Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every day. We believe that every person should be able to make financial decisions without hesitation. Although our website does not include every financial or company product available on the market, we’re proud that the guidance we offer, the information we provide as well as the tools we design are objective, independent easy to use and completely free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on our site) however it in no way affects our advice or suggestions, which are grounded in many hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. . Netspend review of the Prepaid card By Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been covering the personal financial sector since with a particular focus on certificates of deposit and other topics related to banking. The work he has written for him was covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in 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 for the team that covers home and mortgages. Previously, she was an editor on the banking team that covered banking and insurance as a writer and also worked at the copy desk. She has had her work featured in USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. Many or all of the products featured here are from our partners who compensate us. This influences which products we feature and where and how the product is featured on a page. But, it doesn’t influence our evaluations. Our views are our own. Here’s a list of and . Netspend’s debit cards for prepaid are expensive alternatives to a checking account. They’re easy to get as there’s no banking history or credit check necessary to sign up, however, Netspend allows you to choose between paying a monthly charge or paying a fee every when you purchase. Either way, you might spend more in fees each year than what you can earn in interest from the savings account on your card. There’s a reliable national network that includes more than 130,000 locations for cash reloads but it’s not completely cost-free and you don’t get free access to ATMs. The best choice for those who want a payment card that won’t allow you to be in negative territory or charge fees for overdrafts, in the event that you select overdraft coverage. Anyone who has had difficulty with managing a bank account in the past. Find more options: Look through our list of Netspend Card Pros 5.00 percent APY savings accounts for balances up to $1,000 and 0.50 percent APY for the amount over that. It is easy to add and withdrawing cash through a network of merchants. Paychecks can be received up to two days earlier by transferring your money directly. Overdraft grace period or courtesy cushion available with an optional overdraft protection. Are you looking for a way to build credit instead? Find out more about Netspend Card Cons Steep monthly fee for the fee plan with the lowest fee and there is no way to eliminate the cost entirely. There is no free network for cash withdrawals or cash reloads. Inactivity fees if you cease from using your card in addition to other charges that card brands don’t charge. The option of an overdraft is $20 per transaction, which can be used at least 5 times per month. >> Ready to open a traditional savings option instead? See the General information about the prepaid debit card What exactly is a prepaid debit card? A prepaid debit is a type of payment card that only lets you use the money you have loaded into the card. They do not aid in building credit. As with debit cards, the prepaid card can be used at any merchant that accepts their payment network, which includes Visa, Mastercard or American Express. It’s more secure and convenient than cash. The prepaid cards usually have a mobile app to deposit checks and transfer funds. Find out more on our . In contrast to checking accounts, prepaid debit cards may lack some services such as free ATM or branch networks, check, and others. If none of that appeals to you, check out the list below of . If you’ve been struggling with banks previously try these . Prepaid debit card vs. debit card vs. credit card Prepaid debit card — use before: You load money onto the card using cash, checks or direct deposit into the bank account prior to paying for transactions. debit cards pay right now you use the funds directly from your checking account when making purchases or withdrawing money from an ATM. Credit cards — pay later: You borrow cash from a bank each time you use the card and pay the money back later. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards typically include FDIC Insurance, and it ensures that your funds protected in case the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, which means it is controlled by a bank or a prepaid credit card company that has a partnership with a bank to offer that insurance. You must register your debit card prepaid with your name and other information about your identity to be eligible for FDIC insurance as well as other protections. The author’s bio: Spencer Tierney is an expert on deposits and certificates at NerdWallet. Its work was featured in USA Today and the Los Angeles Times. Similar to… Get an account that is more suitable for checking View NerdWallet’s top picks for the top checking accounts. Dive even deeper in Banking Make smarter money decisions – straight to your inbox Sign up and we’ll send you Nerdy posts on the topics in finance which matter to you the most along with other ways to help you get more from your money.
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