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Are You In Too Many Debts?

Add up certain types of debt and compare the total to income to see if it's an issue and how to proceed.

By Our Nerdwallet contributors are specialists in their fields, who come from various backgrounds including finance, journalism and consulting. The By Our Nerdwallet team adheres to most stringent editorial standards to ensure our readers have the knowledge needed to make sound financial decisions with confidence. Learn more about our

Updated August 5, 2021 at 11:28AM PDT

Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Previous experience included news and copy editing at various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications from Iowa's University of Iowa.

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Wondering if you have too much debt? Looking into your debt-to-income ratio can help answer your question. Take your monthly debt obligations (things like auto loans mortgage payments, home loans and credit card balances) and divide it by your gross monthly income. Debt loads in excess of 36% of your DTI can be difficult to pay back and hinder your ability to obtain credit.

If you can't keep up with your bills, or you're facing stress or sleepless nights, then it's likely time to make a plan to look into .

Watch your debts dwindle

Create an account and link your cards, loans and accounts to manage them all in one place.

Figure out your debt load

Use the calculator below to figure out if there is a problem. The calculator also gives suggestions on what to do next.

Enter various debts -- like credit card charges as well as medical bills and your income to this tool. The student loans and mortgages are generally less problematic forms of debt, so put them aside for the moment.

Take a look at your score for these riskier types of debt in terms possible solutions:

If it's lower than 36%, your debt load is considered affordable compared with your earnings.

If it's 36% to 42% , look into DIY techniques like

If the ratio is 43% and 50%, you should take steps to reduce your debt load; consulting a may be helpful. If you're at 50% or more your debt load is high risk; consider seeking advice from an attorney.

Consider these guidelines as a general rule of thumb. "There is no set rule for debt," says David Nash, a certified Financial Planner at Magister Wealth in San Antonio, Texas. He adds that "If your debt level is increasing as a percentage of your income, it means certain tradeoffs that are more difficult to negotiate need to be taken into consideration."

The difference between bad and good debt

It's crucial to differentiate between the good from the bad, and the harmful. A mortgage that has annual rates of 3.5 percent, for instance could be considered differently when compared to a credit card that has a 20% APR.

What's a good loan?

If you have an interest rate that is fixed and low and you take out the loan will be utilized to purchase something that grows in value, like the purchase of a home, business, or a college education. It's also beneficial if the interest is tax-deductible, like most mortgage and student loan interest.

What's bad debt?

These loans have high or variable interest rates which are used to purchase items that decrease in value or get consumed. Some examples include personal loans for purchases that are discretionary, such as holidays and auto loans lasting up to five years or loans that pay high-interest and have growing amounts.

What's toxic debt?

No-credit-check and with APRs above 36%, loans so long you end up paying more than what the item is worth or loans requiring collateral you can't afford to lose, like your vehicle.

A bad credit score can result in hefty interest costs and limits your savings, cash flow and ability to borrow for goals like buying a home According to Erika Safran who is a certified financial planner working with Safran Wealth Advisors in New York City.

A low-interest mortgage you are able to afford should not keep you up at night.

Common warning signs that indicate troublesome credit

Your balance of debt isn't declining despite regular payments.

You're living paycheck to paycheck and have no cash at the end of the month.

You're not contributing to an employer-sponsored retirement plan because you need the money.

You're unable to build an minimum of $500 to safeguard against financial fluctuations.

Credit cards are used for cash advances.

Are the other forms of debt an issue?

The following guidelines give you an idea of how much is considered to be too much in these categories of debt and what to do in the event that you're burdened:

Housing

Guideline: When buying a house, keep your mortgage costs to . This calculator helps you see .

How to handle an overwhelming situation: Think about , or consider downsizing or moving to a lower-cost location. If you're refinancing or switching homes in your 40s or 50s, consider a so you can be mortgage-free by retirement.

Student loans

Guideline: Don't borrow more for your education than you expect to make during your first year of the workforce. If you are expecting a start-up salary of $40,000, for example, restrict your loans to $10,000 per year for a four-year degree. This is a frequent resentment among student loan recipients, according to NerdWallet's research.

How to handle the stress: Consider your options alternatives, including income-driven repayment programs and refinancing.

Car loans

Guideline: Experts say your total auto costs -- including -- should be borne out of your home pay. Car loans are required to be four years or fewer and should be coupled with 20% down. So you don't have to spend years owing more than the car's worth.

How to handle an overloaded vehicle: If you have an idea of swapping your car for a less expensive one.

Medical debt

The guideline is that medical debt is a special circumstance because medical costs are usually beyond the consumers in their control. The type of debt that is referred to as medical debt usually has no interest however the amount can be overwhelming.

How to deal with an overcharge: Try negotiating with the billing office to reduce the amount due or set up the most affordable plan for payment. You can do this on your own, if you are able however, you might need to investigate .

On a similar note...

Dive even deeper in Personal Finance

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Tactics car salespeople hope you don't know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you financial calculators and interactive tools as well as publishing objective and original content. This allows users to conduct studies and to compare information at no cost - so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies who pay us. This compensation can affect the way and when products are featured on this website, for example, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not include the entire universe of companies, or financial offers that may be accessible to you. Industrieblick/Adobe Stock

7 min read Published January 17, 2023

Written by Dana Dratch Written by Personal Finance Writer Dana Dratch is a personal finance and lifestyle writer who loves to talk about everything related to credit and money. With an undergraduate degree in English and writingskills, she enjoys asking the questions everyone would ask if they could and then sharing the answersas well as smart money management tips from the experts. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances by providing concise, well-researched and well-documented information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee

