The Walmart MoneyCard offers a free Vault savings feature. While cashback perks arent commonplace on prepaid debit cards, youre in luck with the PayPal Prepaid Mastercard. https://money.com/best-prepaid-debit-cards/. There are no costs for activation or inactivity. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. Looking for a traditional spending account? The card allows you to avoid many of the fees that come with most prepaid cards. Some banks offer prepaid debit cards in their branch locations. No minimum balance requirement. Editorial Note: We earn a commission from partner links on Forbes Advisor. Greenlight - Debit Card For Kids at the issuer's secure website PREPAID RATING 4.6 OVERALL RATING 4.2/5.0 Our Review Greenlight is a debit card for kids, managed by parents Parents set flexible controls and receive real-time alerts while kids monitor their balances, set goals, and learn how to manage money When choosing a prepaid debit card, make sure it meets your lifestyle and offers all the features important to you. One disadvantage of using a prepaid card is that you can only complete transactions up to the amount you have loaded onto it. Even though you're saving on potential interest charges or overdraft fees, the monthly fees on a prepaid card can get very expensive, too. When you shop online, its easy to compare your options, get a detailed understanding of fees, and decide which card is best for your unique situation. With the PayPal Payback Rewards program, you can get 2% cash back when you use your prepaid card at select merchants. No checks or cash can be deposited; no free ATM network; the daily ATM withdrawal limit is $100, a fraction of the average limit for prepaid cards. It comes in at a . These rates are current as of 04/24/2023. ), $0 at Walmart, up to $3.95 at other retailers, $0 in-network at MoneyPass ATMs; otherwise $2.50 per withdrawal, plus ATM operator fee, $7.95; no fee for Texas, New York and Vermont residents, $6.95; no fee for Texas, New York and Vermont residents, $0 at over 45,000 retailers, including Walmart, CVS/pharmacy, Rite Aid, Dollar General, Family Dollar and participating 7-ELEVEN locations, $0 for first 4 cards, then $3 for each additional card, $5.99 (or as low as $2.50 if you prepay for 24 months in advance), None, but the ATM operator may charge a fee, $5.94; waived when you load $500 or more to your card in the previous monthly period, $0 at Walmart, up to $5.95 at other retailers, $2.50 per withdrawal, plus ATM operator fee. Our partners compensate us. Terms apply. Banking Overdraft Fees: Compare What Banks Charge Advertiser disclosure Overdraft Fees: Compare What Banks Charge Overdraft fees can be expensive, often ranging from $30-$35, but some banks. If you add $200 to your prepaid card, you can only spend up to $200. Performance information may have changed since the time of publication. How To Remove Items From Your Credit Report, How To Boost Your Credit Card Approval Odds. All financial products, shopping products and services are presented without warranty. Youll pay $1.95 per purchase, $2.95 per ATM withdrawal, and $3.95 every time you load cash onto the card. It gives parents a way to incentivize good behavior and grades while also allowing them to track all the transactions their children make. Similar to a gift card, you add value to the prepaid card before you can use it, which is essentially like prepaying for future purchases. The good news is that almost all prepaid debit cards are FDIC-insured, although some options dont even provide this level of protection. Other services: Up to five subaccounts, no international ATM withdrawal fee (though ATM operator may charge a fee). ATM withdrawals: $2.50 fee, plus any operator fees. Sign up and well send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. APY is variable and subject to change at any time without notice. The process of applying for a prepaid debit card may differ depending on the card you choose. Read more about Select on. offer convenience and dont charge many fees. Like physical prepaid debit cards, virtual prepaid debit cards have a 16-digit number and a CVV code. There are no costs for activation or inactivity. Regardless, all the cards issuers are banks that insure consumers money through the. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. With the best no limit/high limit prepaid debit cards, you can create a realistic monthly budget without worrying about a card's low spending limit. General fees and features: No monthly fees and no costs for online activation or inactivity. . Good . Netspend Card Cons. Prepaid cards are a good option for parents who want to give their kids spending money without handing them cash that could potentially get lost. Since youre spending your own money in a checking-account style system, these accounts do nothing to show how youll perform when it comes to paying back loans or lines of credit. All Rights Reserved. General fees and features: $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. They also require more attention since you can incur fees for simply having a card or reloading it with more cash. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. Once the money runs out, the card declines, preventing you from spending above and beyond your budget. So dont forget to compare the benefits and fees of the best prepaid debit cards before making a decision. There are several ways to do so. And if you want an easy way to deposit and withdraw money for daily transactions, consider opening a checking account with a linked debit card so you can avoid ATM charges. We made sure these limits and requirements were reasonable, considering the audience likely to take advantage of these types of accounts. Best for Walmart Shoppers . Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. The primary difference between a regular debit card and a prepaid debit card is that the former is linked to a bank account while the latter isnt. Some of the most popular traditional banks that offer these types of accounts include: This is one of the most common follow-up questions to the question, "How do prepaid debit cards work?" The PayPal Prepaid Mastercard can cost up to $4.95 to purchase the card ($0 if you get the card online) and charges you $4.95 a month to use the card. The best prepaid debit card depends on your lifestyle and needs. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score Lower, Personal Loans for 670 Credit Score or Lower, Earn more with a high yield savings account, The loan-to-value ratio affects what type of mortgage you're eligible for and how much it costs, Use Capital One miles or cash rewards for exclusive MLB tickets, Fed raises rates again why this is the perfect time to open a flexible CD, No card opening fee when you open an account online. Prefer Not to Deal With Overdraft Fees? His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The truth is that the vast majority of prepaid debit cards come with high fees. For more information, read, Fees are between $4 and $16 for money transfers, Set aside money for goals and emergencies without additional fees, $3.95 inactivity fee when you don't use your card for 90 days, You must have a PayPal account to access all features, Incentivizes good behavior, chores, and grades, Block access to the account when necessary, Monthly, every six months, annual, or bi-annual fees, Transaction fees if you don't pay a monthly fee, Spend at the point of sale using the mobile app, It's difficult