Open-looped Prepaid Cards Linked to Social Security Number (SSN). 6 of 11. Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. Rates and information are accurate as of Feb. 3, 2023. , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card. , Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card. Unsubscribe at any time. RushCard is a prepaid Visa card that lets consumers load their own money onto the card. 2023 Forbes Media LLC. You will need a bank account to transfer funds -- you can't reload with cash like most prepaid cards. Cardholders enjoy perks like two-day early direct deposit on checks and a free custom card design. CNETs compensation is never tied to whether you purchase an insurance product. ", "Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Even though they look the same, a prepaid card does not give you access to a line of credit. 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. Currently, they report to Experian and Equifax. Pre-qualified offers are not binding. The Walmart MoneyCard pays 3% cash back on purchases from walmart.com, 2% cash back Walmart fuel stations, and 1% cash back at Walmart stores, up to $75 a year in rewards.. Parents can pay interest to their childs account as a way to incentivize savings. Very good; only minor caveats for most customers, Good; issues that might make a difference to some customers, Fair; make sure strengths and weaknesses are a good match for you, About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Best with No Reload Fees: NetSpend Visa Prepaid Card. Utilize card payments without needing to connect your bank account. Are you sure you want to rest your choices? Simply put, the card comes with virtually no fees. See our criteria for. Best for no monthly fees: Bluebird American Express Prepaid Debit Account. What are the best prepaid debit cards? Want to build your savings faster? Pre-qualified offers are not binding. No monthly fees and no costs for online activation or inactivity. In addition, some prepaid cards will waive some or all of the monthly fee if you load a certain amount of money on the card via direct deposit. offer convenience and dont charge many fees. Earn cash back through the PayPal rewards program. Prepaid debit cards vs. regular debit cards. This compensation comes from two main sources. American Express Serve Pay As You Go: There is no monthly fee for this card. This site does not include all available financial companies or offers. This keeps the monthly fee to just $5, with no fees for purchase transactions. And remember, performing your due diligence can save you money (and headaches) down the road. In other words, the money is not immediately taken out of your bank account. With no monthly fees, this plan only charges $1.50 per purchase. The content has not been reviewed, Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! We value your privacy. Fifth Thirds Access 360 prepaid debit card takes part in Allpoints massive U.S. network and has access to over 50,000 ATMs. 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. The downside is that the $6.95 monthly fee cant be waived, even with direct deposit. The Bluebird by American Express is our favorite prepaid card. Be sure to carefully read the terms and conditions of any card before purchasing. Register for free online and get your card in 5 - 10 days ( you must contact customer support to receive a physical card ) No credit check required. Reloads are free through the Walmart MoneyCard app or at Walmart stores. Create and use digital Visa cards after registration. 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. There is a $5.94 monthly fee. approved or otherwise endorsed by the credit card advertisers. We are compensated when users click links to or apply for sponsored financial ONE VIP rewards never expire. See our list of the best savings accounts. All Rights Reserved. Temporary virtual card numbers can be generated for the times you need extra privacy, such as when signing up for a free trial that converts into a paid subscription. You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. Charges ATM cash withdrawal fees up to $0.85 per transaction. How will we know if we're fulfilling our mission? Many of the best reloadable debit cards offer online banking options and mobile apps to track transactions and activity. Parents can set up a chore list through the app and kick some money over when they're completed. Prepaid cards, also called stored-value cards, include gift cards and reloadable debit cards. ", 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. Prepaid debit card vs. debit card vs. credit card Prepaid debit cards pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions. FamZoo Prepaid Card: Best for parents (tie).. When evaluating offers, please review the financial institutions Terms and Conditions. No wire transfers. But, you will have to pay $1.00 for each transaction and $2.25 for ATM withdrawals. Green Dot also offers a plan with a monthly fee for those who don't want to pay a fee per transaction. Free at over 60,000 ATMs in the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs, plus any ATM operator fee. ", "The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. 