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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced by our advertisers. We're honest about the ways we're in a position to provide quality content, competitive rates and valuable tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods andservices or through you clicking certain hyperlinks on our website. This compensation could impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own rules for our website and whether the product is available in the area you reside in or is within your personal credit score may also influence the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include specific information on every credit or financial products or services. The process of purchasing vehicles or cars has a lot of moving components. You have to haggle with car salespeople over price and negotiate with lenders to get an auto loan as well as trying to negotiate a fair agreement for your trade-in. Mistakes will cost you and so it is essential to be prepared. "The salespeople are specifically trained to protect you from your cash," says Jeff Bartlett, Consumer Reports' managing editor for cars. "This is a skill they do every day, and the average car buyer buys an automobile every five or more years. It's not a fair battle." Learn these gambits and take note of the following salesman tips to stand a better chance of getting what you want from your next car purchase. Top 7 salesperson tactics to be aware of There's a good chance you'll be confronted with aggressive sales pitches whenever you visit a dealer. Below are 7 of the most popular tactics you could encounter. 1. Playing with the clock car salespeople utilize time as a tool says Bartlett. They'll sketch out the procedure until you're exhausted. The salesperson will be there all day regardless of your. Therefore, if you're planning to visit the dealership, don't hesitate to set aside an entire day to spend at the dealership -- and take something to entertain your time while waiting out the salesperson. You don't have to go through the entire process in a single day. It's fine to take your time making an option. When you're looking to purchase Don't be held captive. Tell the salesperson: "Give us your best price." If the salesperson is willing to go back and forth negotiating with their manager, inform them to send you the results. The strategy is to arrive at a dealer, immediately establish the pace of the procedure by saying "I'm here to take testing the car. Tomorrow, I'll come back and discuss numbers." 2. Psychological profiling Sales staff are provided with extensive training on how to identify the weaknesses and needs of prospective customers. Their ability to quickly assess customers ' needs allows them to answer scripted questions, and then lead the process. "Car salespeople are very specifically educated in the art of convincing customers," Bartlett says. "You'll be looking to identify not just your weaknesses." One query that you may be asked is "How do you want to spend each months?" Bartlett says that it's crucial to keep this information in your purse. "If you make it clear beforehand, it can skew the process. It leaves you vulnerable." Be sure to insist upon it after your test drive and are in the process of signing documents. It's acceptable to let salespeople help answer some questions, but remember that they could use the information against you, such as vanity, family needs or safety considerations and try to convince you to buy an expensive vehicle or . "Stay focused on your goal," Bartlett says, and keep repeating this phrase: "Let's focus on this. We'll come back to it later." Your strategy: break down the buying process into phases and concentrate only on one aspect at one time. Start with the car that you want, then move to the other options and save them for a separate discussion. 3. The stress of the 'coming moment' You know the things you want, and you have . The salesperson then tells you to you that, if don't buy the car today then you'll be unable to make the sale or that someone is going to come and take a look at the vehicle. That's a sales tactic known as "the imminent occasion." "People become more interested in having something that they know that someone else would like or already owns. Salespeople for cars often make use of this," says Ronald Burdge who is a lemon law attorney. "Suppose you're at the car dealership and you choose a particular vehicle and the salesperson breaks the bad news to you, saying somebody else has already put an offer on the car or there's a buyer who has said they'll return later today in order to take it home," Burdge continues. "That's usually followed by the invitation to put a on it or purchase it right now prior to when they return. The imminent event might be real, but most of the time, the story is just an esoteric sales pitch to get you to commit to the purchase right then and there." "A dealership that will do that to you will likely to do a lot more every chance they get," Burdge says. Be aware that you can find similar cars elsewhere, whether at another dealership or even on the internet. You can also simply buy another item. Your strategy: Look at the salesperson's eyes and ask "Are you telling me that if I return tomorrow, you can't offer me the vehicle?" In other words your best defense is to just quit -- or at the very least be prepared to do so. 4. The "porcupine closing" this strategy the seller "sticks" the potential buyer with the buyer with a question. This could be "If I could offer you this monthly payment, would that be enough for you to buy this vehicle today?" Or "If I could get this car in midnight blue Would you be willing to buy this today?" This strategy, also known as"the "if," signals that the dealer is looking for your trigger for buying, says LeeAnn Shattuck who is the creator of The Car Chick website and Car Chick TV. Your strategy: Your answer to this question must always be"no," Shattuck states. Instead, tell the salesperson you are shopping around with various dealers in order to get the most competitive price. When you've compared the options, you'll be able to make a buying decision. 5. The 'Ben Franklin Close' This is a well-known. Here's how it works It's when the salesperson draws a line across the middle of the paper, stating reasons to purchase the car on one side and reasons not to purchase on the other. It's a common selling technique in the auto industry , as well as elsewhere. "The notion is that you'll see that on the whole it's better off purchasing a new vehicle," Burdge says. "Of course, it all depends on the information they write down and how true it is." You want to concentrate on the following aspects during this tactic which includes your monthly payment and your down payment and the length of loan, interest rate, and total price. "Know what those numbers should be, based on your budget before you visit the dealership, and make sure to stick to the figures," Burdge says. Your strategy: The best way to defuse this tactic is to label it. Say, "That's the Ben Franklin close." This is likely to cause an uncomfortable moment for an agent, however, it'll also prevent the tactic from continuing. 6. The alternative choice close This strategy is one of the most well-known, according to Dan Seidman, managing director at Read Emotions and author of "The Ultimate Guide to Sales Training." You're given the option of choosing between two options such as whether you'd prefer a car with red or blue. The best car salespeople don't make you answer no or yes questions since they don't want offer you the chance to refuse. The trick is to know that both options are offered. "In the car business it's all about selling what's on the lot," Seidman says. "A knowledgeable buyer could say, 'I want to take a look at all the things you have.'" If a salesperson is trying to draw you in with the alternative offer, do not take the bait. "You're at ease, you're relaxed but you're still not prepared to make a final decision," Seidman says. Your strategy: Take lessons from the political world. Deflect the question by responding with a non-committal answeras if you're interested in different colorsand then switch to a different subject. 7. The trip for the office back finance manager is among the most knowledgeable people in the dealership, Bartlett says. They will recommend that you pile on a bundle of that you don't need. Because you're spending a lot of money for the vehicle, you could be encouraged to buy security measures for interior staining such as anti-theft devices including rustproofing and . "If you've been shrewd through the process of buying a car Don't let it slip through the cracks at the final step," Bartlett says. You'll want to be certain of what you're looking for that isn't tacked on additional profit-making features and finalize that package. To make sure that the additional costs don't add up, go through line-by-line your bill, looking for charges from the dealer that you could . A few common ones to look for are car preparation costs, title fees and . Your plan: Determine what you need and want before you visit the dealer and stick to your mission. It is best to have financing lined up and constantly remind the finance manager you have a set and don't have the flexibility. What affects a car salesperson's tactics? Salespeople usually have pressure to maximize the profits for every vehicle they sell in order in order to maximize their commissions and this affects the way they communicate with you. The more a salesperson can convince you to pay for a vehicle, the more profit they make. Their commission could be up to 25 percent of the final price of sale, Burdge says. In addition, dealership management provides incentives for selling vehicles that were sitting at the dealership. There are also additional bonuses from the manufacturer of the vehicle for salespersons or from the dealership if they have met an agreed-upon sales goal for a particular model year or year of the vehicle, says Burdge. "Dealerships operate on a month-to-month basis and at the end of each month, the sales personnel is particularly eager to get more sales," Burdge says. "At the beginning of the month, it's typically more about profit per sale -- so the amount of profit to be earned on every vehicle sold." How do you prepare to purchase a car prior to you begin your search for a car it is essential to think about your requirements and desires. are, as well as research the models you're interested in, and write down your budget. The you need is the primary factor you think about. Sedans, SUVs, trucks and minivans each have their own price points and functionality. Once you have identified the kind of vehicle, you can research the makes and models. Certain brands have better reputations and warranties. Trims and standard features should also be considered when you are shopping. Choose if you'd like to buy . A new car may have the most recent advancements in safety, comfort and performance, however it will cost you more at the price point and will be worth significantly less in a year. Before visiting the dealer. Online and bank lenders can offer affordable rates on auto loans and it's a good idea to have an idea of the potential monthly payment before the salesperson begins to explain the most common strategies. Make your budget your guiding light throughout the shopping process. Before you set to the lot of the dealer, it is vital to make sure you are balancing your needs for your vehicle and the amount you are able to spend. "The more you spend, the less likely it is that someone will try to convince you into something that won't work for you or that you can't afford," Burdge says. "Make your decisions at home and make sure you stick to them once you leave for the car dealer." Be confident is main ingredient to finding a bargain. Knowing the most commonly used strategies will allow you to remain calm during negotiation. But it's not the only option you have. Research multiple vehicles, know the value of your and you go to the dealership. There's no need to be an expert -- you simply need to be certain on how much you're willing spend and what you actually need.

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Written by Personal Finance Writer Dana Dratch is a personal lifestyle and finance writer who loves to talk about everything about credit and money. With an undergraduate degree in English and writing, she likes asking the kinds of questions that everyone would want to ask and providing the answersand also smart money management tips from the experts. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched details that cut complicated topics into digestible pieces.

Auto loans editor

Related Articles Auto 6 min read October 06, 2022 Auto Loans 7 min read Aug 23, 2022 Financial Finance 5 min read in June 07, 2011. Personal Finance 4 min read Apr 22, 2011

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Carsdirect

CarsDirect: 2023 Auto loan review published 2023-01-01 at 00:00:00

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely taking out loans to buy the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that is broken down into complicated subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators as well as publishing original and impartial content. We also allow you to conduct research and compare data at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.

Reviewer's disclosures Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct up to the date when the review first appeared. Look over the information in the upper right hand corner of the page as well as the lender's site for the most up-to-date details.

A glimpse 3.7 Score: 3.7 stars out of five

Score of the Bankrate

Availability Rating: 4.5% out of 5.

Cost of Affordability: 3.8 stars out of five

Customers Experience Score: 3.8 5 stars from five

Transparency Rating 3 5 stars.

Compare auto loan rates

About CarsDirect Loan amount Varies by lender

Min. credit score accepted for all credit types

APR from Not specified

The funds are available in Varies depending on the lender

CarsDirect Pros and Cons. Take into consideration both the advantages and drawbacks CarsDirect offers.

PROS No fees

Large lender network

Car buying network

CONS Poor customer reviews

The absence of rate and term Transparency

Do you qualify? Because of the structure of CarsDirect there aren't specific requirements that are disclosed. However, they will consider people with credit scores that aren't perfect. On top of this CarsDirect can connect you with lenders that may offer you attractive rates- regardless of your financial background. Though, as with any lender they will offer the best rates. will be offered to those with a strong credit history. What we like and what we don't like While the car buying network could be an ideal starting point for those beginning the buying journey, consider the downsides before signing off with CarsDirect.

