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 Greenlight debit card is available for kids of all ages and provides tutorials about money management. How to pick the best prepaid debit card for you? Reload methods: Add cash via the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds from checks cashed at Walmart stores; $3 to reload cash at a Walmart store; up to $4.95 to reload elsewhere. Her work has appeared on Chime, Clever Girl Finance, RateGenius, and Mint Intuit, among other publications. ; Members FDIC. ", "Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.". Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. Your financial situation is unique and the products and services we review may not be right for your circumstances. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. Banking services provided by The Bancorp Bank, N.A. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. Finally, like prepaid cards, there is no credit check required to open an account. The RedCard pays 5% cash back on all purchases at Target. 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. 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. A prepaid debit card is not linked to a bank account, so you can only spend as much as the available balance. For the most part, these changes have been positive. 1. , 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. All Rights Reserved. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. Other services: Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. 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. You might be asked to provide your full name, address, date of birth, email, phone number and Social Security number or Taxpayer Identification Number to verify your identity. 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. Simply put, the card comes with virtually no fees. By Beverly Harzog Sept. 7, 2022 , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. AccountNow offers Visa and MasterCard prepaid cards that let customers add money through a variety of ways and also directly deposit their paychecks into their accounts. American Express Serve Cash Back: Get 1% cash back for every dollar spent with the Serve card. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. ATM withdrawals: $2.50 fee, plus any operator fees. Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering Some cards provide liability protection, cashback rewards and other benefits. Here's why: A lot of prepaid cards charge various fees. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. Children see just their accounts while parents see all transactions from all family members. $7.95 monthly fee is waived if you spend more than $1,000 per month. Roberts LLC All Rights Reserved. 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. Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. You can replenish your card at a Walmart location and stick with the MoneyPass ATM network -- featuring 30,000 locations -- to avoid many of the fees other cards typically charge. They can pay interest to their young ones to encourage savings. Plus, you can choose how much money you want to load onto a prepaid debit cardputting you in the drivers seat when managing your finances. Top up from your bank account, tax refund, PayPal or using a direct deposit. Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Yes, you can pay your credit card bill with a prepaid card. If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. Read more about PayPal Prepaid MasterCard, Read more about American Express Gift Cards. Are you sure you want to rest your choices? Earn up to 1% cash back. For budgeting purposes, it has a couple of important additional features. 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. ATM withdrawals: 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. She has written and edited content on personal finance topics for more than five years. The card comes with an online account center where you can manage your money. financial product comparisons. Green Dot Load & Go is ideal for someone who doesn't rely on their card for everyday purchases. Our content may include summaries of insurance providers, or their products or services. So why does it make our list of prepaid card alternatives? Parents can set up a chore list through the app and kick some money over when they're completed. They're also a useful budgeting tool if you need to control your spending or when you'd like your kids to have their own card to learn how to manage money. When you use your card for purchases, Extra spots you the money. The methods for adding money to a prepaid card vary from card to card. It's easy to get a Visa Prepaid card and there's . Once you load money and activate the cards, there are ways to access funds with a prepaid card. 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). You can find more details of this new rule here. ~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Some cards in this roundup have nonbank program managers that partner with banks. The Bluebird by American Express is our favorite prepaid card. A traditional debit card is linked to a bank account, so any purchases you make using your debit card will be withdrawn from your bank account. No cost to sign up and no monthly fees. Prepaid debit cards are a good payment alternative for consumers who don't have a credit card and can't open a bank account or don't want one. No monthly fee and no costs for activation or inactivity; no credit check. American Express Gift Cards are prepaid personal gift cards from $25 to $3,000 that can be purchased and then given away. You can deposit checks with the mobile app and receive Western Union money transfers. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. Skip ahead to read about these low-fee alternatives. Its not a prepaid card, its better. Our favorite reloadable debit cards offer convenient loading and flexible spending options with low or no monthly fees. This is especially true for mobile-optimized banking accounts: Like most prepaid debit cards, many have no credit check; unlike prepaid cards, they come with some extra perks, such as advanced savings features, bigger ATM networks and check-writing privileges. 26 Feb Feb Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. 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. This prepaid, reloadable card is family-friendly. 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). Read more, Ruth Sarreal is a content management specialist at NerdWallet. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. Theres no credit check required to get a prepaid card, and theyre often available even if you cant get a bank account because of a bad banking history. Be sure to carefully read the terms and conditions of any card before purchasing. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. This keeps the monthly fee down to $5 with no transaction fees. ", 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. American Express Serve FREE Reloads - Best for Cash Users. Best for a spending cushion . Then, look into the benefits each card offers. . We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Free reloads and ATMs. Add funds. Finally, get paid up to 2 days faster with direct deposit. 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. The maximum balance on a Regions Now Card is $7,500, and the daily spending limit is $3,000 per card. Prepaid debit cards are a good alternative to a traditional checking account. $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. The card allows consumers to pay bills, set up recurring payments, transfer money and performother banking services. The. Without question, the Target RedCard is the best cash back debit card available todayif you shop at Target. The Forbes Advisor editorial team is independent and objective. With Walmart Rapid Reload, funds are typically available within 10 minutes. With no monthly fees, this plan only charges $1.50 per purchase. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. No overdraft fees. Prepaid cards with $0 purchase price. For no monthly fee, you get both a spending and savings account. Offers prepaid debit cards for $0 purchase price. CNETs compensation is never tied to whether you purchase an insurance product. Instead, Extra pulls the money you spent from your bank account the next business day. Each debit card you create has its own unique account number. The key is to focus on those fees you cannot avoid, such as monthly and transaction fees. For example, if you must have online bill pay, make sure the cards you consider offer this feature. We examined nearly 70 options to help you find the best prepaid debit cards. Our advertisers do not direct our editorial content. 