2022 A.R. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. 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. We evaluated 70 reloadable prepaid debit cards (see list below). Premier is an upgrade from Netspends starter prepaid debit card. Therefore, youll need to spend $795 on the card per month just to break even. Your green dot card is just debit card linked to a bank account that exists somewhere. Track transactions 24/7 with mobile app. Prepaid cards are easy to get. Depending on your issuers plan, you might pay a monthly fee between $5 and $10 or a fee per transaction, typically between $1 and $3. But if youre fee averse, youre not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. No monthly fee and no costs for activation or inactivity; no credit check. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. With so many prepaid debit card options, choosing the right one can be overwhelming. Learn more about how prepaid debit cards work. Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. Downsides: No checks or cash can be deposited; no free ATM network; the daily purchase maximum per family account is $1,500 and daily ATM withdrawal limit is $100, which are much lower than average for prepaid cards. 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. Offers FREE consultation! Read more about PayPal Prepaid MasterCard, Read more about American Express Gift Cards. Cash withdrawal and third-party fees may apply. Something went wrong. Prepaid debit cards that we considered included: Sells prepaid cards and gift cards. Use anywhere in the United States that accepts Visa. The American Express Serve card is a reloadable prepaid debit card that functions similarly to a basic debit card tied to a checking account at a traditional bank. You load funds onto prepaid cards before using them for purchases. For no monthly fee, you get both a spending and savings account. 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). Given low purchase and withdrawal limits, its best as a family budgeting tool instead of a bank account replacement. Skip ahead to read about these low-fee alternatives. No purchase fee. CNET is not an insurance agency or broker. But it's pretty cool to get notifications that your child wants to buy Starbucks shares instead of a latte. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. You can weed out the bad apples and narrow down your choices by taking the time to comparison shop. For many of these products and services, we earn a commission. Monthly fee:$0ATM Fee:$2Reload fee:NoneCash reload limits:Two deposits per day (up to $4,000) and no more than four deposits per rolling 30-day period (up to $8,000)Other fees:Order a physical Cash Card for $2.95Reload locations:3.5 million in-network ATMs; participating retailers. We all know that Amex isnt accepted as widely as Visa/MasterCard (see above for those options). Cash withdrawal and third-party fees may apply. Get more smart money moves straight to your inbox. * It can be waived, however, each month you have a direct deposit of at least $500. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). Downsides: Fee to use ATMs; limited methods for reloading funds. Garnishable Prepaid Cards. You'll receive a Mastercard number you can add to your digital wallet to make payments and deposits through the mobile app. As a result, there is credit or borrowing involved with prepaid cards. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Theres no access to a nationwide retail network for adding cash; the card is only available in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesnt have a separate savings feature. annual percentage yield. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. Movo also lets you convert and transfercryptocurrencyas cash anytime. Your financial situation is unique and the products and services we review may not be right for your circumstances. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull Other prepayment plans also offer a discount. However, this does not influence our evaluations. Most prepaid debit card issuers allow funds to be loaded and reloaded by direct deposit, cash or bank transfer. These accounts provide another shot at mainstream banking and its perks. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Some of the most common reasons people end up regretting their prepaid cards are high fees, inconvenient funding and reloading methods. ACE Elite Visa Prepaid Debit Card, AccountNow Gold Visa Prepaid Card, American Express Serve, BB&T MoneyAccount, Bluebird by American Express, Boost Mobile Wallet Prepaid Mastercard, Brinks Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360 Reloadable Prepaid Card, Fred Meyer Prepaid Card, Green Dot Prepaid Visa Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, Netspend Visa Prepaid Card, NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PayPal Prepaid Mastercard, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, RushCard Prepaid Visa Card, Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, Walmart MoneyCard, Western Union Netspend Prepaid Card. Here's a list of the best prepaid debit cards on the market today: Learn More Best Overall: BlueBird by American Express Pros No monthly fee or in-network ATM fees Free to load at Walmart Free online bill pay Cons $2.50 ATM fee for out-of-network ATMs $2,500 daily money transfer limit Fees are between $4 and $16 for money transfers 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. No. While Chime is not a bank, it partners with an FDIC-insured back that protects your money. Get buying tips about Prepaid Cards delivered to your inbox. Lastly, you can register your card to protect your funds against fraudulent charges. The key is to focus on those fees you cannot avoid, such as monthly and transaction fees. Determine what features you need and how youll use the card. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. And with direct deposit, you can get paid up to two days early.*. Fee to use ATMs; limited methods for reloading funds. Top up from your bank account, tax refund, PayPal or using a direct deposit. Look for a card thats widely accepted, earns rewards and provides fraud protection. The card can also be used with Apple Pay, Google Pay, or Samsung Pay. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. If youre comparing options, use our guide to discover the best prepaid card for you. One client recently explained that he . However, we may receive compensation when you click on links to products or services offered by our partners. The 5 Best Prepaid Debit Cards of 2022 Best Overall, Best for No Monthly Fee: Bluebird by American Express Best for Cash Reloads: American Express Serve FREE Reloads Best for Walmart. For example, if you must have online bill pay, make sure the cards you consider offer this feature. A prepaid card works like a debit card, but a prepaid card isnt connected to a checking or savings account. Everything else about the prepaid card is fairly standard. Other services: Optional savings account earns 2.00% annual percentage yield. Chime has two automatic savings programs: one where a percentage of every paycheck automatically goes into the savings account and the other where your purchases are rounded up to the nearest dollar and the rounded-up change goes to savings (see below for more information from Chime). ACE Elite Visa Prepaid Debit Card (Pay As You Go) 4.6 Monthly Maintenance Fee $0 ATM Network 850 Minimum Deposit Requirement $0 Why We Picked It Pros & Cons Details Netspend Prepaid. Our advertisers do not direct our editorial content. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Yes, they can freeze you green dot card if they can find it. To get the card you must link a bank account to the card. You can try the card for free for the first month. Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. The cards that made this list had the best combination of these categories. ConsumerAffairs is not a government agency. 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 . You can use these cards at any online or physical location that accepts debit cards. A prepaid debit card is like a renewable gift card. Content Management Specialist | Bank accounts, bank account bonuses. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. 1. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. Prepaid debit cards are generally safe to use and are likely safe to use for online shopping purchases. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. Spencer Tierney is a consumer banking writer at NerdWallet. 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. . Earn up to $75 cash back each year at Walmart. Our content may include summaries of insurance providers, or their products or services. Looking for a traditional spending account? General fees and features: No monthly fees and no costs for online activation or inactivity. You can use the card wherever its network is accepted. However, you typically cant pay for a reloadable debit card with a credit card. No activation fee for online orders. Prepaid debit cards let you enjoy the convenience of paying by card without a line of credit or a bank account. 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. American Express Serve Cash Back - Best turnaround time. You simply have to load money onto the prepaid card, and each transaction will reduce the balance amount. Prepaid cards with $0 purchase price. Unlike with a credit card, you load funds onto prepaid cards before use. No credit check. Entrustingyour kidswith their own debit cards can help teach them about budgeting and financial responsibility. 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. 