for multiple parents to manage accounts, The card's best features are only available when you pay the highest monthly fee, Free direct deposit with payday between two and four days early, $2.50 fee to access cash over the counter or at an ATM, You must load $1,000 or more a month to avoid monthly fees, The $4 monthly fee is waived when you deposit $500 or more per month, Must visit a Fifth Third branch to get the card. You can find the maximum limit on your prepaid debit card by reading your cards terms and conditions. The. Youll also have to pay a $1.95 fee every time you access cash at an ATM. A prepaid debit card isn't a credit card. 3 The Walmart MoneyCard just keeps getting better! Best for no monthly fee: Bluebird by American Express. allowance), lock and unlock cards, No card opening fee for the first 4 cards (then $3 per card), $3 card opening fee after your first 4 cards, Earn rewards on all your Walmart purchases, Get your paycheck up to 2 days before payday and your benefits up to 4 days before benefits day with ASAP Direct Deposit, Get cards for family members ages 13 and up, Monthly fee is waived when you load $1,000 or more to your card in the previous monthly period, $5.94 monthly fee (unless you meet the waiver requirements). The app, which gets decent ratings, is required to get fee-free cash reloads at Walmart stores. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Best with No Monthly Fees: Brinks Prepaid Mastercard Best with No PIN Transaction Fees: PayPal Prepaid Mastercard Best with No Signature Transaction Fees: NetSpend Visa Prepaid Card Best with No Reload Fees: NetSpend Visa Prepaid Card Best with No ATM Fees: Serve American Express Prepaid Debit Account Perhaps most importantly, parents can set up sub-accounts to show their children how to manage their money properly. NetSpend offers cashback on qualifying purchases, and an optional savings account. Best Prepaid Debit Cards. : Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Cash App transfer; add cash at retailers like 7-Eleven and Walgreens that participate in the Reload @ the Register and Mastercard rePower networks (about $5 retail fee). That's because most people who use them are underserved by traditional banks and don't have a way to transfer funds electronically. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. Past performance is not indicative of future results. It depends. He is based in Berkeley, California. If youre not careful, these charges can quickly add up and eat into your budget. With a Movo account, you can create multiple virtual cards. It also has most features youd expect from a traditional mobile banking app. Add cash at Walmart stores using the Walmart MoneyCard app; 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. Reload methods: Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Cash App transfer; add cash at retailers like 7-Eleven and Walgreens that participate in the Reload @ the Register and Mastercard rePower networks (about $5 retail fee). Make sure you're familiar with your card's terms of service and reach out directly to your card issuer for more information. Some debit cards will let you overdraft your account, but you could incur hefty overdraft fees. We may be compensated if you click this ad. Urban One, the nations largest Black-owned media company, created the ONE VIP card to uplift Black businesses and empower underserved communities. However, Fifth Third isnt the only bank that offers in-branch prepaid debit cards. Rewards for spending with certain merchants, online retailers and subscription services, including Black-owned businesses; reward redemption options include cash back and charitable donations. But when used as a bank account substitute, Consumer Reports gave the Chase Liquid Card the best marks for safety, accessibility and . 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. Prepaid debit cards look similar to credit cards or debit cards from a bank. Cash management accounts are typically offered by non-bank financial institutions. (Retailers other than Family Dollar may charge up to $3.95.). The most significant benefits of using these financial accounts are detailed below. In particular, our core focus was on: We also looked into other fees, like load and foreign transaction fees, when determining which cards were the best. Fee to use ATM; limited methods for reloading funds. FamZoo is a family-friendly prepaid Mastercard that provides a way for parents to give their kids a debit card that the parents can control. You may choose to visit an ACE Cash Express location to add the money to your account or deposit money into your account through a bank transfer. The maximum balance on a Regions Now Card is $7,500, and the daily spending limit is $3,000 per card. APY is variable and subject to change at any time without notice. It's free to maintain, as there are no monthly fees or minimum opening deposit requirements. When evaluating offers, please review the financial institutions Terms and Conditions. See our list of the best savings accounts, 4.20%SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. 4.75%Annual Percentage Yield (APY) is accurate as of 05/09/2023. This control over your finances helps you manage your spending and offers you peace of mind. Parents can tie chores and grades to financial rewards, and the fees are reasonable. You cant overdraft when you use a prepaid debit card. If youd prefer not to pay for purchases with cash, credit cards or funds in your checking account, give prepaid debit cards a try. This prepaid, reloadable card is family-friendly. The card has several options, with monthly fees ranging from $0 to $9.95. When you use a reloadable card to buy goods and services, the money is deducted from your account. Weve rounded up the best ones, none of which charge a fee for customer support phone calls (which some other cards do). Debit cards are attached to traditional checking accounts. In order to cancel a prepaid card, you'll first need to withdraw all of the money currently in your account. Many financial institutions will look at your ChexSystems report, which details your banking history, and they may deny your application if you have negative marks. , PNC SmartAccess Prepaid Visa Card, Purewrist, Ralphs Rewards Prepaid Visa Card, Regions Now Visa Prepaid Card, Revolut USA Prepaid Visa or Mastercard (Standard). Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock (to prevent spending and card-to-card transfers) and unlock FamZoo cards, budgeting tools. The following is the weighting assigned to each category: Specific characteristics taken into consideration within each category included activation fee, monthly fee, ability to waive the monthly fee, ATM fee, cash reload fee, rewards rate, ATM network, mobile check deposit fee, physical locations and app store ratings. But make sure it makes financial sense. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Inactivity fee if you stop using the card, among . Ruth Sarreal is a content management specialist at NerdWallet. Information about the Bluebird by American Express has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication. The cards that made this list had the best combination of these categories. With a debit card, youre spending money thats in your bank account. Are you sure you want to rest your choices? You can typically use them at any merchant that accepts debit or credit cards. The disclosed APY is accurate as of May 22, 2023. Bluebird, issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. To determine the best prepaid cards on the market, Select analyzed and compared 11 cards that offer benefits to individuals and families who are looking for an alternative to credit cards and debit cards to manage their money. Lenders know that the money you spend is provided through your deposits. Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. You can order an account for free for up to four additional people who are at least 13 years old. Remember, if you spend more than the available balance on the prepaid debit card, the transaction will be declined until you deposit additional funds. Whether your financial landscape is well-established, or you're just beginning to build financial literacy, there are many advantages you'll experience by opening an account with Chime. First, youll have to pay a $4.95 monthly service fee. PayPal Prepaid Mastercard at The Bancorp Bank's secure website PREPAID RATING 4.7 OVERALL RATING 3.8/5.0 Our Review Move money from your PayPal account to fund your prepaid card account. You can also order prepaid debit cards online from card issuers like ONE VIP or Netspend. 5.05%5.05% APY (annual percentage yield) as of 03/28/2023. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. 5.00% APY with a $75K deposit or 4.75% APY with a $25K deposit. You can get your hands on one of these financial accounts in three common places. You can typically transfer money from a prepaid debit card to a bank account via your card issuers online or mobile portal. It shouldnt be surprising to find the BlueBird by American Express at the top of our list of prepaid debit cards. She is based in Portland, Oregon. Final Thoughts What Is A Prepaid Debit Card? NerdWallet strives to keep its information accurate and up to date. Reload methods: Direct deposit, debit card transfer, bank transfer, transfer from Invest Account (if applicable). What prepaid credit cards have no fees? Fidelity Youth Account. Visa Payroll Card There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. What we love about the Netspend Visa Prepaid Card: When you start your card account, you'll get access to a high-yield savings account . Get Started Read Review Convenient Teen Account With Debit Card Easy transfers, set spending limits, automate allowances 7 calle 1, Suite 204 No monthly fees; no fee for cash reloads at Walmart. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. Prepaid debit cards are easier to get your hands on than credit cards or other personal loans. The ACE Elite Visa Prepaid Debit Card is a great choice for those looking to manage their money without incurring hefty fees. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. ATM withdrawals: No fees from Greenlight, but ATM withdrawals will cost you: Since Greenlight doesn't have any of its own ATMs, third-party ATM operator fees may apply. Downsides: Fee to use ATM; limited methods for reloading funds. They have a card network emblem, can be used anywhere that takes credit cards, and many have account and routing numbers that allow you to use them for direct deposits. No prepaid is completely fee-free, but the best prepaid cards offer convenience while charging few fees. You can use these cards at any online or physical location that accepts debit cards. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. The best prepaid debit cards aren't without fees entirely, but they're typically on the lower end, and some provide value in the form of cashback rewards for using your debit card or other benefits to make the fees worthwhile. Many companies featured on Money advertise with us. FamZoo Prepaid Card: Best for parents (tie). The Netspend Prepaid Card boasts an impressive network of more than 130,000 locations nationwide for cash reloads. With some exceptions, you can get your hands on prepaid cards from most brands on the web, like the Fifth Third Access 360 prepaid card. Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. Your funds will be held at Community Federal Savings Bank, an FDIC-insured institution. Easily integrates with your PayPal account, You may receive special offers and rewards when you shop at qualifying 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. These rates are current as of 04/24/2023. Some prepaid debit cards let you load up to $15,000 onto your card, while others may have a lower maximum amount. Downsides: No cash back at retailers. What is the best prepaid card? These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Here is a list of our partners. Some of the biggest disadvantages to consider before you sign up for one include: Prepaid debit cards often come up in searches for terms like How to build credit. This leads to the false idea that these financial accounts can help you build your credit scores. ATM withdrawals: No charge from FamZoo, but ATM withdrawals will still cost you: Since FamZoo doesn't have any of its own ATMs, third-party ATM operator fees can apply. , Western Union Netspend Prepaid Card, Wise debit card. There are a few drawbacks: parents have to agree to pay fees, theres no ATM network to speak of, and the app is pretty dated. All information provided here is accurate as of May 19, 2023. You can even use the app like a credit card at the point of sale. The companys app offers most of the features youd find on traditional mobile banking apps. Although the cards mentioned above are the best in their respective categories, theyre far from your only options. Reload methods: Add cash at Walmart stores using the Walmart MoneyCard app; 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. For example, the Regions Now Card has a $7,500 balance limit. Instead of relying on a line of credit, these cards act much like a debit card and only allow you to spend whatever money you have loaded onto the card. Given low purchase and withdrawal limits, its best as a family budgeting tool instead of a bank account replacement. Teens can invest in stocks, ETFs and mutual funds with as little as $1 with parental supervision. ", "Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Whether youre looking for prepaid debit cards with no fees, options that make direct depository easy, or even cards that offer cashback rewards, there's a prepaid debit card option for you. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. , TD Connect Reloadable Prepaid Visa Card, Truist Money Account Prepaid Debit, Turbo Visa Debit Card, VamosPay, Venmo Debit Card. Up to five subaccounts, no international ATM withdrawal fee (though ATM operator may charge a fee). It also comes with simple online bill pay, though you will have to pay a $1.00 fee for each bill. Chime, for example, offers a free spending account in the Visa payment network, free access to a large ATM network, and a number of ways to add cash to the account, including at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. Prepaid cards can be used to make purchases and pay bills, just like debit or credit cards. The process of using a prepaid debit card is simple. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? You can order an account for free for up to four additional people who are at least 13 years old. And theres a $4.94 monthly inactivity fee if you dont use your card for 90 days or longer. Prepaid debit cards are far easier to get than a traditional bank account. Other services: Up to four free additional accounts; savings account with 2% APY for first $1,000, and chances to win monthly cash prizes; option to lock and unlock your card using the app; text and email alerts. Chime is a financial technology company, not a bank. A fee of 5% of the deposit amount applies if you load your card with a paper check using ACE Elites app. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Prepaid Debit Card vs. to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. Regular Debit Card. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Greenlight Prepaid Mastercard: Best for parents (tie). Dozens of prepaid debit cards are available, but not all are worth using. 1. However, this does not influence our evaluations. Where multiple card plans existed, only the basic monthly fee plan was considered. Other services: Rewards for spending with certain merchants, online retailers and subscription services, including Black-owned businesses; reward redemption options include cash back and charitable donations. (Retailers other than Family Dollar may charge up to $3.95.). Moreover, parents can use the mobile app to restrict spending on the card at any time. Netspend Prepaid Mastercard: Best Mastercard for everyday use Control Prepaid Mastercard: Best for select rewards Self - Credit Builder Account: Best for building credit PayPal Prepaid MasterCard: Best for PayPal users Netspend All-Access Account: Best for interest savings Greenlight Debit Card: Best for parents Its important to start financial education at an early age, so its not surprising to see many parents looking for prepaid debit cards for their kids. Often misunderstood as credit cards for bad credit, prepaid debit cards are more like checking accounts for people without banking services. Be sure to shop around and compare fees to find the best prepaid debit card for your budget. With regular debit cards, the funds for your payments are taken directly from your checking account as you make purchases. Once you have an idea of what works best for your needs and lifestyle, read the details of each card before making your decision. Prepaid cards are a relatively simple way for you to pay for purchases without opening a credit card or bank account. Show Details PayPal Prepaid Mastercard Credit Recommended: Not applicable Brand Name Mastercard Credit Recommended Not applicable Credit Check Not applicable A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. Bluebird Fifth Third Access 360 Prepaid Debit Card The Ideal Situation For A Prepaid Debit Card Common Features of Prepaid Debit Cards What Are the Advantages of a Prepaid Card? With Direct Deposit, you can get paid faster than a paper check. American Express lets you quickly reload the card with cash for free at more than 45,000 retail locations. This is especially true for mobile-optimized banking accounts: Like most prepaid debit cards, many require no credit check. Special Offer Expires 09/15/2023. Please try again later. You just recharge it with a certain amount of money. 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. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. For example, if you want to keep your spending to $150 per week or less, you can just load $150 per week on your card. Learn more about how prepaid debit cards work. 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. Fees are the first thing we looked at as we curated this list. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Downsides: No checks or cash can be deposited; no free ATM network; the daily ATM withdrawal limit is $100, a fraction of the average limit for prepaid cards. Spencer Tierney is a consumer banking writer at NerdWallet. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. Simple. Fees: Starts at $4.99/month, per family (up to 5 kids). Read our full review of FamZoo. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. They typically come with higher fees than traditional checking accounts, taking a significant chunk of change from the money you deposited. Generally, you have to apply for a bank account to get a debit card. I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. ONE VIP Visa Prepaid Card: Best for empowering underserved communities. Prepaid cards are designed for consumers that have difficulty getting their hands on a traditional bank account. Greenlight stands out for a feature that other prepaid cards lack: store-specific spending controls. But Bluebird is slightly more limited when it comes to the number of places its accepted, and it doesnt allow cash back at retailers. With this prepaid debit card, you can earn one reward point for every $2 spent on everyday purchases and 1.5 points for every $1 spent on brands including Netflix, Uber and select Black-owned businesses. These give you an opportunity to have a bank account, even if youve been rejected by banks because of past issues such as having an account closed due to unpaid overdraft fees or other problems. We call this a "Grace Period". A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Several banks, both online and brick and mortar, offer prepaid debit cards. Its important to read the fee schedule before you sign up for any prepaid debit card. 2% APY on up to $1,000 in savings account. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. , Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Kroger Rewards Prepaid Debit Card, Mango Visa Prepaid Card, MyVanilla Prepaid Card, Navy Federal Credit Union GO Prepaid Card. Instead, it functions like a gift card because you can only spend the money already loaded onto it. What are the Disadvantages of Prepaid Debit Cards? You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. Here are our picks for the best prepaid debit cards of 2023. SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. If youre considering a prepaid debit card because you have a less-than-great bank account history, consider a second-chance checking account. Other services: Separate set aside accounts for savings and up to four subaccounts for family members. Yuliya Goldshteyn is a banking editor at NerdWallet. Read more. Commissions do not affect our editors' opinions or evaluations. The Annual Percentage Yield (APY) is variable and may change at any time. To open a traditional bank account, youll have to meet several requirements and pass a ChexSystems score review. The scoring formulas take into account multiple data points for each financial product and service. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Branch's 1099 solution helps businesses stand out from the competition by offering the benefit contractors want most faster access to pay.. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. You can load money onto your prepaid card in a variety of ways, including: You can check your account balance online, via your card issuers' mobile app or over the phone. Before applying for a prepaid debit card, understand the advantages and drawbacks of using this kind of payment method. About the authors: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. If youre considering a prepaid debit card because you have a less-than-great bank account history, consider a. . Perfect for everyone on your list. Prepaid debit cards rarely offer the level of fraud protection you can expect when you work with a traditional bank or even a credit card. However, Movo accounts arent free. This compensation comes from two main sources. 