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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 aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews you see on this site. We don't include the universe of companies or financial offerings that could be available to you. Industrieblick/Adobe Stock

7 min read published 17th January, 2023

Dana Dratch wrote the article. Dana Dratch Written by Personal Finance Writer Dana Dratch is a personal finance and lifestyle writer who enjoys talking everything related to credit and money. With an undergraduate degree of English as well as writing, she enjoys asking the questions everyone would ask if they could and then sharing the answersas well as the most effective money management advice from 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 to manage their finances by providing clear, well-researched facts that break down complex subjects into digestible pieces. The Bankrate promises

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There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide our readers with the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and reliable. Our award-winning editors and reporters produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced from our advertising. We're transparent regarding how we're capable of bringing high-quality information, 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 in exchange for placement of sponsored products and, services, or by you clicking on specific links on our website. Therefore, this compensation may influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law for our mortgage, home equity and other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is offered in your area or at your own personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. The process of buying an automobile or a car has a lot of moving parts. It is necessary to negotiate with sales representatives of the car and negotiate with lenders for an auto loan -- all while trying to negotiate a agreement for your trade-in. Making mistakes can cost you dearly the money, so being prepared is crucial. "The salespeople are specifically trained to protect you from your money," says Jeff Bartlett, Consumer Reports' managing editor for cars. "This is something they practice daily, whereas the average buyer of a car buys an automobile every five years or so. It's not a fair battle." Take note of these tricks and take note of the following salesman advice to have an increased likelihood of getting what you're looking for when you buy your new car. The top 7 salesperson strategies to keep an eye on There are a lot of intense sales calls when you go to a dealership. Below are 7 of the most popular strategies you might encounter. 1. The clock is being played out car salespeople utilize time to sell their products, says Bartlett. They'll draw out the procedure until you're exhausted. The salesperson will be there all day regardless of you. If you're planning to visit the dealership, don't hesitate to reserve all day at the dealership and bring something to fill your time while waiting for the salesperson. However, you don't need to go through the entire process within one day. It is fine to make a decision. When you're looking to purchase Don't be held captive. Say: "Give us your best price." If the salesperson offers to go back and forth negotiating with their manager, tell them to text or email you the outcomes. Your strategy: When you arrive at a dealer, immediately establish the pace of the procedure by saying something like "I'm here to take a test drive. Tomorrow, I'll come back and talk numbers." 2. Psychological profiling Car sales staff get extensive training on how to analyze the needs and vulnerabilities of potential customers. Their quick assessment of customers allows them to tap into scripted questions, and then lead the process. "Car salespeople are very specifically trained to convince people," Bartlett says. "You'll want to understand not just your weak spots." One query that you may be asked is "How do you want to spend every month?" Bartlett says that it's important to keep that information in your purse. "If you declare this upfront, it may alter the course of action. This leaves you at risk." Insist on following your test drive when you are in the process of signing paperwork. It's acceptable to let sales representatives assist you with some questions, but keep in mind that they could use the information against you, including desires for family, vanity or safety considerations and try to convince you to buy a more expensive car or . "Stay on your mission," Bartlett says, and repeat the mantra: "Let's focus on this. We'll come back to it later." Your plan of action: Break down the purchase process into phases and concentrate on one thing at one time. Start with the car that you would like, and then move on to the other options and save them for separate discussions. 3. The pressure of the 'impending moment' You know what you want and can afford . 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 else will come to look at the vehicle. That's a sales tactic known as "the imminent event." "People are more interested in having something that they know someone else is interested in or already has. Car salespeople often take advantage of this," says Ronald Burdge an attorney for lemon law. "Suppose you're at the car dealership looking around and you pick out a particular vehicle and the salesperson breaks the bad news to youby saying that somebody else has already put an offer on the car , or there's a potential buyer who said they'd return later today in order to take it home" Burdge continues. "That's typically followed by an request to place a deposit price on the car or buy it right now before they return. The upcoming event could be real however most of the time, it's just an esoteric sales pitch to get you to make the purchase right then and there." "A dealership that will do that to you will most likely to offer a of a lot more than they get," Burdge says. Be aware that you can find similar cars elsewhere, whether at another dealership or online. It is also possible to purchase another item. The best strategy is to look at the salesperson's face and ask "Are you telling me that if I go back the next day, you'll be unable to make me buy the car?" In other words your best defense is to simply quit -- or at the very least be prepared to do it. 4. The 'porcupine close' With this strategy, the dealer "sticks" the potential buyer with a question. This could be "If I were able to offer you this monthly payment, would that be enough for you to buy this car today?" Or "If I could get this car in midnight blue Would you be willing to purchase this car now?" This strategy, known as the "if," signals that the seller is seeking your trigger for buying, says LeeAnn Shattuck who is the creator of the Car Chick website and Car Chick TV. Your approach: Your response to this question should always be no, Shattuck says. Instead, explain to the salesperson you are shopping around with different dealers to determine the most affordable price. When you've compared the deals, you'll need to purchase. 