What we love: No charges. CarsDirect does not charge a cost to use the service to look into loan options. Large lender network. CarsDirect works with a wide variety of lenders that cater to different credit backgrounds. A car buying service. The site allows you to search for a car while applying for financing. We don't like unsatisfactory reviews. Most online reviews expressed complaints about poor service and the distribution of personal data. The lack of transparency in rates. CarsDirect does not disclose expected rates. Contact details for CarsDirect CarsDirect offers online chat on its website, direct support via email and telephone. However, it doesn't provide its hours of operation on its website.

Auto loan types offered CarsDirect provides loans for used or new automobiles, refinancing and lease buyouts. Since CarsDirect operates a marketplace but isn't a lender by itself, the terms of each loan differ based on the matched lender.

Used and new vehicle loans The exact rates and conditions for a new or used auto loan that can be found on CreditDirect will differ depending on the lender. But with the car buying process being integrated directly into the website, it could be an easy way to source a vehicle from a local dealer while getting financing for your vehicle. Refinance Even though refinance rates and terms are not available, the site urges borrowers to consider refi if they are looking to lower their monthly payments or secure a lower interest rate. Additionally, CarsDirect outlines the fact that those who have credit scores of 500 or better will receive the most favorable conditions. Lease buyout The method of a lease buyout isn't made public by CarsDirect. It does recommend that you have a credit score at least 600.

How to apply for an loan with CarsDirect It is easy to apply for a loan with CarsDirect. searching for an auto loan via CarsDirect is easy. The website promises the application process in 60 seconds and the ability to drive your new vehicle as soon as 24 to 48 hours.

The information required for application is Name, birthdate and Social Security number. Address and phone number. Income and employment details Information about the vehicle

According to CarsDirect, the process breaks down in four primary steps. Fill out the form. Complete an online application including your personal and car details. This is a non-binding application. However, as you go through the process you can expect an unreserved inquiry from lenders. Review financing options. A CarsDirect representative will contact you within 24 hours of filling out the form. They will provide you with financing options. Select a car. CarsDirect encourages borrowers to purchase their vehicle through its network. However, if it's your intended route be sure to evaluate your prospective loan against at least 3 other lending institutions. Complete the loan. Now you have secured your vehicle financing and can drive off with a brand new car through CarsDirect's network, or go to another dealer.

FAQs about CarsDirect

Are CarsDirect reliable lender? CarsDirect has negative reviews all over all platforms when it comes to user experience. Even though there's no Better Business Bureau review present and there are no reviews on Trustpilot are extremely negative, and fall into the category of poor. Beware of high rates and trouble with site navigation when looking for a loan with CarsDirect.

Does CarsDirect apply any fees or penalties? There isn't any cost to submit the auto loan request with CarsDirect. Although the service is free of fee, it's likely that following the application process particular lenders could charge additional charges. In addition, some lenders charge penalties for missed payments. Some even charge fees for paying off your loan early. Check the fine print for each lender before signing off.

Are there requirements for refinancing through CarsDirect? CarsDirect doesn't provide details on the requirements for refinancing due to the wide range of lenders. Consider checking out current refinance rates to figure out which lender is able to save you the most money.

How Bankrate rates CarsDirect

Overall score

3.7

Accessibility

4

CarsDirect offers several loan options, but it does not provide the exact loan amount or repayment terms.

Affordability

3.8

Although CarsDirect partners with bad credit and bankruptcy lenders and there is no fee for application APR isn't disclosed.

Customer experience

3.8

Online reviews were primarily negative and customer service is only available from Monday to Friday in a range of specific hours.

Transparency

3

CarsDirect serves as an loan broker so does not hold transparency regarding fees and rates.

Methodology Bankrate considers 18 data points when evaluating auto loan lenders. This includes credit requirements, loan amount, APR ranges, the shopping window, together with fee and rate availability. In all, Bankrate reviewed 33 lenders and gave each a Bankrate rating. It is comprised of four categories which include: Availability. The types of loans, loan amounts and repayment options are considered in this category. A variety of financing options leads to a higher score. Affordability. The interest rates, acceptance criteria and the current fees are calculated here. Customer experience. This category concerns online access in addition to app availability as well as the hours of support for customers. Providers that provide 24/7 support get the highest available ratings. Transparency. This covers disclosure of potential fees and the possibility of applying to be eligible for loan prequalification.

Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct up to the date when the review first appeared. Look over the information at the top of this page, and the lender's website for the most up-to-date information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-researched, and clear facts that break down complex subjects into digestible pieces.

Auto loans editor

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The Price of Not Being Banked is Hundreds of Dollars per Year, Always One Step further

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The Price of Not Being Banked Costing Hundreds of Dollars Every Year, Always One Step further

By Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong leads the banking team at NerdWallet. He has been writing about personal finances for over a decade. Tony began his NerdWallet career as a journalist and worked his way up to the position of assistant assigning editor, and then to lead editor. Writing by him has also been highlighted on such publications as the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony is a resident of Minneapolis, Minnesota.

Updated September 13th 2016, 2016

Many or all of the products we feature are from our partners who pay us. This impacts the types of products we feature and where and how the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here's a list of and .

Banks can bring about a fair amount of headaches However, not having access to one can be even more detrimental to your financial health. If you don't have access to a financial institution that offers basic services such as free check cashing and loans with reasonable interest rates Unbanked customers have to rely on other financial-service providers to cash their checks and cash payments on money-orders. These fees can cost households hundreds of dollars per year.

In addition to the significant daily costs, not belonging to an institution like a credit union or bank has harmful long-term effects. Unbanked households, as the FDIC defines as those that don't have an account at an insured institution, cannot save money to create emergency funds. They are also unable to turn to time-saving tools for things like paying bills or transferring funds.

"The bank system that is traditional is beyond the reach of thousands of Americans," says Sean McQuay, NerdWallet's banking as well as credit specialist. "While it may appear impossible but having the option of opening a bank account can be the first step to break the cycle of living paycheck to paycheck, paving the way to financial independence."

More than of households that do not have the luxury of a bank account say the main reason is that they do not have enough money. The average post-tax income of these households is $18,203 according to NerdWallet's analysis of the data taken from the Federal Deposit Insurance Corp. The high costs associated with alternative financial services only make things worse.

However, there are cheaper options available, and taking advantage of them can help people reduce the amount of unnecessary expenditures.

The key conclusions

The annual average cost of having no bank account is $196.50 for people who use an prepaid debit card that features direct deposit. This figure increases to $497.33 when the card doesn't provide direct deposit.

Individuals who are only dealing in cash are subject to annual expenses of $198.83 for cashing checks or money orders.

With a total of 9 million unbanked households living in the United States, down from 9.5 million in 2013, the aggregate annual cost for the families of these households is between $1.8 billion and $4.5 billion.

In the absence of an bank account forces people to use alternative financial services; unbanked consumers are about 6-fold more likely to make use of expensive .

Transacting "off grid" is expensive

"In many respects you can compare the needs of unbanked households with those of banks," says John Thompson the senior vice president of the Center for Financial Services Innovation an independent financial services consulting firm. Certain transactions require however for consumers who aren't banked, they don't happen through a bank, Thompson says. That's why they can be costly.

Take cashing a check, for example. When done via a credit or bank union, the task is as easy as it is inexpensive. But that convenience vanishes if you don't belong to a traditional financial institution, and the alternative could be a hefty price.

Check-cashing firms typically cost between 1% and 10 percent of the value of a check which means that unbanked customers who don't have an prepaid card with direct deposit, pay the equivalent of $182.03 per year to access their funds as per NerdWallet's study of FDIC information and using the fee is 1percent of the amount of the check. Customers who don't have banking accounts are around 6-fold more likely to make use of check-cashing services than those who have.

"Relying on services such as cashing checks and money orders is expensive, and it's those Americans who can least afford the cost and inconvenience that find themselves unbanked," McQuay says.

In lieu for checking account, many individuals make use of debit cards that are prepaid. They are offered at supermarket shops and at other stores like Target, Walgreens and Wal-Mart. This type of plastic is fairly uncomplicated: Users can only spend the amount they have loaded onto the card.

Costs for checking account

The accounts, which are able to pay lower overdraft fees and no monthly fees, charge customers about $30 annually. Checking accounts on average costs customers around $150 annually after taking into account the monthly maintenance fees and two overdraft charges.

