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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make financial decisions with confidence. Although our website does not contain every financial institution or product on the market, we’re proud that the guidance we offer as well as the advice we provide as well as the tools we design are impartial, independent easy to use and free. So how do we make money? Our partners pay us. This may influence which products we write about (and the places they are featured on our site), but it doesn’t affect our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners are not able to be paid to ensure positive review of their services or products. . Netspend Prepaid Card Review By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering finances for individuals since the year 2013, with a particular emphasis on deposits and certificates as well as other banking-related topics. He has had his work 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 as an editor on the home/mortgages team. Prior to that, she was an editor for the team that dealt with banking, covered insurance and banking as a writer and also worked at the copy desk. She has had her work featured by 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 influences which products we write about and where and how the product is displayed on the page. However, this doesn’t influence our evaluations. Our opinions are our own. Here’s a list and . Netspend’s prepaid debit cards are costly alternatives to a checking account. They’re simple to open as there’s no background check or credit history required for opening, however Netspend lets you pick either a month-long charge or paying a charge each time you make a purchase. Either way, you might incur more charges each year than you could earn interest from your card’s savings account. There’s a reliable nationwide network of over 130,000 locations for cash reloads, but it isn’t cheap and there’s no ATMs accessible for free. Best for: People who need a credit card that won’t let you be in negative territory or charge you overdraft fees in the event that you select overdraft protection. People who have had trouble with managing a bank account in the past. Find more alternatives: Take a look at out our selection of Netspend Card Pros 5.00 percent APY savings accounts with balances up to $1,000, and 0.50 percent APY for the amount over that. Access to easily adding and withdrawing cash within the network of retailers. You can receive your pay up to 2 days in advance by transferring your money directly. Overdraft grace period or courtesy cushion is available with optional overdraft coverage. Are you looking for a way to build credit instead? Discover Netspend Card Cons A monthly fee for the fee plan with the lowest fee and no way to waive the fee entirely. The network is not free for cash withdrawals or cash reloads. Inactivity fees if you cease making use of the credit card in addition to other fees that many prepaid cards don’t have. The option of an overdraft is $20 per overdraftand can be used up to the maximum of five per month. Are you ready to open a traditional savings option instead? Learn more about prepaid debit cards What is a prepaid debit card? A prepaid debit is a type of payment card that only lets you spend the money you load on the card. They aren’t able to aid in building credit. As with debit cards, a prepaid card works at any store that accepts its payment network, such as 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. Learn more on our . In contrast to checking accounts, prepaid debit cards may lack some services such as free ATM branches, branch networks, as well as checks, among others. If that doesn’t work for you, take a look at the list below of . If you’ve had trouble with banks previously you, take a look at . Prepaid debit card in comparison to. debit card and. credit card prepaid debit card — use before you load funds onto the card through cash check or direct deposit into an account with a bank before you pay for transactions. debit cards pay now Pay now: You make use of money directly from a checking account to pay for purchases or withdrawing cash at an ATM. Credit cards that pay later: You take money from a financial institution when you make use of the card. You pay the money back in the future. What is the procedure for FDIC insurance on prepay cards work? Prepaid debit cards typically have FDIC insurance, which helps keep your funds safe in the event the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, therefore a prepaid card is either operated by a bank, or a prepaid card provider that is partnered with a bank to provide that insurance. It is necessary to register your debit card in prepaid form by providing your full name, address and other identification information to be eligible for FDIC insurance, as well as other security. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been highlighted in USA Today and the Los Angeles Times. On a similar note… Get an account that is more suitable for checking View NerdWallet’s picks for the best checking accounts. Explore Banking even more deeply. 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 get more from your money.
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