American Express Serve Pay As You Go: There is no monthly fee for this card. Unsubscribe easily. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. There are two plans to choose from starting at $20 a month or $200 a year. Here are our picks for the best prepaid debit cards of 2023. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Reloadable cards can be used over and over again. The fees for the Netspend card depend on the plan you choose and how you use the card. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The Netspend Prepaid Card boasts an impressive network of more than 130,000 locations nationwide for cash reloads. Simply put, the card comes with virtually no fees. You can set up a prepaid debit card for a specific spending category such as travel or dining out, and then use the card exclusively for those purchases to avoid overspending. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. Yuliya Goldshteyn is a banking editor at NerdWallet. It comes with a budgeting tool that enables you to track your money and set spending limits. Prepaid debit cards come with a variety of fees that add to the cost. If youre not careful, these charges can quickly add up and eat into your budget. In some cases, most fees can be avoided based on how you use the card. annual percentage yield. $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. Finally, get paid up to 2 days faster with direct deposit. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks. You can also easily transfer funds to friends and family members who have a Movo account. We also like that theres no enrollment or activation fee. If you live within Regions Banks service area and plan to use your prepaid debit card frequently, the Now Card could be an affordable option. Free withdrawals and cash deposits at major retailers. Its one of the best free prepaid debit cards available today. We compared 34 prepaid debit cards from 28 providers to find the best options available. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. Prepaid debit cards are traceable to an individual. Direct deposit, bank transfer and mobile check deposit; add cash at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. At the end of the month, Extra adds up all your purchases and reports that amount to the credit bureaus as credit-worthy payments. Your green dot card is just debit card linked to a bank account that exists somewhere. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. With so many prepaid debit card options, choosing the right one can be overwhelming. You can use it once online, for example, and then dispose of it. Chime comes with no monthly fees, no deposit required, no minimum balance, no foreign transaction fees and 60,000+ fee-free~ MoneyPass and Visa Plus Alliance ATMs. The Amex Platinum Card, Chase Sapphire Preferred vs. Blue Cash Preferred, Ink Business Cash vs. American Express Serve Cash Back - Best turnaround time. Charges a $4.95 monthly fee. Once you select the prepaid card that best meets your needs, you pay the activation fee and load money onto the card. 10 day wait to avoid fees . 2023 Forbes Media LLC. Each debit card you create has its own unique account number. You can set and track savings goals. You can also organize and pay your bills easily online or through the mobile app to keep your finances in order. The account also enables you to track your spending by category for better money management. Cardholders can load cash onto a prepaid card at retail stores for a fee. Our advertisers do not direct our editorial content. Ive covered the prepaid card market since 2008. Cash withdrawal and third-party fees may apply. 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. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Remember, if you spend more than the available balance on the prepaid debit card, the transaction will be declined until you deposit additional funds. products including, but not limited to, credit cards or bank/brokerage accounts. Charges a $1.95 domestic ATM cash withdrawal fee. And for good reason. Here is a list of our partners and here's how we make money. Its not a prepaid card, its better. The Bluebird by American Express is our favorite prepaid card. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. Scroll down for more detail on each account. 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 via the app; text and email alerts. 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 . Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. Get more smart money moves straight to your inbox. Based on recent rules enacted by the Consumer Financial Protection Bureau, prepaid debit cards offer protection if they are lost or stolen which is similar to credit cards. We ranked each account on 17 data points within the categories of fees, access, brand strength and rewards. Service fees may apply to reload at stores. Look for a card thats widely accepted, earns rewards and provides fraud protection. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various 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. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Ruth Sarreal is a content management specialist at NerdWallet. Cash withdrawal and third-party fees may apply. Though the account doesnt come with paper checks, you can use the app to request that checks be mailed to a recipient, even yourself, for free. CNET editors independently choose every product and service we cover. Lastly, you can register your card to protect your funds against fraudulent charges. If they can find the bank account, they can garnish it. Typically, with credit card debt, your creditor has to sue you in court and win before a wage garnishment can happen. Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Walmart or other stores. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Offers prepaid debit card with no minimum balance requirement. The Walmart MoneyCard offers a free Vault savings feature. Check out NerdWallets best free checking accounts. 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. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. To determine which cards made our list, we considered each cards fees and features. These accounts provide another shot at mainstream banking and its perks. Bluebird by American Express: Best for avoiding fees. No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. We'd love to hear from you, please enter your comments. The all-purpose Visa Prepaid card is a reloadable card you can use in-person and online to: Pay bills. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. $7.95 monthly fee is waived if you spend more than $1,000 per month. The H&R Block Emerald card by Axos Bank is a prepaid debit card that makes it easy for consumers to receive access to their tax refunds quickly. Sign up to receive our free weekly newsletter. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. 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. 2022 A.R. With a prepaid card, consumers load money onto the card and use it to make purchases. The compensation we receive may impact how products and links appear on our site. Our partners cannot pay us to guarantee favorable reviews of their products or services. Given low purchase and withdrawal limits, its best as a family budgeting tool instead of a bank account replacement. The company has 135,000 locations around the country. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. She has over a decade of experience writing and editing for consumer websites. Some cards in this roundup have nonbank program managers that partner with banks. 1. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. All Rights Reserved. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Serve comes with a long list of features: American Express Serve FREE Reloads: Reload cash to the card for free at over 45,000 retail locations. Posted on May 3, 2014. We believe everyone should be able to make financial decisions with confidence. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. Message. Our partners compensate us. After that, the fee is just $4.99 per month for a family with up to five children. Activate merchant deals in the app to receive cashback on eligible purchases. They can pay interest to their young ones to encourage savings. Offers travel protection and 24/7 customer service. : 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). If the balance runs low, you'll need to reload the card by adding cash at a participating retailer or transferring money to the card, if it's permitted. All of our top picks are authorized by ConsumerAffairs. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Prepaid cards are typically used by consumers who either don't have a traditional bank account or cant get a credit card due to poor credit history. The downside is that the $6.95 monthly fee cant be waived, even with direct deposit. Parents and turn a card off or on from the app. Prepaid debit cards vs. regular debit cards. 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. Fifth Third Access 360 Reloadable Prepaid Card. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor. Copyright 2022 Consumers Unified LLC. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. Pay rent or expedite bill payments online. Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering The PayPal Prepaid Mastercard offers the most ways to replenish your prepaid card out of all the cards on this list. For no monthly fee, you get both a spending and savings account. Serve rewards you with1% back on all your purchases, which hit your account as soon as the transaction settles. Gold Visa Prepaid Card earns cash back rewards plus 3% APY. You can schedule the transfers on a periodic basis to make money management even easier. Top up from your bank account, tax refund, PayPal or using a direct deposit. Therefore, youll need to spend $795 on the card per month just to break even. Service fees vary by card, so you should check the list of fees associated with different types of transactions before you activate a new prepaid debit card. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. But if you're fee averse, you're not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. 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. best prepaid debit card to avoid garnishment. The money on a prepaid debit card is not held in a bank account with your name. CNETs compensation is never tied to whether you purchase an insurance product. Fee to use ATMs; limited methods for reloading funds. ATM withdrawals: 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. Looking for a traditional spending account? Don't worry -- you can approve the trades first. No cost to sign up and no monthly fees. Yes, they can freeze you green dot card if they can find it. It is accepted anywhere that Visa debit cards are accepted. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. With Walmart Rapid Reload, funds are typically available within 10 minutes. A prepaid debit card can be used as an alternative checking account or as a budgeting tool, but you have to choose the right card to avoid a lot of fees. 3% cash back at Walmart.com and in the Walmart app and other cash back rewards. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. There is a $5.94 monthly fee. Using Cash Credit Cards To Hide Cash From Creditors. But generally, the options include adding cash at a retail register (often for a fee), adding funds by using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer and bank transfer. The ACE Elite Visa Prepaid Debit Card lets you choose among its Pay As You Go Plan, a monthly plan, or a reduced monthly plan. Some banks and credit unions also issue prepaid cards. This keeps the monthly fee to just $5, with no fees for purchase transactions. You can also open a linked Chime savings account and set up automatic transfers. Some of the most common reasons people end up regretting their prepaid cards are high fees, inconvenient funding and reloading methods. See our criteria for evaluating banks and credit unions. With no monthly fees, this plan only charges $1.50 per purchase. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. * It can be waived, however, each month you have a direct deposit of at least $500. 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. 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. Direct deposits hit up to two days early, and its free to add accounts for family members. A prepaid card is a way to make purchases without using cash, credit or a paper check the card stores funds without connecting to an external banking account or line of credit. But unlike debit cards, prepaid cards are not linked to any bank account. The Forbes Advisor editorial team is independent and objective. Downsides: No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. 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