" Having to rely on services like check cashing and money orders is expensive, and it's those Americans who are the least able to pay the costs and inconveniences of these services that find themselves unbanked. " Sean McQuay , NerdWallet banking and credit expert

However, prepaid cards tend to be more costly than regular checking accounts, costing users an average of either $179.70 or $298.50 annually, based on the card's a free direct-deposit service. If it doesn't, users have to pay high fees for cash loading. In addition, prepaid cards generally have either monthly fees or per-transaction costs, along with ATM withdrawal fees.

Anyone who does not have an account for checking nor an prepaid card will be charged annual charges of $198.83 for cashing checks and money order services.

On top of their costs In addition, prepaid cards come with other drawbacks. They aren't able to be used to build credit, and the law in the US does not require prepaid cards to provide protection against fraud, like they do with standard debit cards. However, companies like American Express, Discover, MasterCard and Visa typically offer a specific amount of protection for purchases, although this won't cover ATM and certain online transactions.

Furthermore, the majority of checking accounts are guaranteed by the government. This means that the account holders will not lose money, up to $250,000, should the bank were to go under. People who use credit cards with a prepaid option get this kind of protection if they're issued by a bank, however, even if they do it's possible that they won't get the entire amount back. If they got their plastic from a company that isn't insured by the FDIC and this is not common, the rules of the issuer determine the amount of protection they offer and whether they'll be reimbursed.

Indirect costs impose their burden also.

The dangers of not having the benefit of having a bank account go beyond the cost-intensive alternative financial services. For one, not belonging to a bank can take up time. Unbanked consumers who don't use prepay cards aren't able to access to the many advantages of mobile and online banking, for example, automatic bill payments and no-cost money-transfer services. Prepaid cards can offer these options however they aren't free, unlike those offered by credit unions and banks.

"If you don't belong to an institution of financial service, you can't bank on what you do," Thompson says, noting that this could force people to take time off work, which can affect their earnings. If employees have to travel for the sake of financial obligations and travel, they will incur costs for transportation, too, he notes.

Not being able to use the standard banking services can hurt people in other ways, too. The bank provides access to tools that help them maintain or improve the health of their finances, including , certificates of deposit and secure credit cards. These , for example, can aid in the creation of an emergency fund or build credit, which reduce the requirement for expensive payday loans.

The average of the amount borrowed through payday lenders is just $350, according to a the report. This is a figure that those who belong to a bank or credit union could build by using a savings account, or use a secured credit card to cover. That would allow the borrower to stay away from the risk of taking out loans that have median interest rates of around .

With secured and savings cards, it's easy to maintain a healthy credit score. The costs of borrowing are less; the most popular secured credit cards typically offer rates of interest about 20%..

"We have systems that allow us to generate data on people's credit behavior," says Gregory B. Fairchild who is associate professor of administration for business at the University of Virginia Darden School of Business. "Absent this data, the very real cost that people face will be that they're constantly at risk."

"Everyone's an individual risk," he says, but the risk for people with no credit history "is extremely uncertain."

This risk could have an impact that can trickle down into different areas of people's lives, harming their ability to get loans , get credit cards and even to start an enterprise.

If they don't have a credit record, entrepreneurs with small businesses will have a difficult time obtaining lines of credit, says Tara Robinson, chief development officer at Mission Asset Fund, a non-profit that offers loans and other financial products for previously unserved families. The absence of a credit history could restrict the potential of earning as she explains.

"You are a bit stuck before you start," Robinson says.

Better options for unbanked consumers

If you do not have a bank account, it may seem as if expensive alternative financial services are your only alternatives. But that's not necessarily the case. Here are some strategies that are worth considering.

Utilize second-chance checking If you've experienced a check bounce or closed an account before paying a bank charge, you may be listed in a consumer report agency. A negative record is typically the only thing that can cause the bank to reject your application for a new account.

But some financial institutions offer second-chance checking accounts. They eliminate the requirement to make use of check-cashing service and money orders, both of which are priced at about $17 per year. These products are available to those who are listed on ChexSystems and are able to be used to establish the integrity of your banking records. After you've done that, consider opening an account with a savings option to help you create and better manage your emergency fund. For opening either account, you'll need show proof of identification, and may be asked to deposit an initial amount that ranges from $10 to $100.

>> MORE:

Get a secured credit card: With secured credit cards you pay an amount of money, usually at least $300 or $200 that you then borrow against. Once you've used your secured card responsibly for about one year, you might be offered an upgrade to a credit card.

In addition is that you'll have improved your credit score in the process, which makes you more attractive to lenders. That's assuming you, of course, you make your monthly payments on time and in full.

>> MORE:

Join a lending circle or join a small, community lender: Borrowing money and paying it back in time can improve your credit, and taking out traditional loans from banks and credit unions aren't the only choice. Mission Asset Fund, Robinson's employer, oversees and manages lending circles, which provide an exclusive type of zero-interest loan.

"Each loan is typically around 1,000 dollars," Robinson says. "You have 10 people working together, and they each contribute $100 each month, with only one getting the loan each month. It rotates around until everyone receives the loan."

Like most organizations that oversee lending circles, Mission Asset reports repayment behaviour to credit bureaus on a monthly basis. For those with poor credit, who make their payments on time can improve their scores by averaging 600 after only 6 months Robinson says.

"It's an excellent opportunity for those with no credit scores to get credit fast and for those who have damaged scores to help start to rebuild them with an unsecured line of credit," she adds.

Check to see if there's a local community lender or non-profit organization within your town that offers these kinds of loans or similar financial services.

>> MORE:

Incorporating the mainstream financial system

From depositing checks to using account savings, some of the motives why people use banks might not sound particularly exciting. However, in the end, banks serve as important elements in families' financial lives. If you're not able to access to one managing your finances and managing your financial chores can be harder and most likely to be more expensive.

That's why second-chance checking accounts, secured credit cards, community lenders and lending circles extremely valuable. They allow families access to financial services that they would otherwise miss out on, thus opening the way to better financial security.

NerdWallet Data analyst Sreekar Jasthi and writer Spencer Tierney were the authors of this study.

METHODOLOGY

To calculate the average income for households with no bank accounts, we used data taken from 2015's FDIC National Survey of Underbanked and Unbanked Households. It was revealed that 7percent of households were unbanked. To determine the check-cashing costs for households that are not banked using prepaid debit cards without direct deposit or for those with cash only We assumed two paychecks which were cashed every month and a 1% fee of the check's total value. We also assumed one money order each month, with an average cost of $1.40.

For banking costs associated with using a NerdWallet-recommended checking account, we assumed two overdrafts per year costing $15 each and no other fees. In the case of a typical bank account with a checking balance, we assumed two overdrafts per year at a cost of $30 each, and the maintenance fee of $7.50 monthly. To calculate average check cashing and money order fees using the FDIC's statistics on how often alternative financial services use by type of household (banked or not banked), then applied the lower frequency of the use of banks by households to the costs averaged.

To calculate the average annual cost of debit cards that are prepaid, we looked at 69 cards, which were based on the major issuers, high search volumes Pew Charitable Trust's, as well as the offerings of cards on their websites and. If cards have several plans We considered each plan as a distinct card.

The study includes the annual cost of an prepaid debit card direct deposit and without direct deposit for payroll. The median monthly fee used was $4.98 and the median out-of-network ATM fee was $2.50. We used the maximum cash load fee of $4.95.

For the direct deposit option, we assumed that there would be 12 monthly fees as well as two non-network ATM costs per month. In the case of the non-direct deposit option we assumed 12 month fees and 4 ATM charges per month, and two cash load fees per month. PIN- and signature-based purchase transaction fees usually don't apply to cards that have monthly fees, so they were not included.

Author bio Tony Armstrong is a banking editor at NerdWallet. His work has been covered in The Los Angeles Times, Mashable and USA Today.

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Chapter 7 Bankruptcy: What is It Is and how to file

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. While our website doesn't contain every financial institution or product on the market, we're proud that the guidance we offer, the information we provide and the tools we develop are impartial, independent, straightforward -- and free. So how do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where they are featured on our site) However, it does not affect our recommendations or advice which are based on many hours of study. Our partners do not pay us to guarantee favorable reviews of their products or services. .

Chapter 7 Bankruptcy: What is it is and How to File

Chapter 7 can wipe out overwhelming debt, with notable exceptions such as student loans.

by Sean Pyles Senior Writer | Personal finances, financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer questions from listeners regarding their personal finances. With a particular focus on sensible and actionable money advice, Sean provides real-world guidance that can help consumers better in their finances. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects such as the racial gap in wealth, how to start investing, and the history of student loans.

