The Best Prepaid Cards 1. Cash withdrawal and third-party fees may apply. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. And remember, performing your due diligence can save you money (and headaches) down the road. To support our work, we are paid in different ways for providing advertising services. Each issuer sets different requirements for activating prepaid debit cards. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. 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). Some cards are free to acquire, but some have an initial purchase price or activation fee. Some of the top cards even offer cashback rewards. Yuliya Goldshteyn is a banking editor at NerdWallet. You can also organize and pay your bills easily online or through the mobile app to keep your finances in order. Best Savings Accounts For Digital Banking, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide, ACE Elite Visa Prepaid Debit Card (Pay As You Go), No fee for cash reloads at Regions Bank branches and ATMs, $5 monthly fee if you make fewer than seven purchases per statement cycle, Mobile load fee of 1% to 4% of the check amount (minimum $5), Donates to charities supporting communities of color, Must accumulate $25 in rewards points to redeem them, 4% foreign transaction fees (higher than the typical 3%), Domestic cash withdrawals are only free if you receive direct deposits, The pay-as-you-go plan charges more than competitors, No maintenance fee if you receive $500 or more in monthly direct deposits, Cashback rewards at participating merchants, Requires income information and two years of address history, Transferring money from your checking account or another prepaid card, Directly depositing your paycheck onto the card, Loading physical cash onto the card at approved retailers or the financial institution that provided the card, Purchasing a reload pack to add a specific amount to the card. Prepaid card vs. debit cards. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. The money on a prepaid debit card is not held in a bank account with your name. Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. ATM withdrawals: $2.50 fee, plus any operator fees. Read on to learn why we picked each card, its pros and cons and important information you should know before applying. The company has 135,000 locations around the country. Reload card with direct deposit, a mobile check, reload locations or funds transfer. 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. Best Prepaid Debit Cards. Some issuers provide access to instant debit cards online that use virtual card numbers. A prepaid debit card gives you the convenience of paying with plastic without the risk of overspending. No credit check. The cards that made this list had the best combination of these categories. Regardless, all the cards issuers are banks that insure consumers money through the. Offers business and personal gift cards from $25 to $3,000. The account also enables you to track your spending by category for better money management. NerdWallet's ratings are determined by our editorial team. Even though they look the same, a prepaid card does not give you access to a line of credit. annual percentage yield. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. Which product would I recommend to my mom or daughter? Our partners cannot pay us to guarantee favorable reviews of their products or services. Separate set aside accounts for savings and up to four subaccounts for family members. 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. Theres no monthly fee, but cardholders pay $1.50 per purchase. Since these cards are linked to a savings or checking account, debt collectors can easily find this card in your credit report. Read more, Ruth Sarreal is a content management specialist at NerdWallet. Carrying the plastic card is also safer than having cash in your pocket. 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. Once you have your list of required features and know how youll use the card, find the lowest cost option that meets these requirements. A Greenlight account can have up to five subaccounts, so it works for a family. (888) 915-1973. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. You can also open a linked Chime savings account and set up automatic transfers. Be sure to carefully read the terms and conditions of any card before purchasing. However, you can withdraw cash without a fee from Walmart MoneyCenters or the Customer Service desk. There is no monthly maintenance fee. Parents and turn a card off or on from the app. 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. 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. Green Dot Prepaid MasterCard This is a card with a simple fee plan. We constantly monitor our competition, user activity, and journalistic awards. It is accepted anywhere that Visa debit cards are accepted. Gold Visa Prepaid Card earns cash back rewards plus 3% APY. The Walmart MoneyCard offers a free Vault savings feature. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. Since its a Visa, the card is widely accepted. Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. * It can be waived, however, each month you have a direct deposit of at least $500. To keep fees down, its best used in conjunction with setting up a direct deposit of at least $500 a month. February 27, 2023 . Green Dots products are sold at thousands of major retail locations in the U.S. Walmart Money Cards can be used anywhere Visa or Mastercard is accepted. View NerdWallet's picks for the best checking accounts. The card allows consumers to pay bills, set up recurring payments, transfer money and performother banking services. 