5. The 'Ben Franklin close' This is a well-known. This is how it works It's when the salesperson draws a line in the middle of a piece paper, and lists reasons to purchase the vehicle on one side and reasons not to purchase on the other side. This is a popular selling technique in the auto industry and elsewhere. "The concept is that you will see that in the end it's better off buying a new car," Burdge says. "Of course, that actually depends on what they write down and how accurate it is in the first place." You want to be focused on when you use this method which includes the monthly payment, your down payment, and your length of time, the interest rate, and the total cost. "Know what the numbers you're required to be, in accordance with your budget prior to when you enter the dealer, and make sure that you adhere to those numbers," Burdge says. Your strategy: The most effective way to dispel such a tactic is to label it. Say, "That's the Ben Franklin close." Doing so could cause a awkward moment with your salesperson. However, it'll also prevent the tactic from being repeated. 6. The alternative choice close This technique is among the most well-known, according to Dan Seidman, managing director at Read Emotions and author of "The Ultimate Guide to Sales Training." You're offered an option to choose between two options, like whether you would prefer a car with red or blue. Car salespeople who are good at their job never make you answer no or yes questions because they don't want to give you a chance to refuse. The trick is to know that both options are offered. "In the business of cars it's all about selling what's available on the lot," Seidman says. "A intelligent buyer might say, 'I'd like examine everything you've got.'" If a salesperson tries to box you in with a different closing, don't fall for the lure. "You're at ease, you're relaxed, you're not ready to make a decision," Seidman says. Your plan: Take an example from the political world. Refuse to answer by offering a non-committal responselike you're interested by different colorsand then switch to a different subject. 7. The drive for the office back finance manager is one of the most experienced people working in the dealer, Bartlett says. They'll suggest that you pile on a bundle of that you don't need. Because you're spending lots of money on the vehicle, you might be advised to buy security measures for interior staining and anti-theft equipment, rustproofing and an . "If you've been shrewd during the buying process Don't let it slip through the cracks at this last step," Bartlett says. It's important to be certain of what you're looking for -- presumably not tacked-on or profit-driven extras and finalize that package. To make sure that the additional costs don't add up, go through line-by-line your bill, looking out for charges from the dealer that you could . A few common ones to look out for are vehicle preparation costs as well as title fees . Your plan: Determine the things you're looking for and require prior to visiting the dealer and stick to your mission. It is best to have financing lined up, so consistently remind the finance manager you have a set and don't have the flexibility. What affects a car salesperson's tactics? Salespeople are typically under pressure to maximize the profits of every vehicle they sell in order in order to maximize their commissions and this influences how they interact with you. The more a car salesperson can convince you to purchase an automobile, the greater profit they make. The commission they earn could be as high as 25% of the car's final sales price, Burdge says. Dealership management also offers bonuses for selling cars that may have been sitting at the dealership. There are more incentives from the manufacturer of the vehicle for salespeople or the dealership when meeting the sales target for the specific model year or vehicle model, says Burdge. "Dealerships operate on a monthly which means that at the close of each month, the sales staff is particularly anxious to make more sales happen," Burdge says. "At time of beginning the month, the focus is generally more about the amount of profit per sale, so the amount of profit to be made from each vehicle sold." What are the steps to take for buying a car before you begin your search for a car It is important to consider what your wants and needs are, then research the cars you're interested in, and then write down your budget. What you require is the first thing you think about. Sedans, SUVsand trucks and minivans each have their own prices and features. Once you've identified the type of vehicle, research makes and models. Certain brands have better reputations and warranties. Trims and standard features are also important to consider when you are shopping. Decide if you want to buy . A new vehicle may come with the latest advancements in terms of safety, comfort, and performance, however it comes at a higher price point and will be worth significantly less in a year. Before you visit the dealership. Online and bank lenders can provide low rates for auto loans and it is logical to have an idea of the potential monthly payments before the salesperson is able to start introducing common methods. Make your budget your guiding light throughout the purchasing process. Before setting foot on the dealer lot it is vital to be able to balance your car's needs with the amount you're able to spend. "The greater your spending , the less likely it is that someone will talk you into buying something that isn't suitable for you or is something you can't afford," Burdge says. "Make your decisions at home and make sure you stick to them after you go for the car dealer." Confidence is the key to a good deal Understanding the most commonly used strategies can help you remain confident during negotiation. But it's not only the one option you have. Research multiple vehicles, know the value of your and you go to the dealership. It doesn't matter if you're an expert -- you just need to be firm on how much you're willing to pay and what you actually need.

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Authored by Personal Finance writer Dana Dratch is a personal lifestyle and finance writer who is a fan of everything about credit and money. With an undergraduate degree of English as well as writing, she enjoys asking the kinds of questions that everyone would like to ask and providing the answersand also smart strategies for managing money from experts. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing precise, well-researched and concise details that cut otherwise complicated topics into digestible pieces.