Before Sean lead podcasting for NerdWallet, he covered topics concerning consumer debt. His writing has been featured in USA Today, The New York Times and elsewhere. When he's not writing about personal finances, Sean can be found playing in his garden, going on runs , and taking his dog for long walks. He is based at Ocean Shores, Washington.

Updated on Aug 6, 2021 3:31PM PDT

Written by Hanah Cho. Cho is Vice President Personal financial Hanah Cho, Vice President for Content. She managed multiple NerdWallet teams that focused on personal finances before becoming deputy director and then director. She was hired by NerdWallet as a journalist, covering small business. Prior to that, she wrote about business and startups at The Dallas Morning News, and previously was a business writer for The Baltimore Sun. She also was treasurer of the Texas Chapter of the Asian American Journalists Association.

The majority or all of the products featured here come from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is featured on the page. However, it does not affect our opinions. Our opinions are our own. Here's a list and .

Table of Contents

Table of Contents

Chapter 7 bankruptcy can wipe off a variety of forms of debt that are overwhelming with the help of a federal court. It is possible to give up some assets, such as a costly vehicle or jewelry, however, most people who file bankruptcy do not. Chapter 7 bankruptcy is the fastest and most common form of bankruptcy.

Chapter 7 bankruptcy erases most unsecured debts, that is, debts without collateral such as medical bills, credit card debt and personal loans. However, certain types of debt, including back taxes, court judgments, alimony and child support, and student loans generally aren't eligible. Chapter 7 bankruptcy will leave a serious impact on your credit reports for 10 years. During this time you'll likely have a harder time obtaining credit. But, you'll notice your credit scores begin to rise in the following months after you make an application.

Read on to learn about how you can get a Chapter 7 bankruptcy, how to file, whether this option of debt relief is suitable for you, and the best way to get back on track following bankruptcy.

Do you qualify to file Chapter 7 bankruptcy?

To qualify for Chapter 7 bankruptcy you:

Must pass the , which examines your earnings as well as assets and expenditures.

Could not complete the Chapter 7 in the or in the last six years.

Do not have to have filed bankruptcy papers (Chapter 7 or 13) within the preceding 180 days. The petition was dismissed because you failed to appear in court or adhere to order of the courts, or you decided to dismiss your own petition due to creditors seeking court relief to reclaim the property they held a lien on.

How do you do you file Chapter 7 bankruptcy?

You can probably complete the process in just six months. You'll need to follow a few steps.

You must attend pre-filing bankruptcy counseling from a qualified non-profit credit counseling service within 180 days prior to filing.

Before you start tackling the many forms required to fill out the forms required to file Chapter 7, find a certified bankruptcy attorney who can assist. It can be difficult to determine if you need debt relief however, this isn't an easy task to tackle on your own. A mistake in the paperwork or a mishap can result in the case being dismissed or not having some debts eliminated.

Filing paperwork: Your attorney will help in filing your petition and other paperwork. However, it is your responsibility to collect all the relevant evidence of your assets, income, and debts. Automatic stays take effect from this point on which means that creditors can't pursue you, garnish your wages or call you to demand payment.

Trustee assumes the responsibility: After the petition has been filed, a court-appointed bankruptcy trustee will begin managing the process.

Meeting of creditors The trustee will set up an appointment with you, your lawyer and your creditors. You'll need to respond to any questions brought up by the trustee and creditors regarding your bankruptcy form and your financials.

The eligibility criteria is determined: After reviewing your documents, the trustee will confirm your eligibility for Chapter 7.

Non-exempt property is handled: The trustee decides if assets that aren't exempted are worth selling, so that the proceeds can be given to creditors. It could be jewelry, or even the equity in your home or car if it's higher than the exemption limit set by your state. The majority of individual Chapter 7 cases, however they're "no asset" instances where there's none of the nonexempt property to liquidate.

Secured debts: To resolve your secured debts, the property that is used as collateral could be ordered return to your creditor. Or you may be able to either redeem the collateral (you pay the debtor what you think it's worth) or reaffirm the debt (arrange to exclude the debt from bankruptcy and continue to make payments).

Education course: Before your case is dismissed, you'll have to take an education in finance with a certified non-profit credit counseling agency.

Discharge 3 to 6 months after submitting your petition your case is discharged, which means that eligible debts are forgiven. Shortly thereafter you will have your matter closed.

Is Chapter 7 bankruptcy right for you?

Be sure to know the distinction between Chapter 7 and Chapter 7. It is logical when:

There aren't many assets for you.

Your problem debts total more than 50 percent of your income.

Your debts that are causing you problems could be wiped out, or forgiven, by Chapter 7. This can include things like medical bills as well as credit card debt. personal and payday loans.

It would take five years or more to be able to pay off your debt even if you take extreme measures.

Certain types of debt aren't removed in bankruptcy, like recent taxes as well as child support and student loans. However, bankruptcy may still be an option for you however, if eliminating other types of debt could allow you to pay for the debts which can't be erased.

The second most common type of consumer bankruptcy, Chapter 13, may be a better option if you own more assets or secured debts, and you can pay back a portion or all the debt you owe.

are available, too, such as the debt management program offered by an agency. Benefit from the free initial advice that counsellors in the field and many bankruptcy lawyers can provide before making a decision on a course of action.

Rebuilding after bankruptcy

Your financial life -- and particularly your credit -- will need some attention after , but having many accounts settled is an excellent start.

Do two things to :

Make a financial plan Create your budget, set financial goals, and think about using the free assistance of a credit counselor from a non-profit organization to assist you on your route.

Rebuild your credit score Pay all your bills in time, and keep your balances on credit low, and .

Commonly asked questions Will bankruptcy affect my credit score?

If you're about to file for bankruptcy, your credit reports may have some dents due to late payments or discharged accounts. After bankruptcy, however, your credit scores are expected to improve within six months.

What about filing for bankruptcy myself?

It is recommended to hire an attorney before filing for bankruptcy. There are numerous moving parts, and one small error in a clerical record could cause your case to be dismissed.

How long does it take to file bankruptcy?

There are many steps when filing for bankruptcy however with the assistance of a competent bankruptcy lawyer you can finish the process within six months.

Do bankruptcy filings ruin my credit?

When you're ready to file bankruptcy, your credit files may have a few scratches from late payments or discharged accounts. Following a bankruptcy discharge however, your credit scores are expected to improve within six months.

What is the best way to file bankruptcy myself?

You should hire an attorney when you are filing for bankruptcy. It is because bankruptcy has numerous moving parts, and one tiny clerical mistake could cause your case to be dismissed.

How long will the process take for filing for bankruptcy?

There are a variety of steps to take in filing bankruptcy however with the assistance of a certified bankruptcy lawyer you can complete the process in six months.

The author's bio: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His work has been published on The New York Times, USA Today and elsewhere.

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Capital One

Capital One 2023 Auto loan review, published 2023-01-01 at 00:00:00.

Written by Allison Martin Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing concise, well-researched and well-edited information that breaks down complex subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing original and impartial content. We also allow you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be available to you.

About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Check the data on the right as well as the lender's website for the most up-to-date details.

At a glance 4.0 Rating: 4 stars out of 5

Bankrate Score

Rating of Availability 4 stars out five

Cost of Affordability: 3.2 stars out of 5

The Customer Service Rating is 4.6 5 stars from five

Transparency Rating 4 stars out of 5

Check rates for auto loan rates

The Capital One loan amount is $4,000 to $75,000

Min. credit score not specified

APR not specific from

Funds available in As soon as the next day.

Pros and cons of Capital One auto loans While there are some benefits with Capital One auto loans, there are also downsides to keep in mind.

PROS Prequalification Available

Personalized financing options

Perfect credit not required

CONS Two applications must be submitted

Limited to cars from approved dealerships

Not available in all states

Capital One offers auto loans for used and new car purchases. The entire loan process is handled via the internet using the Auto Navigator. You can see the current rates and monthly payments on specific cars available for sale through participating dealers. Refinancing may also be available, but your vehicle -as well as your current loan must to meet certain requirements in order to qualify.

