Netspend Prepaid Card Review Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions without hesitation. And while our site doesn't contain every financial institution or product available on the market, we're proud that the advice we provide and the information we offer and the tools we develop are independent, objective, straightforward -- and free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on the site), but it does not affect our recommendations or advice that are based on thousands of hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. . Netspend Payday Card Reviews By Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has been covering finances for individuals since the year 2013, with a particular focus on deposits and certificates as well as other topics related to banking. The work he has written for him was covered by 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 | Homebuying, savings and banking items Alice Holbrook joined NerdWallet in 2013 and is currently an editor for the team that covers home and mortgages. Previously, she was an editor on the banking team, covered insurance and banking as a journalist, and did a stint as a copy desk assistant. She has had her work highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. A majority or all of the products we feature are made by our partners who compensate us. This impacts the types of products we review and the location and manner in which the product appears on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here is a list of and . Netspend's prepaid debit cards can be costly alternatives to a checking account. They're very easy to obtain, and there's no credit or banking history necessary to sign up, however, Netspend makes you choose between paying a monthly fee or paying a fee every when you purchase. In either case, you could spend more in fees over the course of a year than you could earn interest from your card's savings account. There's a handy national network that includes more than 130,000 locations for cash reloads however, it's not free and there's no free access to ATMs. Best for: People looking for a card to pay that won't allow you to be in negative territory or charge fees for overdrafts, in the event that you select the coverage for overdrafts. People who have had trouble managing their bank accounts before. Find more options: Check the list below for Netspend Cards Pros 5.00% APY savings account for balances up to $1,000, and 0.50% APY on the balance that is greater than that. It is easy to add and withdrawing cash through a range of retailers. Paychecks can be received up to 2 days in advance through direct deposit. Overdraft grace time or courtesy cushion are available with an optional overdraft protection. Are you looking for ways to increase your credit score? Discover Netspend Card Cons A monthly fee for basic fee plan and no option to reduce the charge entirely. The network is not free for cash withdrawals or cash reloads. Inactivity fee if you stop making use of the credit card in addition to other fees that most prepaid cards don't have. Optional overdraft service costs $20 per transaction, which can be used at least the maximum of five per month. >> Ready to start a savings account that is traditional instead? See the General information about prepaid debit cards What is a pre-paid debit card? A prepaid debit card one type of credit card that only lets you spend the money you load onto the card. They aren't able to aid in building credit. As with debit cards, the prepaid card can be used at any store which accepts its payment network, which includes Visa, Mastercard or American Express. It's more secure and easier than cash. The prepaid cards usually have a mobile app to deposit checks or transfer funds. Find out more on our . In contrast to checking accounts, prepaid debit cards could not offer certain services such as free ATM branches, branch networks, check, and other things. If none of that appeals to you, take a look at our selection of . Or, if you've struggled with banks before try these . Prepaid debit card is different from. debit card vs. credit card Prepaid debit card -- use prior to the card is loaded with money the card using cash check or direct deposit to an account with a bank before you pay for transactions. debit cards pay right now you use the cash directly from a checking account when paying for purchases or withdrawing funds at an ATM. Credit cards that pay later: You take cash from a bank each time you use the card and pay it back at a later date. What is the procedure for FDIC insurance on prepaid cards work? Prepaid debit cards nearly always include FDIC insurance, which keeps your money safe in the event that the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, therefore the prepaid card must be controlled by a bank or a prepaid credit card company that partners with a bank in order to provide the insurance. You must register your debit card prepaid using your personal name as well as any other details of identification to qualify to receive 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 highlighted on USA Today and the Los Angeles Times. Similar to... Find an account that is more suitable for checking View NerdWallet's top picks for the top checking accounts. Go deeper into Banking Make smarter money decisions - straight to your inbox. Sign up and we'll send you Nerdy articles on money-related topics that matter most to you as well as other methods to get more out of your money.
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