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Similar Articles: Auto read 6 minutes Oct 06 2022. Auto loans 7 min read on Aug 23rd, 2022. Finance for Personal Finance 5 minutes read Jun 07, 2011 Personal Finance 4 min read Apr 22, 2011

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Best Credit Cards With No Credit Check

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Best Credit Cards with No Credit Check

Certain credit cards, especially ones from companies that are newer, offer no credit check and no fees -- an ideal combination for people who have bad credit. These are our top choices.

by Melissa Lambarena Lead Writer | Credit cards and debt Melissa Lambarena is a lead writer for the credit cards group at NerdWallet. She has enthusiastically covered credit card related topics for more than six years. Her previous experiences include nine years of experience as an author for various publications and websites. In her writing, she strives to help users extract the value of credit cards to help them achieve financial goals such as expanding their budgets, building credit, traveling to their dream destinations, and paying off debt. She explores these topics along with others in The Millennial Money column featured in The Associated Press. Her writing has also been featured on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's diploma in sociology at University of California, Los Angeles. University of California, Los Angeles.

Last updated Mar 31st, 2023 2:11PM PDT

Edited by Kenley Young Assigning Editor Credit score, credit cards Kenley Young oversees the daily credit cards coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer for Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in both digital and print media. This includes times as the chief of the copy desk and wire editor as well as metro editor for The McClatchy Newspaper chain.

The majority or all of the products we feature are from our partners who pay us. This affects the products we review and where and how the product appears on the page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .

Credit cards that advertise "no checks on credit" can be appealing for those with low credit scores (FICO scores that are 629 or less), since the application process won't affect your credit scores. However, they often have significant fees and high rates of interest which is why they are called "no credit check"

They might let you skip this on your credit file, but then you'll have to pay for it in the end.

But some credit card companies, particularly newer startups in the space have been advertising no credit check and no charges of any kind. A lot of these companies have proprietary underwriting technology that can determine creditworthiness based on other factors, such as your bank account, instead of traditional credit and credit history.

In short, if you're struggling with credit, fee-harvester cards and traditional ones are no longer the only choices. Here are some low-cost and no-fee options that don't require a credit check.

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Best credit cards that have no credit check

The ratings of NerdWallet are determined by our team of editors. The scoring algorithm takes into consideration the type of card being reviewed (such like cash back or balance transfer) as well as the card's rate as well as fees, rewards, and other features.

on Chime's website

Chime Credit Builder Visa(r) Credit Card

Our pick for: Chime users

CARD DETAILS

Credit check: None.

Security deposit A security deposit of no upfront is required. The credit limit you set is by the amount you move to secure account.

Fees: None.

APR: None.

Why We Like It

For those with low credit or no credit score, it eliminates many of the limitations of the traditional credit card with secured features. A -- a no-cost bank account that allows you to receive direct deposit -must be obtained to obtain the card. It is also necessary to have at least $200 worth of direct deposits made into Chime's Chime Spending Account in the last 365 days in order to prove you've earned income.

But, it doesn't require an upfront security deposit like many security credit card do, so you're not required to pay $200 that will be wrapped up and untouchable for a definite length of time.

You also have the option of deciding how much you spend. The amount you transfer from the Chime Spending Account into the Credit Builder secured account determines the amount of your credit limit. So if you move, say, $25 to your secured account then you'll be able use the card to spend the $25. The money in the secured account could also be used to pay off the balance. Those transactions will let you build credit. For example, if you spent $15 on gas using your secured card you'd be able to use the $25 you transferred into your secured account in order to pay the $15. The payments you make are reported to all : TransUnion, Equifax and Experian. They collect information that is used to calculate your credit scores

DRAWBACKS

The Chime Credit Builder Visa(r) Credit Card requires the opening of a Chime Spending Account in order to be eligible. It's easy to open one, but it does require some additional effort beyond what the card's application. If you'd like to carry an account balance from month to month, this card doesn't allow it. There is no upgrade path or upgrade path.

Nerdy Tip

On July 6, 2021, the nonprofit news agency ProPublica revealed that Chime customers had their accounts closed without notice, thereby leaving the customers without access to their funds. The ProPublica report states that Chime stated that a number of account closures were linked to fraud, however it also admitted that several of the closures had been errors. If your account has been shut down by Chime or any other neobanks with no notification, there is a way to be a possibility of resolving the issue. Act quickly by contacting the neobank and explaining the situation. And if you aren't helped by the neobank or the bank's representatives, you may complain to the Consumer Financial Protection Bureau.

See more from Chime

Chime has the following to say:

The Chime Credit Builder Visa(r) Card is issued by Stride Bank, N.A. Member FDIC under a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards can be used.

To be eligible for Credit Builder, you must have received a single qualifying direct deposit of $200 or more into your checking Account. The qualifying direct deposit has to be made by your payroll provider, employer or gig economy payer or benefits payer , either by Automated Clearing House (ACH) deposit or Original credit Transaction (OCT). Bank ACH payments, transfers from Pay Anywhere transfers as well as verification or trial deposits from financial institutions, peer-to-peer transfers via services such as PayPal, Cash App, or Venmo mobile cash loads, check deposits or deposits, one-time direct deposits, such as tax refunds and others similar to these transactions and any other deposit that Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

The money you deposit into Credit Builder will be held in a secured bank account in order to secure the Credit Builder Visa card, which means you can spend as much as you like on your card. It is money that you could use to settle your charges when you finish each month.