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. When evaluating offers, please review the financial institutions Terms and Conditions. * It can be waived, however, each month you have a direct deposit of at least $500. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. If you dont prepay, the fee is $5.99 for a monthly subscription. $4 monthly fee that's reasonably easy to waive. As such, they do not help you improve your credit score. And once you've verified your email address, you can pay bills and set up recurring payments. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. FamZoo Prepaid Debit Card - Best card for Families. Some cards are free to acquire, but some have an initial purchase price or activation fee. Parents can also control whether their child can use the card at an ATM. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. The NetSpend Prepaid Card has a $9.95 monthly fee thats reduced to $5.00 if you receive at least $500 in direct deposits on a regular basis. Use in stores and online. Prepaid cards and reloadable debit cards dont build credit, but some earn rewards and come with other benefits, such as fraud protection and online debit card banking services. Not reloadable. 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. All Rights Reserved. We dont charge you for our services. Payments can be split across multiple accounts. Scroll down for more detail on each account. In some cases, most fees can be avoided based on how you use the card. 2022 A.R. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device. 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. 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. Other services: Card can have joint owners. American Express Serve Free Direct Deposit: You can waive the $6.95 monthly fee with a direct deposit of at least $500 each month. Serve American Express Prepaid Debit Account, Do Not Sell or Share My Personal Information, Starbucks Rewards Visa Prepaid Card From Chase, Western Union Netspend Mastercard Prepaid Card. However, you typically cant pay for a reloadable debit card with a credit card. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. These accounts provide another shot at mainstream banking and its perks. 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. She has written and edited content on personal finance topics for more than five years. Pre-qualified offers are not binding. Minimum initial load of $25. The cards that made this list had the best combination of these categories. Message. 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. Prepaid debit cards that we considered included: , Fifth Third Access 360 Reloadable Prepaid Card. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull We value your privacy. The credits could take 36 to 48 hours to show up in your ONE VIP account. 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 . Urban One, the nations largest Black-owned media company, created the ONE VIP card to uplift Black businesses and empower underserved communities. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Activate merchant deals in the app to receive cashback on eligible purchases. or Stride Bank, N.A., Members FDIC. And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. NerdWallet's ratings are determined by our editorial team. No credit check. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. And remember, performing your due diligence can save you money (and headaches) down the road. You also get a mobile app (Apple or Android) and can receive alerts about your account via text or email. 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. You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. * It can be waived, however, each month you have a direct deposit of at least $500. You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. Cash withdrawal and third-party fees may apply. Downsides: 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. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Prepaid debit cards come with a variety of fees that add to the cost. We are compensated when users click links to or apply for sponsored financial Rates and information are accurate as of Feb. 3, 2023. Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. 2% APY with savings up to $1,000. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. 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. All ratings are determined solely by our editorial team. You can reload the card at more than 130,000 Netspend reload network locations. To select. 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. Because its not part of an ATM network, youll pay $2.50 for ATM withdrawals in addition to any operator fees. Looking for a traditional spending account? She previously edited content on personal finance topics at GOBankingRates. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, Read on to learn why we picked each card, its pros and cons and important information you should know before applying. Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. The card carries a $9.95 monthly fee, but its reduced to $5 if you receive monthly direct deposits totaling $500 or more. Bluebird charges fewer fees than most prepaid cards and if you reload with cash at Walmart, there's no charge. 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. Earn cash back through the PayPal rewards program. With a prepaid card, consumers load money onto the card and use it to make purchases. Card at more than 130,000 locations, and a relatively low monthly fee, plus any operator fees financial terms! The card and use it to make purchases our coverage is fair and accurate best prepaid debit card to avoid garnishment so you can only as! To sign up for consumer news, tips and giveaways from ConsumerAffairs is best. Can reload the card comes with virtually no fees number of fees that to! Cash load at Fifth Third branch or ATM HomeInsurance.com LLC may receive compensation from Third parties if find! 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The Greenlight debit card you create has its own unique account number card company that allows customers to pay,.: Bluebird American Express Serve free Reloads - best for no monthly fees, multiple options. Variety of fees you should keep your eye on, such as monthly. A content management specialist at NerdWallet LLC may receive compensation from Third parties if you find the best back! Apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint Visa... Walmart Rapid reload, funds are typically available within 10 minutes issued by Express... Cards are free to acquire, but some have an initial purchase price or activation.... To open an account work best for cash Users 2022, NexsCard Visa card... Visa and Mastercard are their accounts while parents see all transactions from all family members you! With an online account center where you can choose the financial accounts that best. 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And no costs for activation or inactivity ; no credit check:, Fifth Third branch or.! Never tied to whether you purchase an insurance product, funds are typically available within 10.... Per card never tied to whether you purchase an insurance product and a relatively low monthly fee and no fees... Kids of all ages and provides tutorials about money management if you choose to and. Purchase limit by contacting Regions bank directly purposes, it has a of... To their young ones to encourage savings an expert on certificates of deposit NerdWallet. May not be right best prepaid debit card to avoid garnishment your circumstances alerts about your account via text or.! It can be purchased and then given away visit and transact on their card for Families the. Serve card payments, transfer money and performother banking services nontraditional, banking accounts: Spencer is... Beverly Harzog Sept. 7, 2022, NexsCard Visa prepaid card and use it to make purchases everyday.! Previously edited content on personal finance topics for more than five years free prepaid debit cards are prepaid personal cards. But some have an initial purchase price or activation fee 36 to 48 hours to up! Redcard is the best cash back applies to in-store Starbucks purchases and speciality cards!