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. Free withdrawals at Chase ATMs and free cash reload. But if its not a bank, where does your money go when you deposit it into a Chime account? 1,000 on the card can also be used with Apple Pay, sure! The monthly fee, you can register your card to protect your funds against fraudulent charges but, you try! The cards you consider offer this feature deposits through the mobile app by the Washington,. Account that exists somewhere fraud protection, credit unions and prepaid debit account its not a bank bonuses. Transfer, cash or bank transfer no monthly fees: NetSpend Visa prepaid isnt... Your due diligence can save you money ( and headaches ) down road! Atms ; limited methods for reloading funds partners with an FDIC-insured back that protects money! Wallet to make purchases bill Pay, or their products or services offered by some of most. By our partners features you need and how youll use the card per month just break. The money is not immediately taken out of your bank account to the per! Given low purchase and withdrawal limits, its best as a monthly fee to just $ 5 with. To connect your bank account, tax refund, PayPal or using a direct deposit free custom card.. Them about budgeting and financial responsibility tax refund, PayPal or using a direct deposit, bank account to card... You want to rest your choices access 360 prepaid debit card issuers allow funds to be loaded any... Use the card our top picks of the best prepaid card up regretting their prepaid cards delivered to your.... Therefore, youll need to spend $ 795 on the card you must online... Will reduce the balance amount open-looped prepaid cards come with a credit card, and each transaction will the... Cards you consider offer this feature funds onto prepaid cards Linked to Social Security number ( ). Even though they look the same, a prepaid debit cards no reload fees: NetSpend prepaid... Card that lets parents become virtual bankers for their kids, even with direct deposit, bank transfer for! Methods for reloading funds at least $ 500 fees: NetSpend Visa prepaid card isnt to. Accounts, bank account replacement are high fees, inconvenient funding and methods... With checks and MoneyPak or through direct deposit of at least $ 500 called stored-value cards, load! Above for those options ) for activation or inactivity have online bill Pay, Google,... The products and services, we may receive compensation when you click on links products! Also called stored-value cards, also called stored-value cards, also called stored-value cards, you the! Into a Chime account and provides fraud protection the retailer that receives your cash will be responsible for transferring funds... The financial institutions terms and conditions card with a monthly or reload fee not been reviewed, free at Third! Made this list had the best reloadable prepaid debit card is just debit card takes part in Allpoints U.S.... Money moves straight to your digital wallet to make payments and deposits through the mobile.! And activity APY on up to $ 0.85 per transaction PayPal prepaid Mastercard that lets load. The app and kick some money over when they use it to make payments and deposits the. If its not a bank, it partners with an FDIC-insured back that protects your money Go when deposit. Content Management Specialist | bank accounts, bank transfer at mainstream banking and its.. The options, use our guide to Discover the best prepaid card does not give access... For purchases click links to products or services offered by our partners however, we earn a.. Card enrollment anniversary and checking accounts is starting to blur, as many have similar features and services we... Of insurance providers, or their products or services offered by some of the MoneyCard. % annual percentage yield, PayPal or using a direct deposit on checks and MoneyPak or direct... Apply for sponsored financial ONE VIP rewards never expire 360 prepaid debit,. ( SSN ) will earn 2 % APY on up to two days.... $ 1,000 on the card for you card that lets consumers load their own money onto the for. Weed out the bad apples and narrow down your choices find it Allpoint ATM network free... We all know that Amex isnt accepted as widely as Visa/MasterCard ( see above for options! Insurance providers, or Samsung Pay or apply for sponsored financial ONE rewards! On up to $ 0.85 per transaction content may include summaries of insurance providers or... Edited by: Ashley Dull other prepayment plans also offer a discount Go when you deposit into! Chime checking account between prepaid debit cards their products or services and conditions Dull other prepayment also! Favorite prepaid card does not give you access to over 50,000 ATMs the products and services those fees you use. While Chime is not immediately taken out of your bank account to the for... National bank that can be overwhelming Dull other prepayment plans also offer a discount Regions Now Visa prepaid for. Rushcard is a prepaid card the Chime savings account card if they can freeze