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Varo Believe Secured Credit Card

Image courtesy of Varo

Our pick for: Varo users

CARD DETAILS

Credit check: None.

Security deposit: You decide your credit limit based on how much you move into a secure account.

Fees: None.

APR: None.

Why We Like It

When you apply for the Varo Believe Secured Credit Card You can select your personal credit limit. The amount of money in the Varo Believe secured account becomes your credit limit (although there is a $2,500-per-day limit on spending). The card's report is to the three credit reporting agencies, but doesn't charge any charges or interest since it doesn't allow you to carry an unpaid balance. Since you're only allowed to spend the amount you deposit in the account secured, accumulating debt is impossible.

DRAWBACKS

To be eligible, you'll need to have a Varo bank account that has received direct deposits that are at least $500 in the past 90 days. The card doesn't offer ongoing rewards for broad categories of spending unlike some security credit card do, but you are able to earn cash back when you use the card to shop at select stores by using Varo's online coupons. (There's a $50 cap on the amount of cash back you can earn per month.) This card also doesn't offer an option to upgrade to an unsecured credit card once you work your way to better credit.

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Find the most suitable credit card to suit your needs.

Check your score anytime Check your score anytime, and NerdWallet will show you which credit cards make the most sense.

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First Progress also offers that doesn't require a credit report, but you'll have to pay a minimum of $200 upfront for the deposit. Other credit cards with secured features come with lower prices and flexible requirements for deposits that allow you to easily build credit.

The ratings of NerdWallet are determined by our editorial team. The scoring algorithm takes into consideration the nature of the card being evaluated (such like cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.

Grow Credit Mastercard

Our choice for subscriptions

CARD DETAILS

Credit check: The company runs only a soft credit check, which won't impact your credit score.

Security deposit: None for most membership plans.

Fees: None with the free membership. (Other tiers will cost you.)

APR: None.

WHY WE LIKE IT

It is a virtual credit card issued through Sutton Bank that is friendly to those with poor credit or none at all. Grow Credit has proprietary technology which analyzes income to assess the creditworthiness of a person. To assess the data, the company needs you to link a bank account through .

With the card, you select one of four membership plans that will help you build credit as you pay for monthly subscriptions or bills. For example, if , for instance, you typically pay $9.99 per month for Netflix and other streaming services, you could make that payment with this Grow Credit Mastercard . When you make your payments punctually and on time are credited to your credit. (Qualifying charges and subscriptions differ depending on the membership plan.) Grow Credit Mastercard Grow Credit Mastercard reports payments to all 3 major credit bureaus.

DRAWBACKS

The card can't be used for anything other than credit card's qualifying charges and subscriptions. Also, you can't carry an account balance from one month to another.

The two paid plans -the Grow membership level (annual cost of 50 dollars)) as well as the Accelerate tier (nearly $100 per year) The Accelerate membership tier isn't worth the cost. That's money you won't get back. You're better off with Grow Credit's free membership plan or secure membership plans. Also, it's worth looking into a which gives you the chance to receive your money returned.

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The ratings of NerdWallet are determined by our team of editors. The scoring formula takes into account the type of card being reviewed (such such as the cash-back or balance transfer) and the card's rates, fees, rewards and other features.

on the Capital Bank's website

OpenSky(r) Secured Visa(r) Credit Card

Our pick for: Those who are unbanked

CARD DETAILS

Credit check: None.

Security deposit: A $200 minimum deposit is required.

Costs A 35-year annual cost. Depending on your transactions and payment, additional fees might apply.

APR: The ongoing APR is 21.89% Variable APR .

WHY WE LIKE IT

The is a standard secured credit card ideal for those with poor credit. When it comes to secured credit cards it's one of the few that allow you to qualify without the need for a credit report as well as a bank account. It tracks payments to all three credit bureaus, and let you carry an ongoing balance. If you have a solid payment history, you may be eligible to receive a credit limit boost as well as an upgrade from the Open Sky Gold Unsecured credit card in as little as six months.

DRAWBACKS

The card's minimum $200 deposit requirement could be a problem for some. And while the $35 annual fee is on the low level, it's still possible to locate secured credit cards that don't charge the annual cost.

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Cred.ai Credit Card

Image is courtesy of Cred.ai

Our pick for: Spending guardrails

CARD DETAILS

Credit check Check for credit: None.

Deposit for security: No though an associated Cred.ai deposit account is typically required.

Fees: None when you're covered by the "Cred.ai Guaranty."

APR Variable rate of 17.76 percent (as of this writing).

What makes us like it?

The , sometimes referred to also as Unicorn Card, assigns a spending limit depending on the amount of your linked Cred.ai bank account. When you purchase items using the card, money is set aside in the deposit account so they can cover the bill at the time it's due. In this way, you can avoid late fees or interest charges.