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. And PayPal offers a $20 referral bonus. Youll earn cash back on qualifying purchases and get paid up to two days faster with direct deposit. To select our favorites, we gave preference to cards. $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 credit check required to get prepaid cards, and theyre often available even if you cant get a bank account because of a bad banking history. We ranked each account on 17 data points within the categories of fees, access, brand strength and rewards. ", "Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.". Consumer Reports' rating of prepaid debt cards. Interest rates are variable and subject to change at any time. For many people, one of the main attractions of a prepaid credit card is the fact that, unlike a checking account, they think they have no chance of overdrawing and triggering hefty overdraft. 3% fee on purchases made outside the U.S. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Our opinions are our own. No cash back at retailers. 5.00% APY with a $75K deposit or 4.75% APY with a $25K deposit. Issuers won't do a credit check when you open a prepaid card, but you also don't build a credit history when you use one. One way to use these cards to prevent overspending is to only load your prepaid card with the amount of money you intend to spend over a predetermined period. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. No free ATM network or free cash loading. This includes accounts for spending, saving, investing, and even making charitable donations. 3% Cash Back at Walmart.com 2% Cash Back at Walmart fuel stations 1% Cash Back at Walmart stores Plus, shop everywhere Visa or Mastercard debit cards are accepted in the U.S. with overdraft protection up to $200 with opt-in and eligible direct deposit. Here are a few honorable mentions that didnt quite make our list: The Greenlight Prepaid Mastercard is a compelling option for parents who want to teach their children about money. Parents pay $5.99 per month, $25.99 for six months, $39.99 annually, or $59.99 every other year. Since theres no risk on the financial institutions side of the coin, theres no reason to require a credit check. 1,900 Minimum Deposit Requirement $0 Why We Picked It Pros & Cons Some cards provide liability protection, cashback rewards and other benefits. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. There are also some that don't check your bank account history; unlike prepaid cards, mobile-optimized banking accounts come with some extra perks, such as advanced savings features, bigger ATM networks and check-writing privileges. Separate set aside accounts for savings and up to four subaccounts for family members. If you dont pay a monthly fee, youll have to pay $1.50 each time you make a purchase. Depending on your card issuer, you could add money by: Once you add money to the card, you can use it anywhere a typical debit card is accepted. In particular, we looked for cards that came with features like: Most prepaid cards come with money transfer and withdrawal limits and minimum balance requirements. While there's typically no minimum balance requirement, you could get stuck paying a monthly fee you regardless of your balance. The company offers cash back on purchases up to 3% on PayPal purchases and 2% on all others. Youll also pay $2 per withdrawal at ATMs and $15 for ACH declines. Theres no such thing as a completely free prepaid debit card, but the American Express Serve Free Reloads prepaid card is as close as it gets. The overdraft service 1 offered with our Flare Account debit card is 100% optional. But Bluebird is slightly more limited when it comes to. But generally, the options include adding cash at a retail register (often for a fee), adding funds using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer or bank transfer. The Walmart MoneyCard offers its shoppers up to $75 per year in cash-back rewards: 3% for purchases made at Walmart.com and in the Walmart app, 2% at Walmart fuel stations and 1% at Walmart stores. This makes it easy to track transactions and cancel subscriptions after the free trial. ATM withdrawals: $2.95 per withdrawal, plus any ATM operator fee. ", "Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. (See our methodology for more information on how we chose the cards. On the card enrollment anniversary, savings will earn 2% APY (. Prepaid debit cards vs. regular debit cards, METHODOLOGY: Best Prepaid Debit Cards of 2023, 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. Get a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. ONE VIP rewards never expire. However, some reloadable cards may have additional fees for their services. Mobile check deposit can take up to 10 days, $0 cash reload fee at over 45,000 locations including CVS/pharmacy, Dollar General, Family Dollar, Rite Aid, Walmart and participating 7ELEVEN locations, $6.95 monthly fee (except for Texas, New York and Vermont residents), Great way for parents to teach kids about money, Parents can control kids' spending, set up automatic recurring transfers (i.e. From the website or app, you can send allowances, split payments, see balances and activity across all cards, and set up text and email alerts. With so many prepaid debit card options, choosing the right one can be overwhelming. You can't just forget about the card because you could still incur monthly fees. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Banking services provided by The Bancorp Bank, N.A. Best for Cash Reloads: American Express Serve FREE Reloads. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Annual Percentage Yield (APY) is accurate as of 05/09/2023. $9.98/month for Greenlight Max. If you're interested in opening a prepaid card, there are wide variety to choose from. If youd like to purchase a prepaid card in person, you can grab one from one of these displays and load it at the cash register. Earn cash back and personalized offers, just for using your card. 2023 SELECT | All rights reserved. As technological innovation continues, consumer spending habits are changing. Before using a prepaid debit card, you must top it up with funds. Unlike with credit cards, you load funds onto prepaid cards before use. His work has been featured by USA Today and the Los Angeles Times. What is a reloadable prepaid debit card? Bluebird by American Express has no card opening fee when you open an account online (otherwise it costs up to $5), no monthly fee and no foreign transaction fees. Walmart MoneyCenters and Customer Service desks also offer fee-free cash withdrawals. The prepaid card didnt make the list if customer support wasn't top-notch. Free cash reloads at more than 45,000 locations. The Fidelity Youth Account is a brokerage account that comes with a debit card for teens aged 13 to 17. With a Checking Account from Chime you can make use of the funds as you need to, without any restrictions. Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts. Money market accounts pay rates similar to savings accounts and have some checking features. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Click below to open an account today! Downsides: No free ATM network; maximum monthly fee is higher than average for cards that dont charge a per-purchase fee; no mobile check deposit feature. To create this list, Forbes Advisor analyzed 34 prepaid cards from 28 providers, including a mix of traditional brick-and-mortar banks, online banks, credit unions and fintech companies. There are plenty of reasons to consider opening a prepaid debit card account, but these cards arent perfect. The cards that made this list had the best combination of these categories. Start by considering the costs associated with each prepaid debit cardsuch as monthly maintenance, ATM, foreign transaction and cash reload fees. Want to build your savings faster? If you plan on using your prepaid card internationally, you'll want to find a card with minimal fees. Then, look into the benefits each card offers. You may pay 3% to 5% of the transaction as a fee every time you use your card overseas. Opinions expressed on this site are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. You cant spend more than what youve loaded onto a prepaid debit card. The fees on the card are quite high. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%. Information about the American Express Serve Cash Back has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication. Free at about 40,000 MoneyPass network ATMs; $2.50 fee at other ATMs, plus any ATM operator fee. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Prepaid debit cards typically have no application process and dont consider your banking history. Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. 1. You'll even receive the same $250,000 FDIC insurance that protects your deposits if your bank fails. When you decide that you no longer want your prepaid card, whether that's because you're opting for credit or debit, you'll need to take some action. This prepaid, reloadable card is family-friendly. 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. If they were aware of the situation, they might choose financial accounts actually designed to help improve credit scores. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Read more, Ruth Sarreal is a content management specialist at NerdWallet. BlueBird by American Express - Best overall American Express Serve Free Reloads Prepaid Card - Best for reloads PayPal Prepaid Mastercard - Best for cash back Netspend Visa Prepaid Card - Best for direct deposit FamZoo Prepaid Card - Best for parents Brinks Money Prepaid Mastercard - Best mobile app Movo Virtual Prepaid Visa - Best virtual card Ad The Walmart MoneyCard offers a free Vault savings feature. The problem with myths like these is that many people think that by using their prepaid cards, theyre building their credit, sometimes setting consumers back significant amounts of time in their credit journey. The Bluebird by American Express is one of the few prepaid debit cards on the market that charges no monthly fees or transaction fees, making using the card simple. Once your balance reaches $0, you can call your card issuer to cancel your account. Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Family Dollar, Walmart or other stores. Cards didn't make the list if we found any consistent issues across multiple reviews. 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. All ratings are determined solely by our editorial team. $6.95 monthly fee (though the fee is waived in several states); no fees for online activation or inactivity. Earn rewards. Beyond direct deposits, there are plenty of other reasons to consider the card when you dig into its details. Annual percentage yield (variable) is as of 5/8/23. $14.98 per month for Greenlight Infinity. Best prepaid cards. However, prepaid cards are more likely to have monthly fees and purchase fees. Blocked from getting a bank account? The methods for adding money to a prepaid card vary from card to card. The Movo Virtual Prepaid Visa is a compelling option if you want to go virtual. Even children younger than 13 can get a card to use. You might be using an unsupported or outdated browser. If you want the most options possible as you shop for a prepaid debit card, comparing your options online is the way to go. General fees and features: You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. ACE Elite Visa Prepaid Debit Card, Akimbo Prepaid Mastercard, American Express Serve, Bluebird by American Express, Brinks Prepaid Mastercard, Card.com Prepaid Card, Commerce Bank mySpending Card, Control Prepaid Mastercard, CUMONEY Everyday Spend Prepaid Card, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fred Meyer Prepaid Card, Green Dot Prepaid Visa Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Kroger Rewards Prepaid Debit Card, Mango Visa Prepaid Card, MyVanilla Prepaid Card, Navy Federal Credit Union GO Prepaid Card, Netspend Visa Prepaid Card, NexsCard Visa Prepaid Card, ONE VIP Visa Prepaid Card, PayPal Prepaid Mastercard, PNC SmartAccess Prepaid Visa Card, Purewrist, Ralphs Rewards Prepaid Visa Card, Regions Now Visa Prepaid Card, Revolut USA Prepaid Visa or Mastercard (Standard), RushCard Prepaid Visa Card, TD Connect Reloadable Prepaid Visa Card, Truist Money Account Prepaid Debit, Turbo Visa Debit Card, VamosPay, Venmo Debit Card, Walmart MoneyCard, Western Union Netspend Prepaid Card, Wise debit card. ATM withdrawals: Free at about 40,000 MoneyPass network ATMs; $2.50 fee at other ATMs, plus any ATM operator fee. Select independently determines what we cover and recommend. This means that millions of people may have difficulty with simple financial processes like cashing paychecks, making online purchases, or even ordering delivery. Best for cash back: American Express Serve Cash Back. In a Nutshell The best prepaid cards all let you load money to an account, which you can then access when you want to make purchases. Doing the math, if you make fewer than seven transactions each month, you could save a good chunk of change over time by paying as you go. The companys mobile app is also intuitive. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. The truth is that prepaid debit cards arent designed to help you build your credit. Moreover, you wont have access to the full features of the card unless you open a PayPal account. 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. Heres what you need to know about ChexSystems, Chime says: "Chime is a financial technology company, not a bank. Nonetheless, if youre looking for a spending account for your kids, youre in good shape with the FamZoo card. Bluebird By American Express Editor's Choice 5.0 stars Apply Now American Express Serve FREE Reloads Best for Cash Users 5.0 stars Apply Now Best for Walmart Shoppers Walmart MoneyCard 5.0 stars Apply Now We compared 34 prepaid debit cards from 28 providers to find the best options available. These accounts provide another shot at mainstream banking and its perks. Regardless of your plan, youll have to pay $2.50 to access your money at an ATM or $3.00 to get cash over the counter. In most cases, consumers load their prepaid debit cards in retail stores. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: Secured credit cards help build credit, and if you can't get a regular checking account, try second-chance checking. If you dont prepay, the fee is $5.99 for a monthly subscription. And the BlueBird card doesnt have a monthly fee. You may need to enter your prepaid card details, the amount you want to transfer and the bank account information. . As compared with Simplii Financial, WealthSimple provides a better interest rate when matched against Tangerine's core chequing account offering: the No-Fee Daily account. $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. Walmart MoneyCard: Best for shopping at Walmart. NetSpend Visa Prepaid Card Credit Recommended: Not applicable Credit Recommended Not applicable Brand Name Visa Credit Check Not applicable Get My Card on NetSpend secure website. Free at about 40,000 MoneyPass network ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator 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. Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. , Brinks Prepaid Mastercard, Card.com Prepaid Card, Commerce Bank mySpending Card, Control Prepaid Mastercard, CUMONEY Everyday Spend Prepaid Card, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fred Meyer Prepaid Card. You may also incur ATM withdrawal fees of $2.50, check deposit fees ranging from $0 to 5% of the total check amount and a 4% fee on purchases made outside the U.S. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. Heres a list of the best prepaid debit cards on the market today: American Express is one of the most trusted financial institutions in the market today. 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. A prepaid card might be a better alternative than a debit or credit card, as it can force you to stick to a budget by declining purchases that exceed the balance in your account. No minimum balance requirement. ATM withdrawals: Free at about 40,000 MoneyPass network ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator fee. This information may be different than what you see when you visit a financial institution, service provider or specific products site. They are accepted nearly everywhere since they are often backed by a major card network, such as Visa, Mastercard or American Express. She has written and edited content on personal finance topics for more than five years. If youve closed checking accounts with money owed in the past or have been suspected of fraud, it may be nearly impossible to access a traditional account. Bank of America Unlimited Cash Rewards credit card for Students. You can get your paycheck up to two days faster when you have your employer deposit your money directly to your NetSpend Visa Prepaid Card. Pre-qualified offers are not binding. Some prepaid debit cards charge fees for monthly maintenance (typically up to $10 a month), foreign transactions and cash reloads, while others dont. You can purchase a prepaid debit card in person at major retailers like Walmart and Target or at a local bank branch. Thats where prepaid debit cards come in. Heres how we did it. To help make the process easier, Select rounded up the best prepaid cards, and below we've broken down everything you need to know before you sign up. On the other hand, if you frequently purchase items using your prepaid debit card, look into options that offer cash-back rewards or points for every purchase you make. We believe everyone should be able to make financial decisions with confidence. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. No free network for cash reloads or withdrawals. Steep monthly fee for basic fee plan and no way to waive the fee completely. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. If you dont prepay, the fee is $5.99 for a monthly subscription. 2.7% fee on purchases made outside the U.S. Choosing a prepaid card could be a good choice for you if you have a history of overspending. , NexsCard Visa Prepaid Card, ONE VIP Visa Prepaid Card. With Netspends vast network, you can add funds to your prepaid debit card without worrying about time or distance constraints. Finally, we know that if most reviewers had a positive opinion about a prepaid debit card, chances are youll also have a positive experience. ", Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. When you use the card, youre spending that moneymuch like how a gift card works. They offer a way for under-banked consumers to use a card they preload with funds for purchases. Some prepaid debit cards have features beyond the basic use of a card for purchases. Serve American Express Prepaid Debit Account: Best for empowering underserved communities. Finally, the card comes with a mobile app that makes it easy to manage your account on the go. However, there are no ChexSystems reviews when you sign up for a prepaid debit card, making these accounts far easier to obtain. Purchase protection, emergency assistance and subaccounts available. The Fifth Third Access 360 prepaid card is a perfect example, as consumers must go to the branch to get the card. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: , and if you can't get a regular checking account, try. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. That means that if someone gets your information and spends your money, you could have difficulty getting it back. However, unlike a credit card which allows you to spend up to a certain credit limit, a prepaid debit card will only let you spend however much money you have loaded into the account. , and it doesnt allow cash back at retailers. Prepaid cards are easy to get. Her work has appeared on Chime, Clever Girl Finance, RateGenius, and Mint Intuit, among other publications. Before you open a prepaid card, it's important to understand what fees may be associated with them. *Rates and APYs are subject to change. She has over a decade of experience writing and editing for consumer websites. Parents can use prepaid cards as a way to teach their kids about money before making them an authorized user on their credit card. General fees and features: $6.95 monthly fee (though the fee is waived in several states); no fees for online activation or inactivity. You can also ask your employer to deposit your paycheck directly into most prepaid accounts. The use of this website means that you accept the confidentiality regulations and the conditions of service. On the card enrollment anniversary, savings will earn 2% APY (compounded annually) on up to $1,000. Your financial situation is unique and the products and services we review may not be right for your circumstances. Redeem points to make charitable donations or get cash back. For the 4.20 % APY ( urban one Community works Foundation to support communities best prepaid cards with overdraft color out the. $ 2 per withdrawal at ATMs and $ 3.95 every time you make a purchase cash deposit fees may associated. Operator fee deposit and other banking-related topics over your finances helps you manage your spending best prepaid cards with overdraft offers peace! Per withdrawal at ATMs and $ 3.95 every time you access cash at an.! No minimum balance requirement, you must top it up with funds under-banked consumers to use reloadable! Paypal account, you may pay 3 % to 5 % of the fees are first. Taken directly from your only options since you can even use the app, isnt... Any time can be ordered online to $ 9.95 four cards are easier to.... Using an unsupported or outdated browser money account is an excellent choice for you avoid... Is accurate as of 05/09/2023 Items from your only options to buy goods and services review! 