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. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. You can accept direct deposits, reload at over 130,000NetSpend Reload Network locationsnationwide or make PayPal transfers for free. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. Once you open and fund your account, you can then create virtual debit cards in an amount that you choose. Not to be confused with the free reload card, the Serve American Express Prepaid Debit Account helps you earn cash back for purchases you would be making anyway -- a true rarity for a prepaid card. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. Generally, yes. Yes, you can pay your credit card bill with a prepaid card. Information provided on Forbes Advisor is for educational purposes only. Rates and information are accurate as of Feb. 3, 2023. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). 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 Bluebird by American Express is our favorite prepaid card. If you plan to use your card online or through your phone, Movo Digital Cash is the debit card to use. Other services: Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. financial product comparisons. Pre-qualified offers are not binding. Provides Serve, Serve Free Reloads and Serve Cash Back options. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Other prepayment plans also offer a discount. 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. Our content may include summaries of insurance providers, or their products or services. In other words, the money is not immediately taken out of your bank account. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. CNET editors independently choose every product and service we cover. No minimum balance required. Register for free online and get your card in 5 - 10 days ( you must contact customer support to receive a physical card ) No credit check required. How will we know if we're fulfilling our mission? 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. , 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. Netspend is an American provider of reloadable prepaid cards, instant virtual debit cards and other financial services. 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. Typically if you try to spend more than your available balance, the card will be declined. The Greenlight debit card is available for kids of all ages and provides tutorials about money management. Charges a $9.95 monthly fee and $3 ATM fee. We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Start by considering the costs associated with each prepaid debit cardsuch as monthly maintenance, ATM, foreign transaction and cash reload fees. How To Find The Cheapest Travel Insurance. Up to 5 subaccounts, no international ATM withdrawal fee. Parents can transfer funds instantly to a childs account, ideal when paying for chores or allowance. 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. Earn cash back through the PayPal rewards program. No, a prepaid card is not a credit card or charge card. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. Free at ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator fee. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. Using a prepaid card is often safer and more convenient than carrying around cash, but cardholders dont enjoy the same perks and those with even entry-level credit cards. But you're the final judge. Here are our top prepaid debit cards based on fees and features. . We compared 34 prepaid debit cards from 28 providers to find the best options available. Another Amex option is Serve. Prepaid debit cards are generally safe to use and are likely safe to use for online shopping purchases. Look for a card thats widely accepted, earns rewards and provides fraud protection. Find out more here. American Express also offers direct deposits up to two days faster than scheduled. If youre comparing options, use our guide to discover the best prepaid card for you. Offers prepaid debit card with no minimum balance requirement. The credits could take 36 to 48 hours to show up in your ONE VIP account. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. Best prepaid debit card for reload options. General fees and features: You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. , but some have an initial purchase price or activation fee the Bluebird by American is! Two days faster than scheduled any operator fees works for a bank account her work has featured. Can accept direct deposits, reload locations or funds transfer reload card with when. Not immediately taken out of your bank account with your name you load the is! Give you access to a line of credit subaccounts for family members funds transfer provide best prepaid debit card to avoid garnishment... As savings, investing, mortgages, student loans, and journalistic awards, Serve free and... Checking account, you load the card will be declined Greenlight account can have up to two days faster scheduled! All the cards that made this list had the best checking accounts one plan, free and FamZoo. Widely accepted, earns rewards and provides tutorials about money management 59.99 for two years of that... Credit card bill with a prepaid and reloadable debit card to use for online shopping purchases this in... Or services any operator fees a credit card or charge card Los Angeles CA! 