Do you qualify? If you're buying a used vehicle, the amount you want to finance must be at minimum $4,000 and the vehicle cannot be older than 10 years old or exceed 120,000 miles. To refinance, your outstanding loan sum must amount to at minimum $7,500 and have 12 months remaining. Your vehicle must have less than 10 years of agealthough there's no limit on mileage and your current loan servicer cannot include Capital One. If you have a vehicle that's no longer being manufactured, it's ineligible for refinancing. Our favorite things and what do not like of the benefits and drawbacks that come with Capital One auto loans. We like the fact that you can get prequalified. You can use auto Navigator to get prequalified in a matter of minutes without a hard pull on your credit. Personalized financing options. The mobile app allows you to see the monthly payment as well as the interest rate on specific vehicles. Perfect credit not required. Capital One may approve you for an auto loan with less credit score however, you'll have to pay more interest. We do not like the fact that two application forms are needed. You need to complete an application for credit when you get to the dealership, even if already have been approved by Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles from dealerships who work in conjunction with Capital One. It is not available to all states. In addition, auto loans are not offered for residents from Alaska as well as Hawaii. How to contact Capital One Support from Capital One is accessible by phone or online chat. Support representatives are accessible Monday through Friday from 9 a.m. to 9 p.m. ET and on Saturday from 10 a.m. to 7 p.m. ET.

Auto loan types offered Capital One offers financing for new and used cars and car refinance loans.

Used and new auto loans

The loan's quick facts include: $4,000 or more Terms are 24 to 84 months APR: Not stated

Capital One offers financing for new and used vehicle purchases at over 12,000 participating dealerships. You can make a prequalification online and determine the terms you're eligible to receive before you shop for the perfect ride. In addition, the Auto Navigator lets you adjust the terms to create an auto loan that works for your budget.If you're planning on purchasing a used vehicle that has under 120,000 miles and be within the 10 model years. There are some exceptions to this, however, you must discuss your vehicle choice direct to Capital One. Refinance

Loan quick facts Amounts between $4,000 and $75,000 Terms of the loan: 24 to 84 months APR: not specified

Auto loan refinancing through Capital One is ideal if you want to lower the amount of your monthly payments or your APR. Both options can help you save money, either per month or over time when you are working towards the goal of paying off your car loan. You may also refinance with Capital One to shorten your loan duration and get rid of your auto loan faster. How to apply for a loan through Capital One You can start the process by obtaining prequalified without a hard credit check. If you are preapproved, you can view the monthly payments and the interest rates on the cars you're interested in. Additionally, you be able to alter the loan duration or down payment to make an arrangement that is suitable for you. Next, visit the dealer and fill out an application for credit. Capital One will pull your credit report and score before they issue an official approval. The final stage is uploading all requested documents and e-sign your contract to seal the deal.

Required application information Copy of your current driver's license Residence proof Proof of income

What Bankrate rate Capital One

Overall score

4

The availability

4

The minimum loan amounts offered by Capital One are fairly middle of the road, however it has a number of options for repayment terms and offers a wide range of state-specific options.

Affordability

3.2

Captial One's minimum or maximum APRs aren't available as of yet, and it doesn't offer a discount for autopay.

Customer experience

4.6

The rates for prequalification are good for 30 days, as well. Capital One offers an online chat function when you sign up. There is also an app and customer service is available all hours of the day.

Transparency

4

Although it offers the option of prequalification Captial One doesn't offer an APR in full before you hand over your personal information.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and APR range all influence lender scores. These scores are split into 4 categories. Accessibility: Loan amounts, repayment options, dealership requirements and availability to state are a part of this section. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you have to shop for, the customer service hours, whether there's an app and autopay payment options are all accounted in this section. Transparency: This category accounts for the availability of fees and rates as well as whether prequalification is available.

Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review is correct at the time when the review first appeared. Review the data in the upper right hand corner of the page as well as the lender's website for the most recent details.

Written by

Allison Martin

Allison Martin's career began more than 10 years ago as a digital media strategist. She's been published in several leading financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances through providing precise, well-researched and well-organized facts that break down otherwise complicated topics into bite-sized pieces.

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5 Best Prepaid Debit Card Options

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Five Best Debit Prepaid Card Options

Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has written about personal finance since 2013, with a particular emphasis on certificates of deposit and other topics related to banking. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.

and Ruth Sarreal Content Management Specialist and Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has more than 10 years of experience in writing and editing content for consumer websites. She previously edited articles on personal finance issues at GOBankingRates. Her work has been featured in Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Mar 1, 2022

Written by Yuliya Goldshteyn Assistant Banking Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor, researcher and writer in a variety of industries, from health care to market research. She graduated with a bachelor's degree in the field of history at the University of California, Berkeley and a master's degree of social science from the University of Chicago, with an emphasis on Soviet cultural history. She lives at Portland, Oregon.

Many or all of the products featured here are from our partners, who pay us. This affects the products we write about and where and how the product appears on the page. However, this does not influence our opinions. Our opinions are our own. Here is a list of and .

+ Summary: Best prepaid debit cards

Bluebird is a product of American Express : Best for avoidance of costs.

Fifth 3 Access 360deg Reloadable Prepaid Card is ideal for ATM withdrawals.

FamZoo Prepaid Card : Great option for your parents (tie).

Greenlight Prepaid MasterCard: Ideal for parents (tie).

Walmart MoneyCard : Best for shopping at Walmart.

Chime : Best cheap prepaid alternative.

What are prepaid debit cards?

The prepaid card can serve as a budgeting tool or an all-out replacement for the bank account -- and the most reliable prepaid cards provide convenience while charging few fees.

Prepaid cards are simple to acquire. They can be purchased at stores that sell retail (usually at a cost) and some are bought online. The cards require no credit check, and they're typically accessible even if you are unable to open an account with a bank account because of a bad banking history. Unlike with a credit card the funds are loaded into prepaid cards prior to using.

Some businesses also offer mobile-optimized financial accounts that don't need clean credit or banking history -- and they often are less expensive than prepaid cards.

Prepaid debit cards vs. regular debit cards

There is no need for an account with a bank account to get a prepaid debit card, but it's a requirement to have regular debit cards, which is connected to your checking account. When you purchase prepaid debit cards you load the card with cash when you receive it, and then use it to purchase items. With regular debit cards, the money you pay are taken directly from your checking account as you make payments.

>> More from NerdWallet:

Nerdy Tip

If you need to build credit or are rejected for the use of a bank account, a prepaid debit card may not be the best option: , and if you aren't able to get an ordinary checking account then try . These accounts give you another chance at banking that is mainstream and has the benefits that come with it.

Trust NerdWallet: Our editors and writers adhere to strict guidelines to make sure our coverage is accurate and fair So you can pick the financial accounts that work most effectively for your needs. Find out more about our criteria .

These are our most popular prepaid debit cards, that are ranked by fees and features. Scroll down for more detail about each one of the accounts.

Best Method to Avoid Fees

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas take into account several data points associated with each financial service and product.

Bluebird from American Express

No monthly charges; no charge for cash reloads at Walmart.

A free ATM network.

Great budgeting features.

Best ATM FOR WITHDRAWALS

The ratings of NerdWallet are formulated through our team of editors. The scoring formulas are based on many data points for every financial product or service.

Fifth 3 Access 360deg Reloadable Credit Card

One of the biggest free ATM networks among the prepaid cards.

The fee is $4 per month and affordable to eliminate.

The best for parents.

FamZoo

Multiple subaccounts for kids.

Costs $2.50-$5.99 monthly.

Greenlight

Multiple subaccounts for kids.

Store-specific spending controls.

Monthly cost starting from $4.99.

Best for shopping at Walmart

Walmart MoneyCard

3percent cash back on Walmart.com and the Walmart app, as well as other cash-back rewards.

Multiple subaccounts for family members.

2.2% APY up to $1,000 of savings accounts.

BEST CHEAP CHEAP OPTION TO PREPAID

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas take into account many data points for each financial product and service.

Chime

No monthly charges.

Has a savings component.

Bluebird by American Express

Best for avoiding costs

NerdWallet's ratings are determined by our editorial team. The scoring formulas consider multiple data points for each financial product and service.

The card, which is offered by American Express, offers more than the typical debit card that you can purchase prepaid, and you can spend and load money without paying charges.

But Bluebird does have limits regarding merchant acceptance, and it doesn't allow cash-back at stores.

General charges and features: No monthly charges and no cost for activation online or inactivity.

Purchases: No fees.

ATM withdrawals: Free at ATMs within the MoneyPass network; $2.50 fee for other ATMs, and any ATM operator's fee.