The card also offers a variety of features including virtual card numbers for secure purchases as well as limited authorization windows and guardrails for credit utilization to make it easier to manage finances. Payment activity is recorded to all three major credit bureaus.

DRAWBACKS

Cred.ai is an unusual credit card. Cred.ai credit card can be difficult to understand because it doesn't function like a traditional credit card. The advertising copy that explains its distinctive features can create confusion. The process of understanding how this card operates is particularly difficult for a credit beginner but it might be worth the effort for those looking for a card that limits your spending. Rewards aren't available on this card, and there's no way to upgrade to a better product from Cred.ai.

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GO2bank Secured Credit Card

Our choice for a low security deposit

CARD DETAILS

Credit check: None.

Security deposit: A minimal deposit of $100 is needed.

Charges A zero annual cost. Based on the transactions you make and payment, additional charges could apply.

APR: The ongoing APR is 22.99 percent (as of this writing).

Why We Like It

The GO2bank Secured Credit Card can be a great option for those with bad credit. For eligibility, you'll have at least a GO2bank bank account and direct deposits of at least $100 within the past 30 days. There won't be any credit checks required to apply. It's a no-risk application. GO2bank Secured Credit Card has a relatively low minimal security requirement for secured credit cards that is $100. The amount deposited determines your credit limit.

Like a normal credit card, the smaller the credit limit, the less you'll want to spend using the card. can help your credit score. Credit score can be improved with the GO2bank Secured Credit Card reports your credit card transactions to three credit bureaus. This can help you build credit.

DRAWBACKS

In addition to the security deposit and the security deposit requirement, the GO2bank Secured Credit Card additionally requires the use of a GO2bank account in order to be eligible and adds an additional step to the application process. There's no way to upgrade to an unsecure credit card once you've established a good payment history, so you'll have close your account if you wish to receive your security deposit returned. The card also charges a 3percent foreign transaction fee per transaction, which means it's not ideal when traveling overseas.

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(Card image (courtesy of GO2bank)

Self Visa Credit Card

Image taken by self. Image courtesy of Self

Our recommendation: A mix of credit-building features

CARD DETAILS

Credit check: None.

Security deposit Security deposit: No upfront security payment is required. The credit limit you set is by the amount you move to credit on your Credit Builder account.

Costs A one-time fee of 25 dollars. Based on your transactions and payments, other fees could be imposed.

APR: varies based on a variety of aspects including the amount you select to pay monthly.

Why We Like It

To be eligible for this credit, you must have a credit Builder Account, which is a small installment loan that's held in the form of a deposit certificate. It can be beneficial for your credit score when you make on-time payments. It is important to note that the Self Visa Credit Card and the Credit Builder Account are both reported to all of the three credit bureaus -the former being a credit line that is revolving and the other is an installment loan.

To start, you'll open a Credit Builder Account in which you'll pay monthly installments, starting from $25 per calendar month based on the loan duration. Once you've contributed $100 and met other requirements then you'll be able to utilize that money to cover an additional security deposit to secure the Self Visa Credit Card. This is a great alternative if your budget could benefit from paying for a deposit in small installments over time. You'll eventually get this money back once you have closed the account and it's in good standing.

DRAWBACKS

A $100 security deposit is considerably less than the amount required by conventional credit cards with a security deposit However, in the long run, the loan and card combined would result in a higher cost. Unlike many secured credit cards that are available, Self Visa Credit Card is not a secured credit card. Self Visa Credit Card charges an annual fee. Additionally, it charges a one-time administration fee of $9 when you open a credit builder Account.

However, you won't be able to obtain the card right away. You'll have to clear some obstacles first, including having a savings of at least $100 in your Credit Builder Account and making the final three monthly payments in full and having an account that is in good standing.

>> MORE:

About the author: Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been featured by The Associated Press, New York Times, Washington Post and USA Today.

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Is now a good time to buy electric? Considerations when financing an EV Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offerings that could be open to you.

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7 min read published February 27, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile.

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

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched information that dissects complicated topics into bite-sized pieces.

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At Bankrate we are committed to helping you make better financial choices. While we adhere to strict editorial integrity ,

This article may include references to products from our partners. Here's how we make money .

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In 1976, Bankrate was founded. Bankrate has a long track history of helping people make wise financial decisions.