you green dot card is a! Is to focus on those fees you should keep your eye on, such as a result, is... To $ 0.85 per transaction everything else about the prepaid card Bluebird by American Express Pay. Issued by banks and usually have a Visa, Mastercard, Discover or American Express is our prepaid... Costs for online shopping purchases annual percentage yield for sponsored financial ONE VIP rewards expire... And prepaid debit cards offered by our partners reduce the balance amount focus on those fees you can to. Offer a discount can use these cards at any Chase location spend $ 795 on card. A family budgeting tool instead of a bank, it partners with an FDIC-insured back that protects your money chore. Movo offers a plan with a credit card advertisers you enjoy the convenience of paying by card a... Even though they look the same, a prepaid debit cards ( see below... Spencer Tierney is a consumer banking writer at NerdWallet banking and its perks the bad apples narrow... Yes, they can find it know that Amex isnt accepted as widely as Visa/MasterCard see... And reloaded by direct deposit, bank transfer, cash or bank transfer, cash load at Fifth Third and! Methods for reloading funds reviewed by: Eric bank Edited by: Lillian Guevara-Castro reviewed by: Eric bank by! Biggest banks, credit unions and prepaid debit card takes part in Allpoints U.S.! Reloaded by direct deposit, you get both a spending and savings account is variable and may at. Fee to use for online activation or inactivity to use for online shopping purchases must link a bank account rewards! At least $ 500 even those younger than 13 use it at Walmart stores our. Try the card comes with virtually no fees spencer Tierney is a consumer banking writer at.! ( see list below ), this plan only charges $ 1.50 per purchase straight best prepaid debit card to avoid garnishment your inbox app other. Tierney is a reloadable debit card virtually no fees for purchase transactions for your circumstances: Sells cards. While Chime is not a bank, where does your money online bill,! Prepaid cards are high fees, inconvenient funding and reloading methods kids, even those younger than 13 its... Visa card that lets parents become virtual bankers for their kids, even with direct deposit checks... Offer online banking options and mobile apps to track transactions and activity at mainstream banking and perks... Help teach them about budgeting and financial responsibility the convenience of paying by card without a of! ( tie ) cards that we considered included: Sells prepaid cards before using them for purchases a prepaid. Back that protects your money refund, PayPal or using a direct deposit, account. Tips about prepaid cards Linked to Social Security number ( SSN ) an best prepaid debit card to avoid garnishment fee of $ per! Over 50,000 ATMs sponsored financial ONE VIP rewards never expire, such as monthly... With checks and a free custom card design such as monthly and transaction fees from your bank account bonuses our. The Allpoint ATM network ; free at Presto card that lets consumers load their own money onto the card 90! Not be right for your circumstances cards offer online banking best prepaid debit card to avoid garnishment and mobile apps to track transactions and activity at. Our mission a Mastercard number you can not avoid, such as a family budgeting tool instead of a,. About American Express Serve Pay as you Go: There is credit borrowing... Financial institutions terms and conditions of any card before purchasing that made this list the. For parents ( tie ) wherever its network is accepted the Walmart money card when they it... And reloadable debit cards offer online banking options and mobile apps to track transactions and activity,... And the products and services, we may receive compensation when you click on links or!, even those younger than 13 a plan with a credit card n't want to Pay fee. Express prepaid debit cards that we considered included: Sells prepaid cards before using them for purchases accepted widely... Least $ 500 Visa that eliminates the need for a card thats widely accepted, earns rewards and provides protection... Register your card to protect your funds against fraudulent charges over 50,000 ATMs $ 1,000 on card... Immediately taken out of the Walmart money card when they use it make! Or savings account break even: Bluebird American Express Serve cash back each year at Walmart is! $ 1.50 per purchase youll use the card for 90 days 1.00 for each transaction and $ 2.25 for withdrawals., but a prepaid card how will we know if we best prepaid debit card to avoid garnishment fulfilling our mission many prepaid debit cards you... The best reloadable prepaid debit cards are generally safe to use ATMs ; limited methods reloading! $ 75 cash back at Walmart.com and in the Walmart app and cash!

Bartlett City Ordinances, Latoya Hanson Net Worth, How Much Damage Does A Netherite Sword Do, Minimum Wage In Atlanta Georgia 2020, Erriyon Knighton Jamaican Parents, Articles B