Reloading options: Direct deposit, debit card transfer, card-to-card transfer, mobile deposit (with the third-party fee charged for processing in an instant) and cash load at Walmart or other stores. (Retailers that are not Walmart could charge up to $3.95.)

Other services Additional services include: Separate "set aside" accounts for savings and the possibility of four separate accounts to family members.

Downsides: No cash back at retailers. It's created by American Express, which isn't accepted everywhere Visa and Mastercard are.

Return to the top

>> Learn more about

Five 3 Access 360deg Reloadable Prepaid Card

The best for ATM withdrawals

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas take into account several data points associated with each financial product and service.

Fifth Third's Access 360deg credit card is a prepaid debit card takes part in the Allpoint's vast U.S. network and has access to over 50k ATMs. The card is available in the states of 11 where There are Fifth Third branches, which is the only way you can purchase the card.

General charges and features: $4 monthly fee that's exempt if you have a Fifth Third checking account or in the event that you make at least $500 in deposits monthly; there are no fees for activation or inactivity.

Purchases: No charges.

ATM withdrawals are free at Fifth Third ATMs and ATMs in the ATM Allpoint network; Free at Presto! ATMs located inside Publix stores as well as 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 charge at all other ATMs as well as any fees charged by the ATM operator.

Reload methods: Direct deposit money transfer, bank transfer, cash load at Fifth Third branch or ATM.

Other services: Card could have joint owner.

The downside is that there's no access to a nationwide retail network for adding cash. The card is only available within Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card does not have a separate savings feature.

Back to top

FamZoo Prepaid Card

Best option for your parents (tie)

FamZoo is a family-friendly card that is a prepaid Mastercard that lets parents become virtual bankers for their kids and even children older than 13. Four cards are free on the monthly plan, however, additional cards can be added for a one-time $3 fee per card. From the website or app, you can send allowances, split payments, see the balances and activities across all cards and create email and text alerts.

General charges and other features. are able to make a prepayment of $59.99 to get two years' FamZoo which is $2.50 each month. Prepayment plans that are not prepay also offer discounts. If you don't prepay, the price is $5.99 for a month-long subscription. There is no cost to activate or stop using the service.

Purchases: No cost.

ATM withdrawals: No charge from FamZoo however ATM withdrawals will still cost you. FamZoo does not have any of its own ATMs, third-party ATM operator fees may apply.

Reloading methods : Direct deposit and bank transfer PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee) and cash from stores like 7-Eleven and Walgreens that participate in Reload at Register, Register, MoneyPak and Mastercard rePower networks (about $5 in retail fees).

Additional services include multiple accounts within one plan, unlimited and instant FamZoo transfer from card to card the ability to lock and unlock FamZoo card, budgeting tools.

The downsides are: There is no free ATM network; monthly maximum fee is higher than average and there is no mobile check-deposit feature.

Are you in search of an old-fashioned spending account? Take a look at NerdWallet's accounts.

From top to bottom

Greenlight Prepaid Mastercard

The best for parents (tie)

Greenlight is notable for an advantage which other prepaid cards don't have: store-specific spending controls. Parents can preapprove where their children spend their money, which means that $300 earmarked for school supplies will only be used at a campus bookstore, for example. The card can also provide real-time alerts for activity, free card-to-card transfers for allowances and the capability to remotely lock down lost cards.

The Greenlight account can contain up to five subaccounts so it works for a family. With low withdrawal and purchase limits, it's ideal to use it as a tool for budgeting with the family instead of as a bank account replacement.

General charges as well as features $4.99 or $9.98 each month depending on chosen plan (more expensive plans come with features like investing education and protection against identity theft) There are no charges on activation or inactivity or account closure.

Purchases: No cost.

ATM withdrawals: There are no fees from Greenlight However, ATM withdrawals will cost you: Because Greenlight does not have the ability to operate its own ATMs and third-party ATM operator fees could be charged.

Reload methods: Direct deposit, debit card transfer, bank transfer.

Other services Other services include: Up to five subaccounts. No international ATM withdrawal fee.

The downsides are that no checks or cash can be put in There is no ATM free network The daily maximum for purchases per account for a family is $1,500 and the daily limit for ATM withdrawals is $100, which are much lower than average for prepaid cards.

Return to the top

Walmart MoneyCard

Best place to shop at Walmart

It is worth noting that the Walmart MoneyCard offers its shoppers up to $75 in cash-back rewards. 3percent for purchases made at Walmart.com as well as in the Walmart app 2 percent at Walmart fuel stations and 1% on purchases at Walmart stores. The app, which gets decent ratings, is required to get fee-free cash reloads at Walmart stores. Walmart MoneyCenters and Customer Service desks are also able to offer free cash withdrawals.

This prepaid, reloadable card is suitable for families. It is possible to open an account at no cost for up to four additional persons who are at least 13 years old. older. The Walmart MoneyCard comes with a no-cost "Vault" Savings feature. Savings earn an APY of 2% on up to $1,000 at the card enrollment anniversary.

Since it's not part of any ATM network, you'll pay $2.50 to make ATM withdrawals, in addition to any fees charged by the operator.

General fees and features: $5.94 monthly fee waived with a monthly deposit of $500 or more; one-time fee for starter cards if purchased in store and no inactivity fee.

Purchases: No charges.

ATM withdrawals: $2.50 cost, in addition to any operator fees.

Reload methods: Reload cash with through the Walmart MoneyCard app at Walmart stores, mobile check deposit; add funds from checks that are cashed through Walmart stores; pay $3 to reload cash in an Walmart store; or up to $4.95 to reload elsewhere.

Other services include: up to four free additional accounts; savings account that offers 2% APY on the first $1,000, and chances to win cash prizes every month the option to lock and unlock your account using the app; and text as well as email reminders.

Downsides: Fee to use ATMs; insufficient options for loading funds.

Return to the top

Do you want to grow your savings more quickly? Check out our list of ways to do it.

Alternatives to prepaid cards with low fees

The difference between prepaid debit cards and checking accounts is beginning to fade, since they have the same features and services.

This is particularly the case with mobile-optimized bank accounts: Like most debit cards that are prepaid, they come with no credit check; unlike other prepaid cards, they are equipped with some extra perks like enhanced savings features, greater ATM networks and check-writing privileges.

Chime

The most affordable alternative to Prepaid

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas consider multiple data points for each financial product and service.

Chime isn't a pre-paid debit card or traditional bank account but a free checking account in the Visa payment network. While the account isn't stocked with checks in paper however, it is possible to use this app for requesting that checks be sent to a recipient, including yourself, for no cost.

You could also open a linked Chime savings account and set up automatic transfers.

General fees and features: There is no monthly cost and no charges to activate or stop activity; no credit check. Third-party fees for cash withdrawal and withdrawal may apply.

Purchases: No additional charge.

ATM withdrawals are free at more than 60, 000 ATMs within the Allpoint, MoneyPass and Visa Plus Alliance ATM networks. $2.50 at other ATMs and any ATM operator fee. Fees for cash withdrawals and fees from third parties might be charged.

Deposit methods: Direct deposit or bank transfer, as well as mobile check deposit. You can also deposit cash at retail stores such as 7-Eleven as well as Walmart (the retailer may charge fees) or at Walgreens for no cost.

Other services: Optional savings accounts yield 2.00% annual percentage yield. Chime has two automatic savings programs: one where the amount of your paycheck will automatically go into the savings account and the other where your purchases are rounded up in dollars to nearest and the rounded-up change goes to savings (see below for more information from Chime). Additionally, you can receive instant transaction alerts and protect your debit card should you lose it. It is important to note that a Chime checking Account is necessary to open an account for savings.

Downsides: The non-network ATM fee.

Chime says: "Chime is a financial technology company and not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A. Member of the FDIC."

See more information from Chime

Chime states: "Round Ups automatically round purchases made with debit cards up to the closest dollar and transfer the round-up to the Chime Checking Account to your savings account. Chime Checking Account into your Savings Account."

"The retailer who receives the cash is responsible for transferring the cash to the Chime Bank Checking account. Deposit fees for cash may be charged when you use a different retailer that Walgreens."

"Save When I Get Paid" automatically makes 10% of your cash deposits up to $500 in your Checking Account into your savings account."

"Out-of-network ATM withdrawal fees may apply , but not at MoneyPass ATMs in a 7-Eleven, or any Allpoint as well as Visa Plus Alliance ATM."

