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 contain every financial institution or product that is available We’re pleased that the guidance we offer as well as the advice we provide and the tools we create are impartial, independent easy to use and cost-free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and where those products appear on our site) However, it doesn’t affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners cannot promise us favorable ratings of their goods or services. . Netspend review of the Prepaid card 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 personal finance since 2013 with a focus on deposits and certificates as well as other topics related to banking. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. Feb 10 2021 Edited By Alice Holbrook Assigning Editor | Banking, savings, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is an editor for the team that covers home and mortgages. Previously, she was an editor on the team for banking that covered banking and insurance as a writer and also worked as a copy desk assistant. Her work has been covered in USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. The majority of products we feature are made by our partners who pay us. This affects the products we feature as well as the place and way the product appears on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and . Netspend’s prepaid debit cards can be expensive alternatives to a checking account. They’re simple to open and don’t require a background check or credit history necessary to sign up, however, Netspend lets you pick whether to pay a monthly charge or paying a fee each time you make a purchase. In either case, you could pay more fees over the course of a year than you could earn in interest from the savings account of your credit card. There’s a reliable national network that includes more than 130,000 locations for cash reloads but it’s not completely cost-free and you don’t get free access to ATMs. Ideal for: People who need a credit card that won’t let you go negative or charge overdraft fees, in the event that you select overdraft coverage. Anyone who has had difficulty managing a bank account in the past. Check out other options: Check the list below for Netspend Card Pros 5.00% APY savings account with balances less than $1,000, and 0.50 percent APY on any balance that is greater than that. It is easy to add and withdrawing cash through a range of merchants. Paychecks can be received up to 2 days in advance with direct deposit. Overdraft grace time or courtesy cushion are available with an optional overdraft protection. If you are looking for a way to improve your credit score? Discover Netspend Card Cons Monthly fee of $45 for the basic fee plan, and no option to reduce the fee entirely. There is no free network for cash reloads or withdrawals. Inactivity fees if you cease from using your card and other charges that card brands don’t charge. Overdrafts are an option that costs you $20 per transaction, which can be used up to 5 times per month. Are you ready to open a traditional savings option instead? Check out the general information on the prepaid debit card What exactly is a prepaid debit card? A prepaid debit card a type of payment card that only lets you spend the money you load on the card. They do not aid in building credit. Similar to a debit card a prepaid card works with any retailer which accepts its payment network, like Visa, Mastercard or American Express. It’s safer and more convenient than using cash. The prepaid cards usually have an app that allows you to deposit checks or transfer funds. Find out more about our . Contrary to checking accounts, debit cards that are prepaid could not offer certain services such as free ATM or branch networks, check, and others. If that doesn’t work for you, check out our selection of . If you’ve been struggling with banks before, check out . Prepaid debit card in comparison to. debit card and. credit card Prepaid debit cards — make payments before you load funds onto the card via cash check or direct deposit to a bank account before paying for transactions. Credit cards — make payments now Pay now: You make use of money directly from a checking account when making purchases or withdrawing cash from an ATM. Credit cards — pay later: You take money from a bank when you make use of the card. You pay the money back at a later date. What is the procedure for FDIC insurance on credit cards that are prepaid? Prepaid debit cards almost always include FDIC insurance. This ensures that your funds safe in the event the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means it is managed by a bank or a prepaid credit card company that has a partnership with a bank to provide the insurance. You have to sign up your prepaid debit card using your personal name as well as any other details of identification in order to be eligible for FDIC insurance as well as other protections. Author bio Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered on USA Today and the Los Angeles Times. In a similar vein… Discover the best checking account NerdWallet’s recommendations for the best checking accounts. Dive even deeper in Banking Make smarter money decisions – straight to your inbox. Sign up and we’ll send you Nerdy posts about the money topics that are important to you as well as other methods to get more from your money.
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