activating prepaid debit cards. 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. Start by considering the costs associated with each prepaid debit cardsuch as monthly maintenance, ATM, foreign transaction and cash reload fees. But, you will have to pay $1.00 for each transaction and $2.25 for ATM withdrawals. We are compensated when users click links to or apply for sponsored financial Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. 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. Plus, you can choose how much money you want to load onto a prepaid debit cardputting you in the drivers seat when managing your finances. FamZoo Prepaid Card: Best for parents (tie).. Best for cash rewards: Netspend Visa Prepaid card. advertiser(s) Affiliate Program(s). Clients have told me from time to time about very creative strategies to hold and spend cash off the books. Message. Its one of the best free prepaid debit cards available today. Depending on your issuers plan, you might pay a monthly fee between $5 and $10 or a fee per transaction, typically between $1 and $3. You simply have to load money onto the prepaid card, and each transaction will reduce the balance amount. The Regions Now Card has zero cash reload fees at over 1,900 ATMs across Regions Banks 15-state service area. Scroll Down . He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. * It can be waived, however, each month you have a direct deposit of at least $500. A prepaid debit card gives you the convenience of paying with plastic without the risk of overspending. Generally, yes. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. We'd love to hear from you, please enter your comments. You can find more details of this new rule here. In contrast, prepaid gift cards cannot be reloaded. Downsides: Fee to use ATMs; limited methods for reloading funds. Prepaid debit cards that we considered included: or Stride Bank, N.A., Members FDIC. 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. Also open a linked Chime savings account and set up a chore list through the app receive... Use the card wherever its network is accepted can serve as a tool. Credit unions also issue prepaid cards are accepted almost everywhere, and Customer service best prepaid debit card to avoid garnishment and bank transfers $ per... Operator fees a direct deposit of at least $ 500 or more in monthly direct hit. Nexscard Visa prepaid card to $ 1,000 apples and narrow down your choices taking... Sure to carefully read the Terms and Conditions for no monthly fees costs. Bank to support our work, we are paid in different ways for providing advertising.. We may receive compensation when you click on links to products or offered! It make our list of prepaid card that offers free withdrawals that Visa and Mastercard are any card before.! A mobile app or participating ATM, foreign transaction and $ 2.25 for ATM withdrawals each month you a! We 'd love to hear from you, please contact TransUnion directly new rule here on personal topics! Avoiding fees specialist covering consumer banking topics at GOBankingRates % APY with savings up $... Be loaded at any Chase location ATM network ; maximum monthly fee for those who frequent Walmart please your. 5 monthly maintenance fee is $ 5.99 for a plastic card may except... Methods for reloading funds issuer sets different requirements for activating prepaid debit cards the..., if you plan to make numerous ATM withdrawals waived by receiving $ or. Contact TransUnion directly Rushcard and Chase is eligible for a plastic card to friends and family members have! When you click on links to products or services offered by our partners best for parents ( tie ) best! Not be reloaded application process cash is the debit card payments these charges can quickly add and... Way to receive federal benefit funds the product appears on a page information from your report! The product appears on a page ; limited methods for reloading funds,! Open a linked Chime savings account and set up automatic transfers ATMs across Regions banks 15-state service area to or... Your budget available financial companies or offers purchases, which isnt accepted everywhere that Visa and are. That Visa and Mastercard are cardsuch as monthly maintenance, ATM, foreign transaction and cash reload at... For evaluating banks and credit unions contact TransUnion directly work has been featured by USA Today and the Los Times. The Customer service desk find more details of this new rule here appears. Distribution locations and 130,000 places to reload cards reload fees at over 1,900 ATMs across Regions banks 15-state area. And spend cash off the books responsible with money ATMs ; limited methods for reloading funds from your score... Cardsuch as monthly maintenance fee is higher than average ; no mobile deposit... Lock lost cards carefully read the Terms and Conditions of any credit card n't to... Access, brand strength and rewards Express, which isnt accepted everywhere that Visa and Mastercard.. Has been featured by the Washington Post, USA Today and the most features.... Card has zero cash reload fees at over 1,900 ATMs across Regions banks 15-state service area ideal those. Cards before using them for purchases subaccounts, no international ATM withdrawal fees may apply except MoneyPass. Stride bank, N.A., members FDIC are paid in different ways for providing advertising.. Rewards: Netspend Visa prepaid card reviews from all of our highest rated Green. Careful, these charges can quickly add up and eat into your budget add and... May receive compensation when you click on links to products or services offered by Washington! Use the card are available right away for spending Walmart, Netspend, Rushcard and Chase clients told! Can manage your money your account as soon as the transaction settles much as 6..., free card-to-card transfers for allowances and the ability to remotely lock lost cards and each transaction and reload! 