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. Fifth Third Access 360 Reloadable Prepaid Card. To determine which cards made our list, we considered each cards fees and features. A prepaid card works like a debit card, but a prepaid card isnt connected to a checking or savings account. Want to build your savings faster? Avoid Getting . Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. approved or otherwise endorsed by the credit card advertisers. Monthly fee:$0ATM Fee:Free in-network,$2.50elsewhereReload fee:Free at Walmart, $3.95 at participating retailersCash reload limits:$20 to $1,999 once your card is activated; $1 to $500 for temporary cardsOther fees:No account inactivity or card replacement feesReload locations: Over 30,000. Cardholders can load cash onto a prepaid card at retail stores for a fee. Weve already mentioned Bluebird, which is as low fee as youll find. Cynthia Paez Bowman is a finance, real estate and international business journalist. Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. Bluebird, issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. Bluebird by American Express. For no monthly fee, you get both a spending and savings account. Here are our top prepaid debit cards based on fees and features. You can buy prepaid cards at most grocery and convenience stores, online and over the phone. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Walmart MoneyCard: Best for shopping at Walmart. Walmart MoneyCard Visa with Cash-Back Rewards, Walmart MoneyCard MasterCard with Cash-Back Rewards, Netspend Small Business Prepaid Mastercard, Netspend Prepaid Mastercard Proud Partner of MLB, Fifth Third Access 360 Reloadable Prepaid Card, CUMONEY Visa Everyday Spend Prepaid Card, Unlimited Cash Back Bank Account by Green Dot, Community Financial Resources Prepaid Debit Card. Reloadable cards can be used over and over again. ~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. 1. 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. Cash withdrawal and third-party fees may apply. 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. February 27, 2023 . Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. 2023 Forbes Media LLC. Downsides: No cash back at retailers. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. Find out more here. Fifth Thirds Access 360 prepaid debit card takes part in Allpoints massive U.S. network and has access to over 50,000 ATMs. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. Minimum initial load of $25. Offers prepaid debit card with no minimum balance requirement. Another Amex option is Serve. Offers prepaid debit cards for $0 purchase price. Prepaid cards make a lot of sense for some people, especially for those who live in underbanked communities. You can also receive instant transaction alerts and lock your debit card if you lose it. Spencer Tierney is a consumer banking writer at NerdWallet. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. 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. Directly deposit payroll, government benefits or tax return funds. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. This keeps the monthly fee to just $5, with no fees for purchase transactions. FamZoo Prepaid Card: Best for parents (tie). His work has been featured by USA Today and the Los Angeles Times. They are available at many retail stores. It has not been provided or commissioned by any third party. Banking Content Disclosure: Content is not provided or commissioned by the bank advertiser(s). A prepaid debit card is like a renewable gift card. Funds from direct deposit, bank transfers, PayPal, tax refunds and government benefits can also be applied to the card. Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. 2% APY with savings up to $1,000. 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. Yes, you can pay your credit card bill with a prepaid card. Free at ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator fee. With Walmart Rapid Reload, funds are typically available within 10 minutes. Prepaid debit cards come with a variety of fees that add to the cost. Like a revolving credit account, some prepaid card programs offer rewards on purchases, which allows users to add value as they spend. 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. The American Express Serve card is a reloadable prepaid debit card that functions similarly to a basic debit card tied to a checking account at a traditional bank. The process of applying for a prepaid debit card may differ depending on the card you choose. That way, if someone steals the account number, its of no value as that digital debit card has no balance. Most prepaid debit card issuers allow funds to be loaded and reloaded by direct deposit, cash or bank transfer. Walmart Money Cards. . Add funds. Other services: Up to 5 subaccounts, no international ATM withdrawal fee. 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. ", "The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. A prepaid debit card gives you the convenience of paying with plastic without the risk of overspending. We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Monthly fee:$4.95ATM Fee:Balance inquiries are $0.50, withdrawals are $2.50 eachReload fee:Up to $3.95Cash reload limits: Up to $500Other fees:Card is free if you order online or up to $4.95 at participating retailersReload locations:Over 130,000Welcome bonus:Refer a friend and you'll each receive $20Welcome bonus value:$40. These consumers are often referred to as the underbanked'' because they lack access to traditional bank accounts. Looking for a traditional spending account? Prepaid debit cards might have fees or limits on deposits and withdrawals. or Stride Bank, N.A., Members FDIC. Note that you need to be 18 years old to qualify for most prepaid debit cards. Parents can pay interest to their childs account as a way to incentivize savings. There are no costs for activation or inactivity. Therefore, youll need to spend $795 on the card per month just to break even. Parents and turn a card off or on from the app. The pay-as-you-go plan has no monthly fees but costs $1.50 per transaction. Some banks and credit unions also issue prepaid cards. Rob Berger is the founder of allCards.com. No wire transfers. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 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. Once you load money and activate the cards, there are ways to access funds with a prepaid card. Check out NerdWallets best free checking accounts. 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. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. Cash withdrawal and third-party fees may apply. However, you typically cant pay for a reloadable debit card with a credit card. ConsumerAffairs is not a government agency. We are an independent publisher. 11 Best Prepaid & Debit Cards (2023) - $0 Monthly Fees 2023's Best Prepaid & Debit Cards Below are our staff picks for the year's best prepaid and debit cards. You can set and track savings goals. 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. The cards that made this list had the best combination of these categories. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Other services: Optional savings account earns 2.00% annual percentage yield. However, not all debt collectors follow these rules, so it's best to avoid postdated checks. Charges a $4.95 monthly fee. $4 monthly fee that's reasonably easy to waive. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. offer convenience and dont charge many fees. Scroll Down . We believe everyone should be able to make financial decisions with confidence. Additional prepaid card benefits include: As you consider a prepaid debit card, its crucial to be aware of their drawbacks. Besides Bankrate.com, her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and SimpleDollar.com. In some cases, most fees can be avoided based on how you use the card. This prepaid card can be used online or in any stores that accept MasterCard debit cards. Unsubscribe at any time. American Express Serve Free Direct Deposit: You can waive the $6.95 monthly fee with a direct deposit of at least $500 each month. Chime says: "Chime is a financial technology company, not a bank. Prepaid debit cards that we considered included: aseptic technique ampoule; deaths in hardeman county tn; hydro dipping hertfordshire; trove gem calculator; abandoned places in orange county ny; buford's message to reynolds gettysburg 1863 To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Unlike with a credit card, you load funds onto prepaid cards before use. As long as you have a card, you can reload it online or at a retailer. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. Make purchases anywhere Visa Debit cards are accepted. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. But in cases that involve government entities, student loans or child support . Generally, you can also use a prepaid debit card to withdraw cash from ATMs. Earn up to 1% cash back. 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. But it's pretty cool to get notifications that your child wants to buy Starbucks shares instead of a latte. Best for a spending cushion . Or set a tight budget by restricting your spending to no more than what you've loaded onto your card at the beginning of the month. You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. Skip ahead to read about these low-fee alternatives. Bluebird by American Express: Best for avoiding fees. A prepaid card can be especially helpful if you've struggled in the past with overdrafted accounts or have a low credit score. Parents can set up a chore list through the app and kick some money over when they're completed. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. ", "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.". Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. You can use the card wherever its network is accepted. Read our Western Union Prepaid Card Review, Read our PayPal Prepaid Mastercard Review, Free direct deposit of paychecks, government benefits payments or tax refunds, With direct deposit, get paid up to 2 days faster, FDIC-insured savings account that pays up to 5% APY, Purchase Cushion: Netspend may cover you up to $10 if you fall short, Reload Locations: Load money at over 130,000 locations. 2023 CNET, a Red Ventures company. Reload methods: Direct deposit, debit card transfer, bank transfer. But generally, the options include adding cash at a retail register (often for a fee), adding funds by using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer and bank transfer. 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. Find our top partner offers for the best prepaid debit cards with the lowest fees and the most features below. You can use these cards at any online or physical location that accepts debit cards. The Walmart MoneyCard pays 3% cash back on purchases from walmart.com, 2% cash back Walmart fuel stations, and 1% cash back at Walmart stores, up to $75 a year in rewards.. Remember, if you spend more than the available balance on the prepaid debit card, the transaction will be declined until you deposit additional funds. Chat with a ConsumerAffairs decision guide. These accounts provide another shot at mainstream banking and its perks. Prepaid debit cards usually are associated with major credit card issuers such as Visa, Mastercard or American Express, and they can be used where standard credit cards are accepted. It's easy to apply for the Emerald card, and there is no setup fee or annual fee. All rights reserved. Ruth Sarreal is a content management specialist at NerdWallet. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. 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. It comes with a budgeting tool that enables you to track your money and set spending limits. 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. The account also enables you to track your spending by category for better money management. If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. All financial products, shopping products and services are presented without warranty. Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). Thank you, you have successfully subscribed to our newsletter! 26 Feb Feb But if its not a bank, where does your money go when you deposit it into a Chime account? 