Thank you, you have successfully subscribed to our newsletter! Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. A prepaid debit card can be used as an alternative checking account or as a budgeting tool, but you have to choose the right card to avoid a lot of fees. Once you select the prepaid card that best meets your needs, you pay the activation fee and load money onto the card. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. 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. When evaluating offers, please review the financial institutions Terms and Conditions. You dont need a bank account to get a prepaid debit card, but its a requirement for a regular debit card, which is linked to your checking account. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. ", "Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Chime has two automatic savings programs: one where a percentage of every paycheck automatically goes into the savings account and the other where your purchases are rounded up to the nearest dollar and the rounded-up change goes to savings (see below for more information from Chime). $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. Our content is intended to be used for general information purposes only. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. In other words, the money is not immediately taken out of your bank account. In a digital world, information only matters if it's timely, relevant, and credible. The features and benefits are also excellent. There is a $5.94 monthly fee. Deposit methods: 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. Looking for a traditional spending account? Premier is an upgrade from Netspends starter prepaid debit card. For the most part, these changes have been positive. How will we know if we're fulfilling our mission? Do not sell or share my personal information. ATM withdrawals: $2.50 fee, plus any operator fees. ConsumerAffairs is not a government agency. Movo Virtual Prepaid Visa Card . You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. Bluebird, issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. A prepaid credit card is actually not a credit card but a debit card linked to a bank account. 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. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. Scroll down for more detail on each account. Best for cash rewards: Netspend Visa Prepaid card. Cash deposit fees may apply if using a retailer other than Walgreens. Other prepayment plans also offer a discount. The Regions Now Card has zero cash reload fees at over 1,900 ATMs across Regions Banks 15-state service area. Her work has appeared on Chime, Clever Girl Finance, RateGenius, and Mint Intuit, among other publications. Separate set aside accounts for savings and up to four subaccounts for family members. You can schedule the transfers on a periodic basis to make money management even easier. What Chime adds is an excellent app to help you manage your money. Currently, they report to Experian and Equifax. Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! It includes purchase protection, which is a rare feature on prepaid cards. The pay-as-you-go plan has no monthly fees but costs $1.50 per transaction. Some require photo identification and charge an activation fee up to $10 for loading the initial funds onto the card. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. Service fees vary by card, so you should check the list of fees associated with different types of transactions before you activate a new prepaid debit card. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. It's easy to apply for the Emerald card, and there is no setup fee or annual fee. All of our top picks are authorized by ConsumerAffairs. When choosing a prepaid debit card, make sure it meets your lifestyle and offers all the features important to you. Some cards in this roundup have nonbank program managers that partner with banks. Besides the cost of buying a card, most cards have a monthly fee that varies between $4 and $10 per month. Our advertisers do not direct our editorial content. Bank-issued Prepaid Cards. The RedCard pays 5% cash back on all purchases at Target. Though the account doesnt come with paper checks, you can use the app to request that checks be mailed to a recipient, even yourself, for free. Best Prepaid Debit Cards. Some cards in this roundup have nonbank program managers that partner with banks. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. Walmart Money Cards. Learn more about how prepaid debit cards work. She is based in Portland, Oregon. Monthly fee:$0ATM Fee:Free in-network,$2.50elsewhereReload fee:Free at Walmart, $3.95 at participating retailersCash reload limits:$20 to $1,999 once your card is activated; $1 to $500 for temporary cardsOther fees:No account inactivity or card replacement feesReload locations: Over 30,000. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. A prepaid card functions similarly to a debit card. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. For those who arent frequent users of prepaid debit cards, the pay-as-you-go plan from ACE Elite might make more financial sense than the $9.95 flat-fee plan. Family Law Attorney in Houston, TX. No transaction fees. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Free at over 60,000 ATMs in the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs, plus any ATM operator fee. Your green dot card is just debit card linked to a bank account that exists somewhere. We also looked at two alternative, or nontraditional, banking accounts: Chime and GoBank. Sign up to receive our free weekly newsletter. Fifth Thirds Access 360 prepaid debit card takes part in Allpoints massive U.S. network and has access to over 50,000 ATMs. Earn up to 1% cash back. However, not all debt collectors follow these rules, so it's best to avoid postdated checks. The compensation we receive may impact how products and links appear on our site. Because it can help build your credit. Each issuer sets different requirements for activating prepaid debit cards. It has not been provided or commissioned by any third party. All financial products, shopping products and services are presented without warranty. But Bluebird does have limits when it comes to merchant acceptance, and it doesnt allow cash back at retailers. Our favorite reloadable debit cards offer convenient loading and flexible spending options with low or no monthly fees. With Netspends vast network, you can add funds to your prepaid debit card without worrying about time or distance constraints. Some cards are free to acquire, but some have an initial purchase price or activation fee. This control over your finances helps you manage your spending and offers you peace of mind. Netspend has more than 70,000 distribution locations and 130,000 places to reload cards. The cards that made this list had the best combination of these categories. Green Dot Load & Go is ideal for someone who doesn't rely on their card for everyday purchases. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. Prepaid cards with $0 purchase price. It's easy to get a Visa Prepaid card and there's . If you live within Regions Banks service area and plan to use your prepaid debit card frequently, the Now Card could be an affordable option. Other services: Card can have joint owners. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. Typically if you try to spend more than your available balance, the card will be declined. A prepaid card works like a debit card, but a prepaid card isnt connected to a checking or savings account. offer convenience and dont charge many fees. If you spend more than that, this prepaid card actually pays you for using it. You can set and track savings goals. Or set a tight budget by restricting your spending to no more than what you've loaded onto your card at the beginning of the month. As such, they do not help you improve your credit score. Banking services provided by The Bancorp Bank, N.A. sonicwave 231c non responsive Uncovering hot babes since 1919.. best prepaid debit card to avoid garnishment. Prepaid cards are typically used by consumers who either don't have a traditional bank account or cant get a credit card due to poor credit history. Charges a $9.95 monthly fee and $3 ATM fee. 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. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. Even though they look the same, a prepaid card does not give you access to a line of credit. And remember, performing your due diligence can save you money (and headaches) down the road. . Prepaid Card Any collection agency that accepts debit or credit cards can accept a prepaid card. This keeps the monthly fee to just $5, with no fees for purchase transactions. One of the biggest free ATM networks among prepaid cards. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. All prepaid debit cards have some type of fee. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. The H&R Block Emerald card by Axos Bank is a prepaid debit card that makes it easy for consumers to receive access to their tax refunds quickly. However, you typically cant pay for a reloadable debit card with a credit card. You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. Information provided on Forbes Advisor is for educational purposes only. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. Unlimited cash back account earns 3% cash back plus 3% APY for savings. Therefore, youll need to spend $795 on the card per month just to break even. Some banks and local credit unions also sell prepaid cards. By Beverly Harzog Sept. 7, 2022 We examined nearly 70 options to help you find the best prepaid debit cards. Parents can also control whether their child can use the card at an ATM. As you run low, you can add more money to the card. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. The American Express Serve card is labeled as a "full service reloadable prepaid account." Charges ATM cash withdrawal fees up to $0.85 per transaction. Ink Business Cash vs. The. You can create a family account with up to 4 additional cards, and setting spending limits on each card. Gold Visa Prepaid Card earns cash back rewards plus 3% APY. This information may be different than what you see when you visit a financial institution, service provider or specific products site. You can also easily transfer funds to friends and family members who have a Movo account. Earn up to $75 cash back each year at Walmart. * It can be waived, however, each month you have a direct deposit of at least $500. This keeps the monthly fee down to $5 with no transaction fees. Offers travel protection and 24/7 customer service. Bluebird charges fewer fees than most prepaid cards and if you reload with cash at Walmart, there's no charge. Check out NerdWallets best free checking accounts. Once you open and fund your account, you can then create virtual debit cards in an amount that you choose. This site does not include all available financial companies or offers. Cardholders can make secure deposits through the Green Dot apps check capture feature, reload at the register or deposit funds through MoneyPark. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Content Management Specialist | Bank accounts, bank account bonuses. Some banks and credit unions also issue prepaid cards. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. Garnishable Prepaid Cards. Our content may include summaries of insurance providers, or their products or services. Which product would I recommend to my mom or daughter? Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. Most prepaid debit card issuers allow funds to be loaded and reloaded by direct deposit, cash or bank transfer. 1. CNET editors independently choose every product and service we cover. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. Get buying tips about Prepaid Cards delivered to your inbox. Bluebird by American Express | Our Top Pick Best for No Monthly Fee. Charges a $1.95 domestic ATM cash withdrawal fee. If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Unlike with a credit card, you load funds onto prepaid cards before use. AccountNow offers Visa and MasterCard prepaid cards that let customers add money through a variety of ways and also directly deposit their paychecks into their accounts. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Prepaid card vs. debit cards. Parents have total control over the childs account if they want it. Pre-qualified offers are not binding. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. American Express Serve Cash Back - Best turnaround time. This prepaid, reloadable card is family-friendly. So why does it make our list of prepaid card alternatives? Are you sure you want to rest your choices? RushCard is a prepaid Visa card that lets consumers load their own money onto the card. Other services: Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. The funds you add to the card are available right away for spending. . 