"Mobile Check Deposit" eligibility is determined by Chime in its sole discretion. The eligibility of mobile check deposits is based on various factors including, but not limited to, direct deposit enrollment status."

The Aperture Percentage Yield ("APY") for Chime Savings Accounts can fluctuate and change at any time. The disclosed APY is effective on October 25, 2022. There is no minimum balance requirement. Must be in possession of $0.01 of savings in order to get interest.

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Best prepaid debit cards and alternatives: Summary

Account/card

Monthly fee

Number of ATMs free

Bluebird from American Express

$0

30,000+

Chime account

$0

60,000+

FamZoo Prepaid Card

$2.50 to $4.33 if prepaid; $5.99 when you are billed

None

Fifth Three Access 360deg Reloadable Prepaid Credit Card

$0-$4

50,000+

Greenlight Prepaid Mastercard

$4.99 to $9.98

None

Walmart MoneyCard

$0-$5.94

None

Most frequently asked questions What exactly is a debit card that is prepaid?

A prepaid debit card can be used to budget or be used as a replacement for the bank account. The offer convenience and doesn't cost many charges.

It's no credit check required to obtain a prepaid credit card, and they're usually available if you can't get a bank account because of a poor credit history. It is possible to load funds into pre-paid cards prior to making purchases. Generally, you can also use a prepaid debit card to withdraw cash from ATMs.

Where can you purchase the prepay card?

Prepaid cards can be purchased in retail stores (usually for a fee) and some of them can be purchased through the internet.

How do you transfer money onto the credit card?

The methods for adding money to a prepaid card are different from card to card. The most common methods include cash deposits at a retail register (often with a charge) or by using an app to make an online check deposit as well as direct deposits, card-to-card transfers as well as bank transfer.

What is a prepaid debit card?

A prepaid debit card could be used to budget or be a replacement for an bank account. They are convenient and don't have any costs. You need no credit check required to apply for a prepaid card and often they're available when you're unable to open an bank account because of a bad credit background. You load funds onto pre-paid cards before you use them to make purchases. In general, you can make use of a debit card that is prepaid in order to cash out cash at ATMs.

Where can you get the prepaid card?

Prepaid cards are available at retail stores (usually for a fee) and some are bought on the internet.

How do you transfer money onto an prepaid card?

The methods for adding cash to a prepaid credit card vary from card to card. But generally, the options include adding cash at a register in a store (often with a charge) or by using an app for an online check deposit and by direct deposits, card-to-card transfers or bank transfer.

METHODOLOGY : Best Prepaid Debit Cards for 2022

We looked at 45 reloadable prepaid debit card options offered by some of the biggest banks as well as credit unions and the issuers of prepaid debit cards. When multiple card plans were available, only the basic month-long fee was examined.

We analyzed four categories for each card: general charges and features, purchase and withdrawals, reloading fees and options, and other options like bill pay as well as savings account. The cards that made this list were the most effective combination of these categories. Certain cards featured in this roundup include nonbank program managers who work with banks. However, all of the cards' issuers are banks that guarantee customers' cash through the No cards above contain overdraft fees.

Prepaid debit cards we evaluated included Fifth Third Access 360deg Reloadable Prepaid Card, Mango Visa Prepaid Card, , .

View the complete list

, ,, MoneyAccount, Boost Mobile Wallet Prepaid Mastercard, Brink's Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card Control Prepaid Mastercard Credit Card, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney Fifth Third Access 360deg Reloadable Prepaid Card, Fred Meyer Prepaid Card and Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card MyVanilla Prepaid Card, , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, , Western Union Netspend Prepaid Card.

We also looked at two other, or alternative bank accounts as well as .

What do the ratings mean?

-- Among the very best

Excellent with only minor niggles for the majority of customers.

-- Good. Issues that might make a difference to certain customers.

-- Fair. Make sure your the strengths and weak points are good match for you

-- Poor; proceed with extreme caution

(or below) (or below) stay clear of

The authors' bios: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been highlighted on USA Today and the Los Angeles Times.

Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written content about personal finance topics for more than five years.

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How do you use this calculator? To access this calculator simply input the remaining amount from the loan you must make payments on, as well as the total amount you borrowed on the new loan and the loan duration and the loan . Then, you will have the estimated monthly payment together with the total interest and principal paid. If you'd like to see how the extra payments affect the cost of your loan, you can add them in as well. This will alter the amount of monthly payments and the total interest paid to reflect this. What is negative equity? Negative equity, also referred to as being " " it is when you owe more to your vehicle loan than your vehicle is worth. While it isn't the worst case scenario for a loan owner, it could hinder the sale of your vehicle and make future auto loan approval difficult. Utilize this calculator to comprehend your monthly payments so that you can best grasp what amount you owe would affect the total cost of the new loan. Consider making extra installments, increasing your down payment or even your loan prior to purchasing something new in order to cut down on the amount of interest you would pay.

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Gift Card Vs. Prepaid Debit Card: What's the best gift?

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions with confidence. Although our site does not include every company or financial product available on the market We're pleased that the advice we provide, the information we provide and the tools we create are independent, objective easy to use and free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on our site) However, it does not affect our advice or suggestions, which are grounded in many hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .

Gift Card Vs. A Prepaid Credit Debit Card Which is the Best Gift?

Cards for gifts are the obvious winner when it comes to giving a gift of cash. Prepaid debit cards are more similar to bank accounts.

Written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer writer for banking at NerdWallet. He has written about finances for individuals since the year 2013 with a particular focus on certificates of deposit, as well as other banking topics. He has had his work highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Updated Dec 22 2022

Written by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She was an Editor and Project Manager in the newsrooms for two years, including most recently working for U.S. News & World Report. She managed projects such as the U.S. News education rankings as well as The Best States rankings. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She is based near Washington, D.C.

Many or all of the items featured on this page are from our partners, who pay us. This influences which products we write about and where and how the product appears on the page. However, this does not influence our opinions. Our views are our own. Here's a list and .

Cash is an easy gift , but the format it should be in is a different issue.

The idea of putting bills into an envelope might be a good idea, but it's not ideal It's impossible to get cash back if it is stolen or lost. It's also easy to forget that cash was a present once it's in a wallet.

The storage of cash in plastic cards is a better option when you make the right choice in between gift card and debit cards. Here's what to be aware of.

Gift cards vs. prepaid debit cards

Let's look at what they have in common: Both are credit cards that are prepaid, meaning you pay for the card in advance for spending at physical and online shops. They also offer protections against losses if you have them registered under your own name. There are two types of cards in the same section of a store such as Walgreens Make sure you know which one you're picking up.

The primary difference between a giftcard and prepaid debit card is that a gift card is a single-use credit card, and a prepaid debit card can be reloaded as a payment option that has most features and fees associated with a checking account as well as a linked debit card have.

The purpose of gift cards is: to buy goods at a dedicated store brand or at any store that accepts a payment network such as Visa, Mastercard or American Express. They don't allow cash withdrawals and are not reloadable.

Prepaid debit cards perform a range of tasks: purchase items; withdraw cash at ATMs, banks, or shops; or also use web features such as bill pay. They can also be reloaded.

Due to their versatility Because of their versatility, prepaid debit cards may be used as budgeting tools, or even replacements of checking accounts. They've been traditionally used to limit overspending, but in recent years there have been increased (a typical cost associated with spending too much) and also to help track expenditure.

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Winner Prize: Gift cards

Gift cards live up to their title they are presents. Their simple nature is part of what makes them better to gift. However, there's a second reason. Prepaid debit cards generally have monthly fees like checking accounts do and the fees, often between $5 and $10, can add up to $120 per year. There may be as well, such as transaction or inactivity fees.

Gift cards are the better option, but they're all equal bargains.

General-use gift cards, such as those from Visa and Mastercard, tend to have one upfront charge, commonly called a purchase or activation fee, which the gift giver would have to pay. The fee might be $2.95 or $5.95 depending on the amount added on the card as per an assortment of gift card websites. There aren't a lot of fees following purchase.

There are exceptions, though. Some banks offer general-use gift cards that have renewal fees or inactivity fees, which could be charged monthly following an entire year of card usage.

It is possible to avoid most or all fees by buying a specific gift card from a store. It is important to know the terms and conditions of gift cards before you buy it so that you can give your gift with pleasure without fees.

Author bio Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.

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