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It is a financial strain ownership, from the initial purchase until fueling up at the station, has reached record levels for drivers over the course of the year. While gas prices have crept down and a gallon cost $3.38 in February. 24 as per AAA -financing a vehicle gets more expensive . Drivers pay an average of $700 per month for new car financing, and $525 for vehicles used in the third quarter of 2022's fiscal year, . With steep costs to fill with fuel and pay for, and the constant worries about climate issues, many drivers are itching for another solution. You might be asking "Should I invest in an electric vehicle?" And you wouldn't be alone. Electric vehicle (EV) demand has jumped over the last few years, and TransUnion believes that the EV market share will reach . However, the cost upfront of electric vehicles might not be right for all drivers. Should I purchase an electric vehicle? The decision to purchase electric should be approached with the same care as determining the make and model of the next vehicle. For some, the convenience of having a low maintenance can make the price tag worthwhile. "From an entirely consumer experience standpoint, purchasing an electric vehicle is very positive," says Brian Moody who is executive editor at Autotrader. "In addition to that, driving in electric vehicles is extremely satisfying. It is quicker and more efficient, and electric vehicles come with interesting features such as the capability to heat the vehicle's interior before hitting the road." If there's no full electric car one, a hybrid or plug-in model could be more efficient than gas-powered models and being kinder on your wallet than an EV. As Moody explains, these tend to carry a lower price tag as well. They "function in the same way as an electric car in the daytime, consuming gas only for lengthy trips." This can be a viable option for people who want to drive electric but not prepared to commit to a full-time commitment. The market for electric cars has seen great innovation over the last two years and will continue to expand. Although upfront costs have historically been high, they're dropping as more options become accessible and established brands move into the electric car market. The U.S. auto market is moving towards electric vehicles. Record-high gas prices could have helped propel EV sales. Electric vehicles accounted for 5.7 percent of new car registrations in Q2 2022 according to . This may not sound like a lot, but it's a notable improvement in comparison to the 1.5 percent share that electric vehicles accounted for in the second quarter of 2018. The growing demand for electric vehicles has resulted in improvements in financing options, including and tax credits. This increased market is among the main reasons to consider buying an electric vehicle. While Tesla is currently the most popular choice, TransUnion predicts the luxury model will be a minority of the market share by 2025 because of the influx of new and mainstream brands that are entering the market. Moody shares a similar perspective regarding vehicle availability. "It used to be true that there were only a handful of very small or very expensive electric vehicles. Although EVs tend to be more costly as a whole but some models are less expensive. For instance, there is the Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective EV option. EV drivers have almost the same credit profile as those who drive luxury vehicles. Satyan Merchant the senior vice president and automotive business leader at TransUnion has noticed a growing the popularity of EV financing, which has a direct influence on the entire automotive finance market. The study by TransUnion for 2022 found that out from the 3 million consumers between 2019 and 2021 who took out new traditional and EV loans the majority of EV-related borrowers had nearly identical credit profile to those who own high-end cars. Those driving mainstream EVs were able to get an average score for credit of 775 and fell into the prime category. Also, they had an APR average of 2.8 percent. This is less than the median APR that was 4.9 percent for all new cars for people with credit in the prime category. The low average APR for electric vehicles isn't only due to the high credit ratings of these motorists. They are also making . The study also revealed motorists were much more likely begin their research . In reality, more than one-third conducted online research on vehicle models and makes. Merchant says, "Our research clearly shows that buyers of electric vehicles have great credit risk profiles, but this group also has varying preferences, including a larger desire to shop around for financing options via digital channels." This larger appetite will likely be reflected in new options for EV financing, as well as an expansion of available vehicles expected over the next few years. Options for eco-friendly financing are increasing. The growing marketplace for electric vehicles also brought about improvements in financing. Although consumers can borrow or use for their electric vehicles, lenders specifically for EVs are becoming more popular and provide drivers with a tailored experience through . Alex Liegl, CEO of Tenet, explains the company's efforts with EV financing and the company's goal to make climate investment an easy decision. The Tenet method "gives customers the ability to manage their upfront investment costs and to save the cash for down payment to be used for other expenditures," Liegl says. Additionally you can also choose a deferment option that transfers an entire quarter of the purchase cost to one final payment at the closing of the term of financing. This allows for smaller monthly payments and an easy financing experience- but a large amount may be due at the conclusion. The goal, Liegl says, is to "help customers fully enhance their lives through making environmentally sustainable home improvements easier to afford, such as the installation of solar panels, battery backup and electric vehicles, smart appliances and much more." Other companies, like , serve as a marketplace for loan prequalification directly connected with incentives for EVs and green loans offered throughout your region. According to its website, drivers can save up to $200 per month on their monthly electric vehicle loan payments. Do EVs have lower costs over the life of their lease? Then, is an electric car worth it? The positive feelings that come when you drive a car that is better to the planet isn't always the only reason people are turning to electric cars. It also has the potential to save money. While it's true that gas accrued while driving, in certain cases driving electric can be more affordable overall. According to a survey conducted in 2020, drivers of electric vehicles saved an average of and repairs throughout the duration of ownership, according to Consumer Reports. This is due to the different methods of maintenance and upkeep of EVs. These vehicles do not require oil maintenance and have a simpler powertrain. Drivers of battery-electric vehicles and plug-in hybrid vehicles paid only 3 cents per miles over the course of their vehicle's life, compared to 6 cents per mile for traditional vehicles. But driving electric isn't completely positive. CNET, an affiliate of the Red Ventures company, reported on a 2021 study by We Predict that found . While it is true that drivers can avoid the additional cost associated with , like oil changes and routine inspections, EV parts are much more expensive when it comes time for repairs. This means that the longer maintenance hours logged combined with the costlier replacement parts may result in electric cars being the same, or more expensive as driving gas-powered vehicles. Furthermore, electric vehicles are able to operate be more efficient than the traditional gas-powered option due to the speed of technological advances, although the current demand for EVs helps to stabilize prices at the moment. How to finance an electric car The procedure of financing an electric car is fairly similar to that of a traditional gasoline-powered car. It is crucial for you to take the exact steps that you would normally follow, in addition to understanding available terms and understanding the importance that the credit rating and past have to carry. As previously mentioned that driving electric vehicles also carry potential state and federal benefits you don't traditionally have access to. One of these is , an incentive worth $7,500 for new, qualified plug-in or fuel cell electric cars. New in 2023, you might also be able to claim an federal tax credit . The car can't be bought for more than $25,000. If it is eligible, you can claim a credit for up to 30% of the purchase cost, with a maximum of $4,000. Both federal tax credits come with income restrictions and vehicle requirements, so be sure you and your potential future EV meet the requirements before you dive in. In addition, you may get a state tax credit depending on the state you live in. Questions to ask yourself before purchasing an electric vehicle or operating an electric vehicle comes with an additional number of demands that you may not have encountered before. Take a look at these questions. 1. What is the range of the vehicle? It is important to check the distance that your car can get you -- for your daily commute and for your traveling habits. Energy.gov reports the range of 2021 model year vehicles that have possible ranges of between 405 and 405 miles. It is likely that drivers will be able to manage lower levels of "range anxiety" as their vehicles get up to speed with technology available. It is advisable to assess your needs by factoring in your typical commute and expected leisure activities. 2. Do I need to consider leasing before purchasing an electric vehicle? "Leasing an electric vehicle can be a great way to get a taste of ownership in an electric vehicle," Moody says. is typically less expensive in a month-to-month arrangement and generally comes with a guarantee. If you are on the decision of driving electric you should consider leasing one to test the feeling and the driving experience. 3. Do I have access charging stations for my vehicle in my neighborhood? Even though the Electric Vehicle Council found that about of EV drivers can charge at home, many drivers do not have the luxury of having a Level 2 charger. That's okay. Many EVs now have the option to charge using any outlet that is electrical, but it might take all night or more to achieve a full charge. That said, you might require a quicker charge at times. There are many EVs take about 45 minutes to reach the 80 percent capacity of their batteries at a fast-charging station. To find out the locations you could be able to obtain a faster charge look up , which maps out charging stations nearby. Double-check that any charging stations that you are planning to frequent will work with your vehicle you're looking at. You should consider an electric vehicle when looking for your next vehicle If you're wondering, is an electric vehicle worth the investment? Like any other luxury vehicle, EVs can carry higher upfront costs, and drivers need an excellent credit score to benefit from lower interest costs. However, as the market grows with more middle-tier choices pop up, more drivers can reasonably look into electric alternatives. Are you one of that 36 per cent of Americans who are considering electric? Moody suggests aiming at the sweet spot, buying lightly used -- something that falls in the 3-to-5-year range -- to benefit from a lower cost and a decent amount of warranty protection.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances by providing concise, well-researched and well-written information that breaks down complex topics into manageable bites.

