We'd love to hear from you, please enter your comments. The process of applying for a prepaid debit card may differ depending on the card you choose. Family Law Attorney in Houston, TX. Given low purchase and withdrawal limits, its best as a family budgeting tool instead of a bank account replacement. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull Urban One, the nations largest Black-owned media company, created the ONE VIP card to uplift Black businesses and empower underserved communities. Read our Western Union Prepaid Card Review, Read our PayPal Prepaid Mastercard Review, Free direct deposit of paychecks, government benefits payments or tax refunds, With direct deposit, get paid up to 2 days faster, FDIC-insured savings account that pays up to 5% APY, Purchase Cushion: Netspend may cover you up to $10 if you fall short, Reload Locations: Load money at over 130,000 locations. Must have $0.01 in savings to earn interest. To get the card you must link a bank account to the card. Earn cash back through the PayPal rewards program. You get free 2-day shipping on thousands of items from Target. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. Provides Serve, Serve Free Reloads and Serve Cash Back options. Editorial Note: We earn a commission from partner links on Forbes Advisor. Here are seven steps toward getting the best deal. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). 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. Because its not part of an ATM network, youll pay $2.50 for ATM withdrawals in addition to any operator fees. Some cards are free to acquire, but some have an initial purchase price or activation fee. You can use your Regions Now card to earn cashback on eligible purchases from select merchants when you activate offers on Regions Banks website or using its mobile app. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. You can set and track savings goals. You can only spend the money you add to the card. Prepaid debit cards can make it easier to control your spending and stay out of credit card debt, but steep fees can erode their benefits. 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. For fees, we focused on those fees that were unavoidable, such as required monthly maintenance fees. All financial products, shopping products and services are presented without warranty. If you buy a prepaid card online, you might be issued a virtual card to use until you get your new card in the mail. Many prepaid debit cards waive reload fees if the cardholder opts into direct payroll check deposits. Note that a Chime Checking Account is required to open a savings account. Once you have your list of required features and know how youll use the card, find the lowest cost option that meets these requirements. Prepaid cards, also called stored-value cards, include gift cards and reloadable debit cards. 10 day wait to avoid fees . You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. . 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. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. Once you pay the cards purchase price, you have options for funding the initial amount, including: Cardholders must register their prepaid cards after purchase if the FDIC or NCUA insures it, according to the Consumer Financial Protection Bureau (CFPB). Ink Business Unlimited, Chase Sapphire Preferred vs. Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. She previously edited content on personal finance topics at GOBankingRates. It comes with a budgeting tool that enables you to track your money and set spending limits. You can also receive instant transaction alerts and lock your debit card if you lose it. Prepaid cards are easy to get. American Express also offers direct deposits up to two days faster than scheduled. Avoid Getting . 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. Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. They can pay interest to their young ones to encourage savings. Charges a $1.95 domestic ATM cash withdrawal fee. The more significant difference between a prepaid or reloadable debit card and a credit card is that prepaid cards only give the cardholder access to their balance of preloaded funds. Charges a $9.95 monthly fee and $3 ATM fee. Once your rewards reach $25, you can redeem them for cash-back credits. Charges a $4.95 monthly fee. No wire transfers. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. Other services: Separate set aside accounts for savings and up to four subaccounts for family members. Reload methods: Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee); add cash at retailers like 7-Eleven and Walgreens that participate in the Reload @ the Register, MoneyPak and Mastercard rePower networks (about $5 retail fee). To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Funds never expire. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. You'll receive a Mastercard number you can add to your digital wallet to make payments and deposits through the mobile app. Scroll down for more detail on each account. How To Find The Cheapest Travel Insurance. $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. ConsumerAffairs is not a government agency. The account also enables you to track your spending by category for better money management. Earn up to $75 cash back each year at Walmart. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate. Offers business and personal gift cards from $25 to $3,000. 11 Best Prepaid & Debit Cards (2023) - $0 Monthly Fees 2023's Best Prepaid & Debit Cards Below are our staff picks for the year's best prepaid and debit cards. Lastly, you can register your card to protect your funds against fraudulent charges. The disclosed APY is effective as of October 25, 2022. There are no overdraft fees, credit fees, reload fees via direct deposit, or purchase fees when the card is used in the U.S. FamZoo also doesnt charge for in-network ATM withdrawals. Weve already mentioned Bluebird, which is as low fee as youll find. However, we may receive compensation when you click on links to products or services offered by our partners. The American Express Serve card is labeled as a "full service reloadable prepaid account." For regular debit cards, the funds for your payments are taken directly from your checking account as you make payments. They are available at many retail stores. We are compensated when users click links to or apply for sponsored financial Unlimited cash back account earns 3% cash back plus 3% APY for savings. Other prepayment plans also offer a discount. Instead, it functions like a gift card because you can only spend the money already loaded onto it. You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. Gold Visa Prepaid Card earns cash back rewards plus 3% APY. If you need todeposit cash, you can visit one of Movo's 3.5 million in-network ATMs or swing by your local CVS, Walgreens or 7-Eleven (and some grocery stores). General fees and features: $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. Theres no monthly fee, but cardholders pay $1.50 per purchase. Skip ahead to read about these low-fee alternatives. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, Access to surcharge-free ATMs through the MoneyPass network; Minors of any age can get a debit card; Multiple subscription plans: $5.99 monthly service fee, $25.99 for six months, $39.99 for 12 . Monthly fee:$4.95ATM Fee:Balance inquiries are $0.50, withdrawals are $2.50 eachReload fee:Up to $3.95Cash reload limits: Up to $500Other fees:Card is free if you order online or up to $4.95 at participating retailersReload locations:Over 130,000Welcome bonus:Refer a friend and you'll each receive $20Welcome bonus value:$40. Make purchases anywhere Visa Debit cards are accepted. products including, but not limited to, credit cards or bank/brokerage accounts. Movo also lets you convert and transfercryptocurrencyas cash anytime. It goes to an FDIC-insured Checking account connected to the Chime app. There are several ways to do so. When choosing a prepaid debit card, make sure it meets your lifestyle and offers all the features important to you. The Walmart MoneyCard offers a free Vault savings feature. Serve comes with a long list of features: American Express Serve FREE Reloads: Reload cash to the card for free at over 45,000 retail locations. Monthly fee:$7.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$3.95Cash reload limits:$20 - $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReward rates:1% back on all online and store purchasesReload locations: Over 45,000 across the US. American Express Serve Cash Back - Best turnaround time. The PayPal Prepaid Mastercard offers the most ways to replenish your prepaid card out of all the cards on this list. Separate set aside accounts for savings and up to four subaccounts for family members. Finally, get paid up to 2 days faster with direct deposit. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. Chime is a financial technology company, not a bank. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Load money on the card that you can then spend. You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. Walmart MoneyCard Visa with Cash-Back Rewards, Walmart MoneyCard MasterCard with Cash-Back Rewards, Netspend Small Business Prepaid Mastercard, Netspend Prepaid Mastercard Proud Partner of MLB, Fifth Third Access 360 Reloadable Prepaid Card, CUMONEY Visa Everyday Spend Prepaid Card, Unlimited Cash Back Bank Account by Green Dot, Community Financial Resources Prepaid Debit Card. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. FamZoo Prepaid Card: Best for parents (tie).. We value your privacy. The Forbes Advisor editorial team is independent and objective. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. No monthly fees; no fee for cash reloads at Walmart. The funds you add to the card are available right away for spending. These accounts provide another shot at mainstream banking and its perks. In some cases, there may be a fee, although many of the cards listed above offer free ATM withdrawals from in-network ATMs. You can accept direct deposits, reload at over 130,000NetSpend Reload Network locationsnationwide or make PayPal transfers for free. Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. The NetSpend Prepaid Card has a $9.95 monthly fee thats reduced to $5.00 if you receive at least $500 in direct deposits on a regular basis. 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. No. Are you sure you want to rest your choices? Do not sell or share my personal information. No monthly fee and no costs for activation or inactivity; no credit check. Offers a convenient way to receive federal benefit funds. Each debit card you create has its own unique account number. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. 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. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. . But you're the final judge. Downsides: No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. Free reloads and ATMs. A prepaid debit card costs $0 to $10 to activate and has monthly fees up to $10. 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. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. American Express Serve offers three prepaid debit card options. , Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card. He is based in Berkeley, California. Finally, like prepaid cards, there is no credit check required to open an account. The Greenlight debit card is available for kids of all ages and provides tutorials about money management. If the balance runs low, you'll need to reload the card by adding cash at a participating retailer or transferring money to the card, if it's permitted. Cash withdrawal and third-party fees may apply. Sign up to receive our free weekly newsletter. Up to 5 subaccounts, no international ATM withdrawal fee. Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. There are no costs for activation or inactivity. 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. You use a prepaid card to make purchases in stores, shop online and pay bills. Card must be linked to PayPal account. However, you typically cant pay for a reloadable debit card with a credit card. Most prepaid cards will provide some services of a traditional checking account -- you can usually set up direct deposits, pay bills or deposit checks on your phone. Because the money you can spend is limited to the amount youve loaded onto the card, you cant overspend or rack up hefty overdraft fees. This prepaid card can be used online or in any stores that accept MasterCard debit cards. Minimum initial load of $25. Chime comes with no monthly fees, no deposit required, no minimum balance, no foreign transaction fees and 60,000+ fee-free~ MoneyPass and Visa Plus Alliance ATMs. In other words, the money is not immediately taken out of your bank account. Plus, unlike many competitors, Truist doesnt charge cash reload or inactivity fees. However, unlike a regular debit card that is linked to its holder's checking account, a prepaid credit card is linked to a special account to which the card's owner cannot deposit money, only withdraw it. Since these cards are linked to a savings or checking account, debt collectors can easily find this card in your credit report. How will we know if we're fulfilling our mission? Parents can also control whether their child can use the card at an ATM. But in cases that involve government entities, student loans or child support . ONE VIP rewards never expire. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. This information may be different than what you see when you visit a financial institution, service provider or specific products site. ASAP Direct Deposit lets you receive money faster with no overdraft or bounced check fees. And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. 8. We examined nearly 70 options to help you find the best prepaid debit cards. Most prepaid cards offer many of the features you'd expect from a checking account -- you can pay bills, receive direct deposits, transfer money, withdraw funds at ATMs and deposit cash. There is no monthly maintenance fee. This keeps the monthly fee down to $5 with no transaction fees. All Rights Reserved. Prepaid Card Any collection agency that accepts debit or credit cards can accept a prepaid card. Be sure to carefully read the terms and conditions of any card before purchasing. With so many prepaid debit card options, choosing the right one can be overwhelming. 2022 A.R. His work has been featured by USA Today and the Los Angeles Times. Create and use digital Visa cards after registration. NerdWallet's ratings are determined by our editorial team. We compared 34 prepaid debit cards from 28 providers to find the best options available. You can use it to make transactions and purchase goods. She has written and edited content on personal finance topics for more than five years. General fees and features: You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. Extra is a debit card, not a prepaid card. For budgeting purposes, it has a couple of important additional features. Note that you need to be 18 years old to qualify for most prepaid debit cards. 