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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe that everyone should be able to make sound financial decisions with confidence. Although our website does not include every financial or company product available on the market however, we’re confident that the advice we provide, the information we provide as well as the tools we design are impartial, independent, straightforward — and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on our site), but it in no way affects our advice or suggestions, which are grounded in many hours of study. Our partners are not able to promise us favorable review of their services or products. . Netspend Prepaid Card Review by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering the personal financial sector since, with a particular focus on certificates of deposit and other banking-related subjects. The work he has written for him was covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California. Feb 10 2021 Edited By Alice Holbrook Assigning Editor | Savings, homebuying and banking services Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Previously, she was an editor on the banking team as well as covered banking and insurance as a journalist, and did a stint at the copy desk. Her work has been featured in 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 affects the products we review and the location and manner in which the product is displayed on a page. However, this does not influence our evaluations. Our opinions are our own. Here’s a list and . Netspend’s debit cards for prepaid are expensive alternatives to a checking account. They’re simple to open as there’s no credit or banking history required for opening, however Netspend lets you pick whether to pay a monthly fee or paying a charge each when you purchase. Whatever you choose, you’ll pay more fees over the course of a year than what you can accrue interest on the savings account on your card. There’s a convenient nationwide network of over 130,000 cash reloading locations, but it isn’t cheap and there’s no free access to ATMs. The best choice for those who need a credit card that won’t allow you to go negative or charge overdraft fees, unless you opt into overdraft coverage. For those who have struggled with managing a bank account in the past. Find more options: Check our list of Netspend Cards Pros 5.00 percent APY savings accounts with balances up to $1,000 and 0.50% APY on the excess amount. Easy access to adding and withdrawing cash through a range of merchants. You can receive your pay up to 2 days in advance with direct deposit. Overdraft grace period or courtesy cushion available with an overdraft insurance option. If you are looking for a method to build credit instead? Learn about Netspend Card Cons Monthly fee of $45 for basic fee plan and there is no way to eliminate the fee completely. No free network to withdraw cash or reload cash. Inactivity fees if you cease using the card, among other charges that card brands don’t charge. The option of an overdraft is $20 per overdraft, at least five times per month. Are you ready to start a savings account that is traditional instead? Learn more about prepay debit cards What is a pre-paid debit card? A prepaid debit card is one type of credit card that lets you spend the money that you deposit on the card. They don’t help you build credit. Similar to a debit card the prepaid card can be used at any merchant that accepts their payment network, such as Visa, Mastercard or American Express. It’s more secure and easier than cash. Most prepaid cards have an app that allows you to deposit checks or transfer money. Find out more on our . In contrast to checking accounts, prepaid debit cards may lack some services like free ATM branches, branch networks, checks, among other things. If this doesn’t suit you, take a look at the list below of . If you’ve been struggling with banks in the past, check out . Prepaid debit card is different from. debit card vs. credit card Prepaid debit card — use in advance the card is loaded with money the card through cash, checks, direct deposit or an account with a bank before you pay for transactions. Credit cards — make payments now: You use money directly from a checking account when paying for purchases or withdrawing money from ATMs. Credit cards — pay later: You can borrow money from a bank when you use your card. You pay the money back later. How does FDIC insurance for prepaid cards work? Prepaid debit cards nearly always have FDIC Insurance, and it keeps your money safe in the event that the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, which means it is managed by a bank or by a prepaid card provider that is partnered with a bank to provide the insurance. It is necessary to register your debit card prepaid using your personal name as well as other identification information in order to be eligible to receive FDIC insurance as well as other protections. Author bio Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered by USA Today and the Los Angeles Times. On a similar note… Find a better checking account 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 and other strategies to help you make the most from your money.
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