Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make sound financial decisions without hesitation. Although our website does not contain every financial institution or product on the market however, we’re confident that the advice we provide as well as the advice we provide and the tools we develop are impartial, independent simple, and free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on our site) However, it in no way affects our suggestions or recommendations, which are grounded in many hours of research. Our partners are not able to pay us to guarantee favorable review of their services or products. . Netspend Payday Card Reviews by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering finances for individuals since the year 2013, with a focus on certificates of deposit and other banking-related subjects. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California. Feb 10 2021 Edited By Alice Holbrook Assigning Editor | Banking, savings, and homebuying items Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Previously, she was an editor for the team that dealt with banking as well as covered banking and insurance as a writer, and did a stint at the copy desk. The work she has written for her was featured on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we review as well as the place and way the product is displayed on the page. But, it doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list of and . Netspend’s prepaid debit cards are more expensive than a traditional checking account. They’re easy to get as there’s no background check or credit history required to open, but Netspend lets you pick whether to pay a monthly charge or paying a fee each when you purchase. Either way, you might incur more charges over the course of a year than you could accrue interest on the savings account on your card. There’s a convenient nationwide network of over 130,000 cash reloading points however, it’s not cheap and there’s no ATMs that are free to use. Ideal for: People who want a payment card that won’t let you go negative or charge overdraft fees, unless you opt into the coverage for overdrafts. For those who have struggled with managing a bank account previously. Find more options: Check out our selection of Netspend Cards Pros 5.00 percent APY savings accounts on balances of less than $1,000, and 0.50 percent APY on any amount over that. It is easy to add and withdrawing cash within the network of merchants. You can receive your pay up to two days early with direct deposit. Overdraft grace period or courtesy cushion is available with an optional overdraft protection. Are you looking for a way to improve your credit score? Learn about Netspend Card Cons Monthly fee of $45 for the fee plan with the lowest fee and no option to reduce the cost completely. No free network to withdraw cash or reload cash. Inactivity fees if you cease using the card, in addition to other fees that many card brands don’t charge. Overdrafts are an option that costs you $20 per transaction, which can be used at least the maximum of five per month. Are you ready to start a savings account that is traditional instead? See the General information about prepay debit cards What is a pre-paid debit card? A prepaid debit is one type of credit card that only lets you use the money you have loaded on the card. They aren’t able to aid in building credit. As with debit cards, it can be used at any merchant that accepts its payment network, which includes Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. Usually the prepaid card has a mobile app to deposit checks or transfer money. Find out more on our . Contrary to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, branch networks, check, and other things. If none of that appeals to you, check out our selection of . If you’ve had trouble with banks in the past you, take a look at . Prepaid debit card is different from. debit card vs. credit card prepaid debit cards — pay in advance the card is loaded with money the card using cash or checks or direct deposit to a bank account before paying for transactions. Credit cards — make payments now you use the money directly from a checking account to pay for purchases or withdrawing money at an ATM. Credit cards Pay later: You can borrow money from a financial institution when you make use of the card. You pay the money back at a later date. What exactly is FDIC insurance on credit cards that are prepaid? Prepaid debit cards nearly always have FDIC insurance. This ensures that your money safe in the event that the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, therefore a prepaid card is either managed by a bank or a prepaid credit card provider that is partnered with a bank to provide the insurance. You must register your debit card in prepaid form using your personal name as well as other identification information to qualify for FDIC insurance, as well as other security. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. On a similar note… Discover a better checking account View NerdWallet’s top picks for the top checking accounts. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox. Sign up and we’ll send you Nerdy articles on money-related topics that matter most to you as well as other methods to help you get more from your money.
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