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. , Boost Mobile Wallet Prepaid Mastercard, Brinks Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360 Reloadable Prepaid Card, Fred Meyer Prepaid Card. You use a prepaid card to make purchases in stores, shop online and pay bills. approved or otherwise endorsed by the credit card advertisers. . He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. Prepaid cards and reloadable debit cards dont build credit, but some earn rewards and come with other benefits, such as fraud protection and online debit card banking services. And once you've verified your email address, you can pay bills and set up recurring payments. All rights reserved. And you get an additional 30 days for returns and exchanges. Theres no monthly fee, but cardholders pay $1.50 per purchase. You can only spend the money you add to the card. Judgment creditors would love . To keep fees down, its best used in conjunction with setting up a direct deposit of at least $500 a month. Monthly fee:$6.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$0Cash reload limits:$20 to $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReload locations:Over 45,000 across the US. . Prepaid debit cards come with a variety of fees that add to the cost. See our criteria for. No ATM access for gift cards. In contrast, prepaid gift cards cannot be reloaded. Your potential liability is capped at $50 if you give timely notice that your card has been lost or stolen. Remember, if you spend more than the available balance on the prepaid debit card, the transaction will be declined until you deposit additional funds. You can use the card wherever its network is accepted. Cash withdrawal and third-party fees may apply. Very good; only minor caveats for most customers, Good; issues that might make a difference to some customers, Fair; make sure strengths and weaknesses are a good match for you, About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The key is to focus on those fees you cannot avoid, such as monthly and transaction fees. Use in stores and online. Roberts LLC All Rights Reserved. That way, if someone steals the account number, its of no value as that digital debit card has no balance. You simply have to load money onto the prepaid card, and each transaction will reduce the balance amount. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the authors alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards. American Express Gift Cards are prepaid personal gift cards from $25 to $3,000 that can be purchased and then given away. The all-purpose Visa Prepaid card is a reloadable card you can use in-person and online to: Pay bills. , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card. The disclosed APY is effective as of October 25, 2022. Bluebird by American Express: Best for avoiding fees. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. We analyzed four categories for each card: general fees and features, purchases and withdrawals, reload fees and options, and other services such as bill pay and savings accounts. For regular debit cards, the funds for your payments are taken directly from your checking account as you make payments. Sells prepaid cards and gift cards. The money on a prepaid debit card is not held in a bank account with your name. Free withdrawals and cash deposits at major retailers. 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. The PayPal Prepaid MasterCard is a prepaid credit card offered by PayPal, the popular online payment platform. 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. Not to be confused with the free reload card, the Serve American Express Prepaid Debit Account helps you earn cash back for purchases you would be making anyway -- a true rarity for a prepaid card. CNETs compensation is never tied to whether you purchase an insurance product. The best prepaid cards offer convenience and dont charge many fees. People trying to avoid judgment creditors often try to convert assets to cash and plan to hide the cash from discovery. The cards that made this list had the best combination of these categories. If you dont prepay, the fee is $5.99 for a monthly subscription. Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage. 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. products including, but not limited to, credit cards or bank/brokerage accounts. best prepaid debit card to avoid garnishment. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. No, a prepaid card is not a credit card or charge card. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. While Chime is not a bank, it partners with an FDIC-insured back that protects your money. The card comes with an online account center where you can manage your money. This site may be compensated through the bank No monthly fee with balance over $1,000. Best for no monthly fees: Bluebird American Express Prepaid Debit Account. Use anywhere in the United States that accepts Visa. Best with No Monthly Fees: Brinks Prepaid Mastercard. Everything else about the prepaid card is fairly standard. The card carries a $9.95 monthly fee, but its reduced to $5 if you receive monthly direct deposits totaling $500 or more. But if its not a bank, where does your money go when you deposit it into a Chime account? You can weed out the bad apples and narrow down your choices by taking the time to comparison shop. Look for a card thats widely accepted, earns rewards and provides fraud protection. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull All Rights Reserved. You get free 2-day shipping on thousands of items from Target. Offers business and personal gift cards from $25 to $3,000. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks. Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. Still, there are many prepaid debit cards that charge outrageous fees, offer limited benefits, or both. It also comes with an optional savings account. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. They can pay interest to their young ones to encourage savings. Be sure to carefully read the terms and conditions of any card before purchasing. Serve rewards you with1% back on all your purchases, which hit your account as soon as the transaction settles. No minimum balance required.
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