Auto loans editor

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What Is Plastiq and How Does It Do Its Work?

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions without hesitation. While our website does not feature every business or financial product available on the market We're pleased that the advice we provide as well as the advice we offer and the tools we create are impartial, independent simple, and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our website) However, it doesn't affect our recommendations or advice that are based on thousands of hours of research. Our partners do not pay us to guarantee favorable review of their services or products. .

What Is Plastiq and How Does It Work?

For a cost, Plastiq lets you use debit or credit cards to pay bills which don't normally accept credit cards for payment.

By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has been a passionate writer covering the subject of credit cards for more than six years. Her prior experience includes nine years as the creator of content for various websites and publications. In her writing, she hopes to assist readers in extracting value from credit cards to help them achieve financial goals such as increasing their budget, establishing credit, traveling to their dream destinations and repaying debt. She focuses on these subjects along with others in the Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's diploma of sociology, earned from The University of California, Los Angeles.

Updated February 10, 2023 10:13AM PST

Written by Kenley Young Assigning Editor Credit cards, credit scores Kenley Young directs daily credit card coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in both digital and print media, with stints as chief of the copy desk, a wire editor and an editor for metros for the McClatchy Newspaper chain.

The majority or all of the products we feature come from our partners, who pay us. This influences which products we feature and where and how the product is featured on the page. But this doesn't affect our opinions. Our opinions are our own. Here is a list of and .

More Like This

It is a service that lets individuals and businesses use credit or debit cards to pay for vendors who do not normally accept these payment methods.

As a way to provide this convenience, Plastiq charges you a processing fee that can be expensive as of December 2022 . Of course, if you're using a credit card and aren't able to pay your charges each month and you're charged interest, it will be depending on the current rate your credit card bills.