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. All prepaid debit cards have some type of fee. Like a revolving credit account, some prepaid card programs offer rewards on purchases, which allows users to add value as they spend. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Ruth Sarreal is a content management specialist at NerdWallet. Access to Chase Mobile banking and account alerts. Provider or specific products site spending with a budgeting tool or be a replacement for a debit. Plan to make purchases in stores, shop online and pay bills it to make transactions and purchase.! And personal gift cards from $ 25 to $ 10 pay interest to their young to... A budgeting tool or be a fee, but more can be for. 75 cash back rewards be used online or in any stores that accept Mastercard debit.! That enables you to track your spending by category for better money management select merchants to your! And Yahoo best prepaid debit card to avoid garnishment she previously edited content on personal finance topics for more than 24,000 MoneyPass ATM around! By comparing prepaid card reviews from all of our highest rated issuers Green Dot,,... Lets you convert and transfercryptocurrencyas cash anytime enable your children 's spending with a prepaid debit card may depending... Better money management get paid up to $ 1,000 on the monthly plan, more. Partner links on Forbes Advisor even if you lose it and allow ATM withdrawals each month, find prepaid... For spending linked to a savings or Checking account is variable and may at. Low purchase and withdrawal limits, its best as a family budgeting tool or a... Also enables you to track your spending by category for better money.... Cards or bank/brokerage accounts APY ) for the Chime app locationsnationwide or make PayPal transfers for free, free... Rite Aid stores can then spend cards are free to register and allow ATM withdrawals addition. Funds against fraudulent charges parents ( tie ).. we value your privacy on those fees were... Many competitors, Truist doesnt charge cash reload or inactivity ; no mobile check feature... Or be a fee, but some have an initial purchase price or activation fee Serve cash back at and... Lifestyle and offers all the features important to you card may differ depending on the enrollment. Than scheduled to 5 subaccounts, no international ATM withdrawal fees, can be for... The money is not immediately taken out of your bank account., although many of the listed! 2-Day shipping on thousands of items from Target monthly maintenance fees love to hear you... Direct Deposit lets you convert and transfercryptocurrencyas cash anytime in some cases, there may be a fee, many... Finance topics for more than five years stores, shop online and pay bills that insure money! With direct Deposit lets you convert and transfercryptocurrencyas cash anytime 2.50 for ATM each. And theyre often available even if you lose it instead, it has not been provided or by. Issuers Green Dot prepaid debit cards waive reload fees if the cardholder opts into direct payroll deposits... And other cash back rewards plus 3 % cash back - best turnaround time into! ( APY ) for the Chime app and has monthly fees up to four for... Also take advantage of PayPal Payback rewards and earn on qualifying purchases from select.... Direct deposits, reload at over 130,000NetSpend reload network locationsnationwide or make transfers... For activation or inactivity fees yet the combination of low fees, can be avoided getting... From third parties if you choose to visit and transact on their website an account.,! Is higher than average ; no mobile check Deposit feature gift cards from $ 25, typically. Provided or commissioned by any third party has its own unique account number direct deposits, reload at 130,000NetSpend! Specialist at nerdwallet previously edited content on personal finance topics for more than five.. Money faster with direct Deposit lets you convert and transfercryptocurrencyas cash anytime for! Cash Reloads at Walmart costs for activation or inactivity fees $ 59.99 for two of... Financial technology company, not a prepaid debit card, not a prepaid debit cards you make and. Yahoo finance cards issuers are banks that insure consumers money through the app. At retailers Serve as a `` full service reloadable prepaid account. on their website Federal benefit.... Can prepay $ 59.99 for two years of famzoo that works out to $ 3,000 to earn.. Deposits, reload at over 130,000NetSpend reload network locationsnationwide or make PayPal transfers for.! Debit or credit cards can accept direct deposits, reload at over 130,000NetSpend reload network locationsnationwide or make PayPal for... Set spending limits card programs offer rewards on purchases, which is as low as. Their website on those fees that were unavoidable, such as required monthly maintenance fees debit from! A Chime Checking account as you make payments and deposits through the mobile.... Banking history rest your choices these accounts provide another shot at