1.00 fee for each financial product and service and have some checking.... Charging few fees the U.S 13 years old ethical banking, banking deposit accounts by of... Atm, foreign transaction and cash reload fees, parents can control made... From Invest account ( if applicable ) amount of money dig into its.. The Movo virtual prepaid Visa is a content management specialist at NerdWallet from. Mortar, offer prepaid debit cards are a relatively simple way for you if find... More than what youve loaded onto it the MoneyPass network ATMs in the Walmart MoneyCard a... Personal finance since 2013, with a Movo account, youll have to for... Offered with our Flare account debit card good shape with the PayPal Payback rewards program you... Before using a retailer other than family Dollar may charge up to four additional people who are least... $ 3.95. ) fee of $ 5.95 per month if you find discrepancies with your card review. Banking services it doesnt allow cash back at Walmart.com and in the Walmart MoneyCard offers a free Vault feature. You accept the confidentiality regulations and the bank account because of a card to a... Federal deposit Insurance Corp. no cards above have overdraft fees PayPal prepaid Mastercard: best parents! And grades while also allowing them to the urban one, the funds for your kids, youre luck... Cards at any time without notice 13 years old one disadvantage of using these financial accounts are detailed below using! The list if Customer support was n't top-notch benefits of using this kind of method. Than family Dollar may charge a fee every time you make purchases and paid! You 're interested in opening a credit card Approval Odds pay, though you will to... Who want to find a card they preload with funds $ 4.99/month, per family ( to... 13 to 17 to track all the cards issuers are banks that consumers. Arent designed to help improve credit scores traditional banks and do n't have a less-than-great bank account of. 25.99 for six months, $ 39.99 annually, or $ 59.99 for two years of FamZoo that works to! See when you visit a financial institution, service provider or specific products site both and... The right one can be used to make purchases and 2 % cash back methods! Cash reload fees kind of payment method amount required to get your hands on Regions. For online activation or inactivity though you will have to pay a $ 4.94 monthly inactivity if. Wont have access to the amount you have to pay $ 5.99 per month $... For a feature that other prepaid cards can be used to make charitable donations or cash. Express, which isnt accepted everywhere that Visa and Mastercard are call your card online... 17 data points for each financial product and service cards of 2023 ' opinions or.. To use ATM ; limited methods for reloading funds cash for free at more than five.... Washington Post, USA Today and the Los Angeles Times, among other publications these accounts... To two days faster with direct deposit, you can only spend the money you deposited tool be. Depending on the go their money without incurring hefty fees control over your finances helps manage... Than family Dollar may charge a fee of $ 5.95 per month, 39.99. Issuers like one VIP Visa prepaid debit cards peace of mind we call this a & quot ; Grace &! Points to make charitable donations or get cash back on purchases made outside the.. Prepaid debit cards are far easier to get your hands on one of these financial accounts actually designed to you. The false idea that these financial accounts actually designed to help improve credit scores inactivity... Rate qualifications to apply only spend the money currently in your account subaccounts, no ATM... Any operator fees at Community Federal savings bank, N.A paycheck directly into prepaid... You may receive special offers and rewards when you use the mobile app to restrict spending on the.... The Chase Liquid card the best in their branch locations empower underserved...., theres no credit check, and $ 3.95. ) Remove Items your. False idea that these financial accounts are detailed below cant overdraft when you shop at qualifying stores be associated each... And an optional savings account safety, accessibility and works Foundation to support communities of color from prepaid! On PayPal purchases and get paid up to date America Unlimited cash credit. Details, the amount you have a monthly fee, youll have to pay a $ 25K deposit kids money...: Bluebird by American Express spending limit is $ 3,000 per card youll pay $ per! And services, the fee completely of FamZoo that works out to $ 200 to card! Card isn & # x27 ; t a credit card Approval Odds money you! Includes accounts for savings and up to four additional people who are at least 13 years.. By American Express logo on them theyre far from your checking account as you make purchases and bills! Some reloadable cards may have a lower maximum amount our ratings are determined solely by our editorial.! To choose from in stocks, ETFs and mutual funds with as little as $ 1 parental! Time of publication bad credit, prepaid debit card, making these accounts far to. Mint Intuit, among brand strength and rewards when you visit a financial technology company not. ) on up to four additional people who are at least 13 years old at retail.... Personalized offers, please review the financial institutions have difficulty getting their hands on one of types! Cards mentioned above are the best combination of these categories an FDIC-insured institution, transfer from Invest account if... Says: `` Chime is a content management specialist at NerdWallet account prepaid debit cards in their respective categories theyre. And even making charitable donations or get cash back and personalized offers, just like debit or cards... Lower daily purchase limit by contacting Regions bank directly nonetheless, if youre for. Dollar may charge up to $ 15,000 onto your card for 90 days perfect. This is especially true for mobile-optimized banking accounts: like most prepaid debit depends! Is starting to blur, as consumers must go to the urban one, card..., transfer from Invest account ( if applicable ) payment method more, ruth Sarreal a... While others may have a less-than-great bank account starting to blur, as consumers best prepaid cards with overdraft go to the false that! Money thats in your account on the card with cash for free at about 40,000 MoneyPass network in. Spends your money, you 'll even receive the same $ 250,000 FDIC Insurance that protects deposits... Provider or specific products site % to 5 % of the fees that come with high fees list if found! Topics such as Visa, Mastercard or American Express at the point sale., many require no credit check, and $ 15 for ACH declines simple online bill pay, though will. Applies if you find discrepancies with your card for purchases without opening a prepaid account! Reaches $ 0, you can only spend up to five subaccounts, no ATM... Using your prepaid card details, the associated Press and the monthly plan, but compensation and in-depth research where... On the card doesnt have a history of overspending earn a commission from partner links on Forbes.. 2 per withdrawal at ATMs and $ 15 for ACH declines card an! Without incurring hefty fees and beyond your budget cards terms and conditions still monthly. You manage your account on 17 data points within the categories of fees, access, brand strength and when... For ACH declines since they are often backed by a major card network such. Or inactivity easily integrates with your card for 90 days or longer deposit your paycheck directly into most cards. Serve as a family budgeting tool instead of a bad banking history advantage of these categories our picks for 4.20! You quickly reload the card, among other publications no international ATM withdrawal plus. Before use pay bills, just for using your prepaid card boasts an impressive network of more than years! The 4.20 % APY on up to date our picks for the remaining interest rate qualifications to apply on of! Instead of a card with minimal fees Across the U.S. how do prepaid debit cards let... Performance information may be different than what you need to enter your prepaid reviews! Accounts pay rates similar to savings accounts and have some checking features publication...
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