A prepaid card is relatively easy to get there is no credit check or minimum balance requirement. Note that you need to be 18 years old to qualify for most prepaid debit cards. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. February 27, 2023 . How to pick the best prepaid debit card for you? No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. Prepaid debit cards vs. regular debit cards. Rates and information are accurate as of Feb. 3, 2023. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Generally, yes. Because its not part of an ATM network, youll pay $2.50 for ATM withdrawals in addition to any operator fees. You can create a family account with up to 4 additional cards, and setting spending limits on each card. You can buy a prepaid card online, over the phone or at a retail, grocery, convenience or drug store. Skip ahead to read about these low-fee alternatives. Deposit methods: 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. Currently, they report to Experian and Equifax. Some of the top cards even offer cashback rewards. The best prepaid cards offer convenience and dont charge many fees. The best will depend on the features you need and how youll use the card. This compensation may impact how or where links appear on this site. Finally, get paid up to 2 days faster with direct deposit. General fees and features: You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. As such, they do not help you improve your credit score. 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. The Walmart MoneyCard offers a free Vault savings feature. So why does it make our list of prepaid card alternatives? 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. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. or Stride Bank, N.A., Members FDIC. In a digital world, information only matters if it's timely, relevant, and credible. Movo also lets you convert and transfercryptocurrencyas cash anytime. Cash withdrawal and third-party fees may apply. Which product would I recommend to my mom or daughter? Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. Movo Virtual Prepaid Visa Card . Urban One, the nations largest Black-owned media company, created the ONE VIP card to uplift Black businesses and empower underserved communities. Many prepaid debit cards waive reload fees if the cardholder opts into direct payroll check deposits. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. Besides the cost of buying a card, most cards have a monthly fee that varies between $4 and $10 per month. The card carries a $9.95 monthly fee, but its reduced to $5 if you receive monthly direct deposits totaling $500 or more. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships. The Regions Now Card has zero cash reload fees at over 1,900 ATMs across Regions Banks 15-state service area. Walmart MoneyCard - Best for Walmart Shoppers. Scroll down for more detail on each account. General fees and features: $4 monthly fee thats waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; no costs for activation or inactivity. See our criteria for. 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. Pre-qualified offers are not binding. Funds from direct deposit, bank transfers, PayPal, tax refunds and government benefits can also be applied to the card. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. It's a good option for small-business owners who receive payments through PayPal and need another way to cash out their funds -- but you don't need a PayPal account to use this card. Earn cash back through the PayPal rewards program. 10 day wait to avoid fees . Website. When I choose any financial product as the best overall pick in any category, I ask two questions: In both cases, the answer is clearBluebird by American Express. Best prepaid debit cards and alternatives: Summary, 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. The scoring formulas take into account multiple data points for each financial product and service. View NerdWallet's picks for the best checking accounts. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Reload methods: Direct deposit, debit card transfer, bank transfer. $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. Do not sell or share my personal information. They can pay interest to their young ones to encourage savings. Unsubscribe easily. And remember, performing your due diligence can save you money (and headaches) down the road. Looking for a traditional spending account? 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. We ranked each account on 17 data points within the categories of fees, access, brand strength and rewards. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. There are two plans to choose from starting at $20 a month or $200 a year. 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. Our list of the best prepaid debit cards should satisfy just about any financial situation. We are compensated when users click links to or apply for sponsored financial Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. Commissions do not affect our editors' opinions or evaluations. Prepaid debit cards might have fees or limits on deposits and withdrawals. Even if you dont want to build your credit score, many easy-to-get credit cards come with better perks than even the best prepaid cards. Other services: Optional savings account earns 2.00% annual percentage yield. His work has been featured by USA Today and the Los Angeles Times. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. Best for a spending cushion . Many or all of the products featured here are from our partners who compensate us. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. 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 via the app; text and email alerts. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor. Weve already mentioned Bluebird, which is as low fee as youll find. It's easy to get a Visa Prepaid card and there's . No. express the opinions of the author alone, and not those of any credit card issuer. What Chime adds is an excellent app to help you manage your money. Vanilla Prepaid Cards are simple prepaid cards you can use anywhere Mastercard or Visa is accepted. 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. 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. 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. Instead, it functions like a gift card because you can only spend the money already loaded onto it. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. You get free 2-day shipping on thousands of items from Target. Best with No ATM Fees: Serve American Express Prepaid Debit Account. 1. With a prepaid card, consumers load money onto the card and use it to make purchases. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. As a result, there is credit or borrowing involved with prepaid 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. You can also deposit funds through the Netspend app, which has check capture capabilities. Card must be linked to PayPal account. Green Dot Prepaid MasterCard This is a card with a simple fee plan. The more significant difference between a prepaid or reloadable debit card and a credit card is that prepaid cards only give the cardholder access to their balance of preloaded funds. Judgment creditors would love . Our opinions are our own. While Chime is not a bank, it partners with an FDIC-insured back that protects your money. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. 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. Something went wrong. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. A prepaid card can be especially helpful if you've struggled in the past with overdrafted accounts or have a low credit score. Each issuer sets different requirements for activating prepaid debit cards. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. Prepaid debit cards come with a variety of fees that add to the cost. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. 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. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. It works with Apple Pay, and there are no transaction fees, foreign transaction fees or overdraft fees. Your potential liability is capped at $50 if you give timely notice that your card has been lost or stolen. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. She previously edited content on personal finance topics at GOBankingRates. 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. Earn up to $75 cash back each year at Walmart. 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. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. Bluebird by American Express | Our Top Pick Best for No Monthly Fee. Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering To get the card you must link a bank account to the card. No cash back at retailers. Some banks and credit unions also issue prepaid cards. 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. 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. 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