Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able make financial decisions with confidence. And while our site doesn’t include every financial or company product available on the market, we’re proud that the advice we provide and the information we offer as well as the tools we design are objective, independent easy to use and completely free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the places they are featured on the site) However, it does not affect our recommendations or advice that are based on many hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . Netspend Payday Card Reviews by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been covering finances for individuals since the year 2013 with a focus on deposits and certificates as well as other banking-related subjects. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his office is Berkeley, California. Feb 10 2021 Edited By Alice Holbrook Assigning Editor | Savings, homebuying and banking products Alice Holbrook joined NerdWallet in 2013 as an editor on the team for home/mortgages. Before that, she worked as an editor on the team for banking, covered insurance and banking as a writer and also worked on the copy desk. She has had her work covered in USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of items featured here come from our partners who pay us. This impacts the types of products we write about as well as the place and way the product is displayed on a page. But, it doesn’t affect our opinions. Our views are our own. Here’s a list and . Netspend’s prepaid debit cards are more expensive than a traditional checking account. They’re easy to get and don’t require a banking history or credit check required for opening, however Netspend lets you pick either a month-long charge or paying a fee every when you purchase. In either case, you could spend more in fees each year than you accrue interest on the savings account of your credit card. There’s a convenient national network that includes more than 130,000 locations for cash reloads but it’s not completely cheap and there’s no ATMs accessible for free. The best choice for those who want a payment card that won’t let you be in negative territory or charge overdraft fees, unless you opt into the coverage for overdrafts. Anyone who has had difficulty managing their bank accounts in the past. >> See more options: Check our list of Netspend Card Pros 5.00 percent APY savings accounts with balances up to $1,000, and 0.50% APY on the amount over that. Access to easily adding and withdrawing cash from the network of retailers. Paychecks can be received up to two days early by transferring your money directly. Overdraft grace period or courtesy cushion available with an overdraft insurance option. >> Looking for a method to increase your credit score? Discover Netspend Card Cons A monthly fee for the basic fee plan, and no option to reduce the charge entirely. There is no free network for cash withdrawals or cash reloads. Inactivity fees if you cease making use of the credit card and other fees that many card brands don’t charge. Overdrafts are an option that costs you $20 per transaction, which can be used at least five times per month. Are you ready to start a savings account that is traditional instead? Check out the general information on prepaid debit cards What is a credit card that is prepaid? A prepaid debit is one type of credit card that lets you use the money you have loaded onto the card. They do not help you build credit. Similar to a debit card the prepaid card can be used with any retailer that accepts their payment network, like Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. Most prepaid cards have an app that allows you to deposit checks or transfer money. Find out more about our . In contrast to checking accounts, prepaid debit cards might not have certain services, such as free ATM or branch networks, checks, among other things. If this doesn’t suit you, see our list of . If you’ve had trouble with banks previously you, take a look at . Prepaid debit card in comparison to. debit card in comparison to. credit card Prepaid debit card — use in advance the card is loaded with money the card through cash or checks or direct deposit into a bank account before paying for transactions. Debit cards — pay today Pay now: You make use of money directly from a checking account to pay for purchases or withdrawing funds at an ATM. Credit cards Pay later: You borrow money from a financial institution when you use your card. You pay it back at a later date. How does FDIC insurance on credit cards that are prepaid? Prepaid debit cards almost always include FDIC insurance. This ensures that your funds protected in case the issuer goes under. Only financial institutions can be covered by FDIC insurance, therefore a prepaid card is either managed by a bank or a prepaid card company that partners with a bank to offer the insurance. You have to sign up your debit card in prepaid form by providing your full name, address and other identification information in order to be eligible to receive FDIC insurance as well as other protections. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been covered on USA Today and the Los Angeles Times. Similar to… Find an account that is more suitable for checking View NerdWallet’s recommendations for the best checking accounts. Explore Banking even more deeply. Get more smart money moves right to your inbox. Sign-up and we’ll email you Nerdy content on the topics in finance that are important to you as well as other methods to help you make the most from your money.
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