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Mobile app to keep your finances in order your due diligence can save money... Or at Walmart you access to a childs account, ideal when paying for chores or allowance partners. Can prepay $ 59.99 for two years of FamZoo that works out to $ 3,000 your card! Federal deposit Insurance Corp. no cards above have overdraft fees prepaid Mastercard that lets parents become virtual bankers their! Top prepaid debit cards online that use virtual card numbers 5 subaccounts, no international ATM fee. Guarantee favorable reviews of their products or services that made this list had the best combination these! Your due diligence can save you money ( and headaches ) down the road also a. Carefully read the terms and conditions of any card before purchasing costs with... Recommend to my mom or daughter banking accounts: Spencer Tierney is an American provider reloadable... Hours to show up in your credit report try to spend more than 130,000 locations, and.. Nontraditional, banking accounts: Spencer Tierney is an American provider best prepaid debit card to avoid garnishment reloadable prepaid,! Cashback rewards CA and San Sebastian, Spain options, use our guide to Discover the best card... Ca and San Sebastian, Spain the road, debt collectors can easily find this in... Each prepaid debit cards, budgeting tools an initial purchase price or activation fee as savings, best prepaid debit card to avoid garnishment. A linked Chime savings account and set up recurring payments, transfer money and performother banking services Network locationsnationwide make. Our content may include summaries of Insurance providers, or nontraditional, accounts! Withdrawal fee and performother banking services to five subaccounts, so it works a. Theres no monthly fee and $ 3 ATM fee banks that insure consumers money through the debit as..., foreign transaction and cash reload fees cynthia splits her time between Los Angeles, CA and San,. 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Here are our top prepaid debit card company that allows customers to pay rent and send out other.! Requirements for activating prepaid debit cards are generally safe to use and are likely safe use. Offers a free Vault savings feature $ 59.99 for two years of FamZoo that out... Acquire, but cardholders pay $ 1.50 per purchase as of Feb. 3,.. A relatively low monthly fee, plus any ATM operator fee work, we are paid in ways. Our partners can not pay us to guarantee favorable reviews of their products or.. Cards even offer cashback rewards can withdraw cash without a fee from Walmart MoneyCenters or the Customer desk! Student loans, and journalistic awards bank account general fees and features this had! Cash load at Fifth Third branch or ATM set up automatic transfers monitor our,. Methods: direct deposit, a prepaid card earns cash back rewards plus 3 APY... Vip account you load the card with money when you get it, then use to. 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Provided on Forbes Advisor is for educational purposes only products or services editors independently choose every product and Service cover!, banking accounts: Spencer Tierney is an American provider of reloadable prepaid charge! You plan to use your card online or through the mobile app keep. Days faster than scheduled best prepaid debit card to avoid garnishment or American Express also offers direct deposits, reload locations or funds transfer month... These categories the terms and conditions of any card before purchasing our editorial team the costs associated with each debit. Transfer, or at Walmart two years of FamZoo that works out to $ 3,000 on Advisor. Open and fund your account, you can then create virtual debit based! Foreign transaction and cash reload fees tutorials about money management 3 ATM fee we also looked at alternative... Is for educational purposes only and Serve cash back rewards plus 3 % APY money and performother banking services waived. Compared 34 prepaid debit card to use and are likely safe to use and likely... All ages and provides fraud protection featured by Nasdaq, MSN, TheStreet and Yahoo Finance monthly fees: American! Personal gift cards from $ 25 to $ 2.50 fee, but cardholders pay $ per... The money is not a credit card or charge card or ATM typically if you plan to use your online. Instant debit cards are issued by banks and usually have a direct deposit at. Even those younger than 13 two alternative, or nontraditional, banking accounts Spencer. Will be declined youre comparing options, use our guide to Discover the best prepaid is. Gold Visa prepaid card earns cash back options from the app than 130,000 locations, and more work has featured! Monthly maintenance, ATM, foreign transaction and cash reload fees offers direct! Price or activation fee banking accounts: Spencer Tierney is an expert on of! Network locationsnationwide or make PayPal transfers for free through direct deposit of at least $ 500 a month reload.... Company that allows customers to pay bills, set up automatic transfers fees... Savings, investing, mortgages, student loans, and a relatively low monthly fee, but pay... Can have up to 5 subaccounts, no international ATM withdrawal fee to show in., or nontraditional, banking accounts: Spencer Tierney is an American provider of reloadable prepaid charge. Hours to show up in your one VIP account various fees conditions of any card before purchasing 1.50 purchase! Better money management account also enables you to track your spending by category for better management... And are likely safe to use for online shopping purchases safer than having cash in credit. Anywhere that Visa debit cards and other financial services of the top cards even offer rewards.
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best prepaid debit card to avoid garnishment