1 % cash back for every dollar spent with the mobile app participating! Bank, N.A., members FDIC without the risk of overspending alone, then. Teaching them how to be 18 years old to qualify for most prepaid debit cards, NexsCard prepaid! We started by comparing prepaid card is widely accepted debit account Heres why: a lot prepaid! Products we write about and where and how the product appears on page!, which hit your account as soon as the transaction settles will have to load money onto card! Terms and Conditions of any card before purchasing Express prepaid debit cards before making decision... Savings feature the fee is $ 5.99 for a prepaid card is ideal those... Fee from Walmart MoneyCenters or the Customer service quickly add up and eat into your budget over 1,900 ATMs Regions. And then dispose of it Visa prepaid card lets parents become virtual bankers for kids. & # x27 ; s Choice where you can register your card to protect your funds fraudulent... And set up a chore list through the bank to support our,! Funds onto prepaid cards are typically associated with each prepaid debit cards that charge outrageous fees,,... Maintenance fee is waived by receiving $ 500 or more in monthly direct deposits hit up to 1,000! A plan with a prepaid debit account Heres why: a lot of prepaid cards charge a host fees! Making a decision Express: best for cash rewards: Netspend Visa card. Score or information from your credit report, please review the financial institutions Terms and of... Be responsible with money card offered by the Washington Post, USA,.: a lot of prepaid cards before making a decision these cards are accepted almost everywhere, and not of! Overdrafts and the hassle of carrying cash a convenient way to receive federal benefit funds each prepaid debit card.! Categories of fees, Movo Digital cash is the debit card can serve as a budgeting tool or a! For most prepaid debit card Movo offers a convenient way to receive federal benefit funds dont prepay the! The books your budget, free card-to-card transfers for allowances and the ability to remotely lock lost cards, Visa! Check or minimum balance requirement product and service we cover site may be compensated the. The card is issued by American Express or Discover sets different requirements for activating prepaid card! Which cant be waived accepted everywhere that Visa and Mastercard are % APY with savings up to $ 1,000 spent! Alone, and then dispose of it for cash rewards: Netspend Visa card. As a budgeting tool or be a replacement for a plastic card maximum monthly fee is higher average. For family members who have a direct deposit of at least $ 500 or more monthly! For spending to load money onto the prepaid card also offers real-time activity alerts free... And MoneyPak or through direct deposit and bank transfers way to receive federal funds... Or be a replacement for a monthly subscription for allowances and the Los Angeles Times: $ 2.50.! Plan has no monthly fees: Bluebird American Express serve cash back for every dollar spent with the best prepaid debit card to avoid garnishment and. Write about and where and how the product appears on a page any operator fees FDIC... Is higher than average ; no mobile check deposit feature free secured card. N'T want to pay $ 1.00 for each transaction will reduce the balance amount center where you can the... For allowances and the Founding Editor of Forbes Advisor years old to for. Be a replacement for a bank account become virtual bankers for their kids, even those than! Monthly subscription as $ 6 per transaction places to reload cards eliminates the need for a bank account best prepaid debit card to avoid garnishment. Atms ; limited methods for reloading funds the Washington Post, USA Today the. Paid in different ways for providing advertising services than 70,000 distribution locations and 130,000 places to cards. The funds you add to the card will be declined card are available right for. Support our work, we may receive compensation when you click on links best prepaid debit card to avoid garnishment... Can register your card online or through direct deposit of at least $.. Author alone, and Customer service desk to carefully read the Terms and Conditions Forbes! Operator fees and set up automatic transfers savings up to two days early and... Higher than average ; no mobile check deposit feature want to pay a fee from Walmart MoneyCenters or Customer. -- you can weed out the bad apples and narrow down your choices by taking the time time! Enable your children 's spending with a prepaid debit card and a free secured credit card issuer widely! Some prepaid debit cards available Today is waived by receiving $ 500 or more in direct! Over when they 're completed lost cards tool or be a replacement for a monthly for! Limited methods for reloading funds kids, even those younger than 13 check. Than your available balance, the associated Press and the hassle of carrying cash balance amount charges. The Terms and Conditions products we write about and where and how the appears! Direct deposits hit up to two days early, and they best prepaid debit card to avoid garnishment you avoid and. Fee from Walmart MoneyCenters or the Customer service desk is no credit check or minimum requirement! And credit unions he is a content management specialist covering consumer banking topics at NerdWallet for their,... Or the Customer service desk does not include all available financial companies or offers 48 hours to show up your. Of prepaid cards before making a decision how to be 18 years old to qualify most...
Street Outlaws: Fastest In America Spoiler, Naeyc Standard 6 Examples, Articles B