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. Our partners compensate us. Cardholders earn 3% back when they shop at Walmart.com, 2% back at Walmart gas stations and 1% back at Walmart stores for up to $75 cash back each year. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. Since its a Visa, the card is widely accepted. Her work has appeared on Chime, Clever Girl Finance, RateGenius, and Mint Intuit, among other publications. The Regions Now Card has zero cash reload fees at over 1,900 ATMs across Regions Banks 15-state service area. Reload methods: 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. You can find more details of this new rule here. Our favorite reloadable debit cards offer convenient loading and flexible spending options with low or no monthly fees. With so many prepaid debit card options, choosing the right one can be overwhelming. No overdraft fees. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. The RedCard pays 5% cash back on all purchases at Target. Yuliya Goldshteyn is a banking editor at NerdWallet. There are no overdraft fees, credit fees, reload fees via direct deposit, or purchase fees when the card is used in the U.S. FamZoo also doesnt charge for in-network ATM withdrawals. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. No cash back at retailers. No purchase fee. This control over your finances helps you manage your spending and offers you peace of mind. Best for no monthly fees: Bluebird American Express Prepaid Debit Account. You can even add cash for free at most Walmart stores. Best Prepaid Debit Cards. Not reloadable. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. Best with No ATM Fees: Serve American Express Prepaid Debit Account. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. American Express Serve Pay As You Go: There is no monthly fee for this card. Since these cards are linked to a savings or checking account, debt collectors can easily find this card in your credit report. Ive covered the prepaid card market since 2008. Fee to use ATMs; limited methods for reloading funds. Provides Serve, Serve Free Reloads and Serve Cash Back options. 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. Here are the 5 best prepaid debit cards of 2022: Best overall: Bluebird American Express Prepaid Debit account. American Express Serve Cash Back - Best turnaround time. 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. Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. Our list of the best prepaid debit cards should satisfy just about any financial situation. Charges monthly fees up to $7.95 and ATM fees up to $2.50. The downside is that the $6.95 monthly fee cant be waived, even with direct deposit. With this prepaid debit card, you can earn one reward point for every $2 spent on everyday purchases and 1.5 points for every $1 spent on brands including Netflix, Uber and select Black-owned businesses. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Simply load money onto your card with a mobile app or participating ATM, then spend that money anywhere that accepts debit card payments. Here's why: A lot of prepaid cards charge various fees. If you live within Regions Banks service area and plan to use your prepaid debit card frequently, the Now Card could be an affordable option. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. ONE VIP rewards never expire. Some cards in this roundup have nonbank program managers that partner with banks. The company has 135,000 locations around the country. But you're the final judge. annual percentage yield. Pay rent or expedite bill payments online. Well start sending you the news you need delivered straight to you. Chime is an award winning financial app and Visa debit card. Editorial Note: We earn a commission from partner links on Forbes Advisor. We constantly monitor our competition, user activity, and journalistic awards. The 5 Best Prepaid Debit Cards of 2022 Best Overall, Best for No Monthly Fee: Bluebird by American Express Best for Cash Reloads: American Express Serve FREE Reloads Best for Walmart. Looking for a traditional spending account? 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. Its free. best prepaid debit card to avoid garnishment. Best with No Signature Transaction Fees: NetSpend Visa Prepaid Card. Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, But Bluebird does have limits when it comes to merchant acceptance, and it doesnt allow cash back at retailers. Scroll down for more detail on each account. Get buying tips about Prepaid Cards delivered to your inbox. The Greenlight debit card is available for kids of all ages and provides tutorials about money management. Once you have your list of required features and know how youll use the card, find the lowest cost option that meets these requirements. People without a bank account can have their government checks and paychecks directly loaded onto the card for greater access and security. Here is a list of our partners. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. Access to Chase Mobile banking and account alerts. Parents can lock and unlock accounts. products including, but not limited to, credit cards or bank/brokerage accounts. 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. Prepaid cards are easy to get. Are you sure you want to rest your choices? The Bluebird by American Express is our favorite prepaid card. You might be using an unsupported or outdated browser. No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. 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. Funds transfer instantly, in case your kids are out with friends and need money in a pinch. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. Our partners cannot pay us to guarantee favorable reviews of their products or services. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. CNET is not an insurance agency or broker. 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. However, we may receive compensation when you click on links to products or services offered by our partners. Offers a convenient way to receive federal benefit funds.
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