Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every day. We believe everyone should be able make financial decisions without hesitation. Although our website does not feature every company or financial product on the market We’re pleased that the advice we provide, the information we provide and the tools we create are independent, objective, straightforward — and free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on the site) However, it does not affect our suggestions or recommendations that are based on hundreds of hours of research. Our partners cannot promise us favorable ratings of their goods or services. . Netspend Payday Card Reviews by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering personal finance since 2013 with a particular 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. The location of his office is Berkeley, California. Feb 10, 2021 Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking services Alice Holbrook joined NerdWallet in 2013 and is an editor on the team for home/mortgages. Previously, she was an editor on the banking team as well as covered banking and insurance as a writer, and did a stint as a copy desk assistant. She has had her work featured by USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of products we feature are made by our partners, who pay us. This affects the products we feature and the location and manner in which the product appears on a page. But, it doesn’t affect our opinions. Our opinions are our own. Here’s a list and . Netspend’s prepaid debit cards are expensive alternatives to a checking account. They’re easy to get as there’s no banking history or credit check required to open, but Netspend allows you to choose either a month-long fee or paying a charge each time you make a purchase. Whatever you choose, you’ll spend more in fees over the course of a year than you earn in interest from your card’s savings account. There’s a reliable nationwide network of more than 130,000 cash reloading points however, it’s not cost-free and you don’t get ATMs that are free to use. The best choice for those who need a credit card that doesn’t let you make a negative balance or charge fees for overdrafts, in the event that you select overdraft protection. For those who have struggled managing a bank account in the past. >> See more options: Check the list below for Netspend Card Pros 5.00 Savings account with APY of 5% on balances of up to $1,000 and 0.50 percent APY for the amount over that. Easy access to adding and withdrawing cash within the network of merchants. Paychecks can be received up to two days earlier through direct deposit. Overdraft grace period or courtesy cushion is available with an overdraft insurance option. >> Looking for a method to increase your credit score? Learn about Netspend Card Cons Monthly fee of $45 for basic fee plan and no option to reduce the cost completely. There is no free network for cash withdrawals or cash reloads. Inactivity fee if you stop making use of the credit card in addition to other charges that prepaid cards don’t have. The option of an overdraft is $20 per transaction, which can be used up to the maximum of five per month. >> Ready to start a savings account that is traditional instead? See the General information about prepaid debit cards What is a credit card that is prepaid? A prepaid debit is one type of credit card that lets you spend the money that you deposit onto the card. They do not aid in building credit. Similar to a debit card a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s more secure and easier as opposed to cash. The prepaid cards usually have an app that allows you for depositing checks and transfer money. Find out more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, branch networks, as well as checks, among other things. If this doesn’t suit you, see our list of . If you’ve had trouble with banks previously you, take a look at . Prepaid debit card in comparison to. debit card vs. credit card Prepaid debit cards — pay in advance: You load money onto the card through cash, checks or direct deposit to a bank account before paying for transactions. Credit cards — make payments now Pay now: You make use of funds directly from your checking account when making purchases or withdrawing cash at an ATM. Credit cards that pay later: You take money from a financial institution when you use your card. You pay it back later. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards almost always come with FDIC insurance, which ensures that your funds protected in case the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means the prepaid card must be operated by a bank, or a prepaid card company that has a partnership with a bank to provide the insurance. You have to sign up your prepaid debit card using your personal name as well as any other details of identification in order to be eligible for FDIC insurance and other protections. The author’s bio: Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been highlighted on USA Today and the Los Angeles Times. On a similar note… Find the best checking account NerdWallet’s recommendations for the best checking accounts. Dive even deeper in Banking Find more money-saving strategies – straight to your inbox. Sign up and we’ll send you Nerdy articles on the topics in finance that matter most to you and other strategies to help you get more from your money.
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