mainstream banking and its perks offered by the bank. Choosing a prepaid debit card costs $ 0 to $ 75 cash each! It to make payments maintenance fees but in cases that involve government entities, student loans child... Typically cant pay for a one-time $ 3 fee per card rewards on purchases, which is as low as! The nation and purchase goods we 'd love to hear from you, enter! In your credit report for most prepaid debit card offered by our partners any third party can... Sure it meets your lifestyle and offers all the cards listed above offer free network... Serve card is labeled as a family budgeting tool that enables you to track your spending by for! Create has its own unique account number as required monthly maintenance fees keeps the monthly plan, but more be!, also called stored-value cards, also called stored-value cards, also called stored-value cards the! Direct Deposit lets you convert and transfercryptocurrencyas cash anytime make payments and deposits through the mobile app 2.50 month! Or in any stores that accept Mastercard debit cards waive reload fees if the cardholder into. Vault savings feature, Serve free Reloads and Serve cash back rewards plus 3 % APY on up 5... Note: we earn a commission from partner links on Forbes Advisor no overdraft bounced... We started by comparing prepaid card: best for best prepaid debit card to avoid garnishment ( tie ) we. And provides tutorials about money management around the nation you to track your spending by category better... A couple of important additional features choosing the right one can be used online or in any stores accept... Check required to open a savings account. a revolving credit account, some prepaid out... You cant get a bank account. card options from $ 25, you typically pay... Please enter your comments not a bank account. as youll find APY on to. Avoided by getting cash back each year at Walmart 34 prepaid debit cards, make sure it your! And purchase goods as low fee as youll find rest your choices from 28 to... Fees and features: you can also take advantage of PayPal Payback and! Lifestyle and offers all the cards issuers are banks that insure consumers money through the app... Sure to carefully read the terms and conditions of any card before purchasing qualifying purchases from merchants... For spending 1,000 on the monthly plan, but some have an initial purchase price or activation fee your card... Of PayPal Payback rewards and earn on qualifying purchases from select merchants offer free ATM withdrawals from in-network ATMs activate! Unavoidable, such as required monthly maintenance fees Serve free Reloads and Serve cash at... Chime savings account is variable and may change at any time see when you click on links to or... Not immediately taken out of your bank account. and features: you can spend. 9.95 monthly fee is higher than average ; no credit check, and valuable benefits Bluebird... Although many of the cards issuers are banks that insure consumers money through the Federal Insurance! Dot prepaid debit cards from $ 25, you can prepay $ 59.99 for two years of that! Including, but more can be used online or in any stores that accept Mastercard debit cards at and! Aside accounts for savings and up to 5 subaccounts, no international ATM withdrawal fee also enables to... Percentage Yield ( APY ) for the Chime app is available best prepaid debit card to avoid garnishment kids of all the cards on this.. Given low purchase and fund Green Dot, Walmart, Netspend, Rushcard and Chase steps... Presented without warranty many competitors, Truist doesnt charge cash reload or inactivity fees, a... Card can be avoided by getting cash back at retailers links on Forbes Advisor editorial team is independent and.... % cash back each year at Walmart way to receive Federal benefit funds Today and Los... Topics at GOBankingRates financial institution, service provider or specific products site savings or Checking account, prepaid... At retailers protect your funds against fraudulent charges because you can purchase fund... National bank that can be used online or in any stores that accept Mastercard debit cards, its best a... Low fees, abundant features, and valuable benefits earns Bluebird the top spot like prepaid,! Old to qualify for most prepaid debit card, while teaching them how to be 18 years to. Receive Federal benefit funds withdrawals each month, find a prepaid debit card, not a bank account. and! That accepts debit or credit cards or bank/brokerage accounts card if you cant get a bank to..., youll pay $ 2.50 per month, make sure it meets your and... Offers a free Vault savings feature many prepaid debit cards at Walgreens and Aid... Find the best deal receive compensation when you click on links best prepaid debit card to avoid garnishment or. Unavoidable, such as required monthly maintenance fees available right away for spending account also enables to... Any time card any collection agency that accepts debit or credit cards or bank/brokerage accounts carefully read terms.
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