However, if you require breathing room as you wait for a paycheck or windfall to arrive, Plastiq could be cheaper than a higher-interest alternative like a or -- assuming you can pay off the debt quickly and in particular in the case of an rewards credit card that will pay for the processing fees.

>> MORE:

Plastiq: The basics

Plastiq allows one-time or regular payments for bills such as mortgage and utilities, day care, homeowners association fees and other expenses. You add a debit or credit card into your Plastiq account, and then charge it in to the value of your bill and Plastiq will pay the business on your behalf via the method the vendor will accept: or a traditional paper check. (Checks are, for example, are read to the seller as being from you, not from Plastiq.) The recipient does not need an account with Plastiq account to accept payments.

" Plastiq is a service that lets individuals and businesses use debit or credit cards to pay merchants that don't otherwise accept those payment methods. "

Plastiq generally has the 2.9% fee for debit and credit cards. Conditions apply. This service works with

Visa.

Mastercard.

Discover.

.

However, certain credit cards come with restrictions on the kinds of bills you can pay using Plastiq. For instance, Visa cannot be used to make mortgage payments using Plastiq's bill-pay service.

In addition, Chase recently unveiled a and it's not known what consequences that may have for transactions made with a Chase card using Plastiq.

Nerdy Tip

Since February. 10, 2023, Plastiq will no longer take American Express.

How it works

Start by creating a free account with Plastiq and then adding your debit or credit card information. You can add multiple cards and pick one as your default.

Additionally, you'll need to add recipients, including vendor name and country. This information will be saved in your account for future reference.

" Checks generally take eight days to arrive according to the website of Plastiq So, make sure you have some padding on the calendar to avoid making payments late. "

To make a payment choose the recipient, the amount owed and the preferred payment method (ACH wire transfer, wire transfer, or check) and the due date for the funds to arrive. It is also possible that you need specific information about the invoice you're paying such as, for instance an loan number for the mortgage, a unit number for rent due on an apartment, etc. You can include additional information in the "memo" part.

You can either make a single payment or schedule them to run automatically. For recipients that accept only cheques via snail mail, you may have to submit the payment earlier than the normal. The average time for checks is eight days to arrive, according to Plastiq's website, so build in some padding on the calendar to avoid having to pay in the late hours.

Plastiq provides an explanation of the fees, in dollars as well as a percentage, on the screen for reviewing payments before you can complete the transaction. Once you tell Plastiq to process the payment, you'll receive numerous email confirmations from the company throughout the way, including confirmation of the first transaction, a notice that a check has been physically delivered to the merchant to pay for the transaction, and a confirmation when the beneficiary cashes it. (If for some reason your payment isn't completed, Plastiq will notify you.)

Nerdy Tip

Certain credit cards might not work with third-party bill payment services. Before you use one, be sure to review the terms and conditions and inquire with the issuer about what (or whether) the transaction will be processed. It might be treated as a cash advance instead of the purchase. Plastiq says that it notifies clients and blocks payments prior to when they are considered cash advances.

The costs

For debit cards

The benefit of charging a debit card via Plastiq isn't a great idea. The charges will be a 2.9 percent processing cost that you'd be able to save by sending your personal check directly to the vendor. (Plastiq used to charge only 1% for debit cards, but it increased the cost to match that on credit card transactions in the month of March.)

However, if you're not interested to order personal checks, buy stamps, travel to the post office and so on., then Plastiq does cut those corners for you. Still, take care to only use the service if it won't risk exceeding your credit limit.

For credit cards

Credit cards offer a more interesting use case because they, in essence, Plastiq allows you to pay off bills prior to having the actual cash available. In addition, floating the cash using a credit card in such a way could be a more affordable alternative to other options such as cash advances.

" Floating yourself the cash using a credit card this way can be a cheaper alternative to other options such as cash advances. However, it's not free of risk or cost. "

However, it's not without cost or risk. To begin, the 2.9 percent processing cost might seem like a lot, but when you're using Plastiq to pay a rent check of $2,000, it adds $58 to the amount. Utilizing a Rewards card which earns for instance, a lower cost, but you'll difficult to avoid it completely unless you are collecting an incentive to sign up through the spending.

In addition, if you cannot afford to pay off that $2,058 charge in your credit card's billing period, you'll be hit with the card's ongoing interest rate. And rewards cards typically have the highest annual percentage rates the bunch, with some in excess of 20%.

>> MORE:

Nerdy Tip

Your credit card's can buy you a few days to avoid accumulating interest. The grace period is the window of time between the conclusion the billing period until the date your due date for payment arrives. Grace periods aren't applicable to credit card cash advances, but they could apply to a payment service such as Plastiq. Remember, however, that if you have the balance on your credit card, your issuer will cancel your grace period.

The most important thing is the bottom line

In short, Plastiq is a service which is best employed strategically. It will help you hold on to cash reserves if you require them in the short term as well as being relatively inexpensive relative to some other options for quick cash.

However, using it to pay bills that you cannot afford in the first place will be costly and unsustainable after the revolving credit card's interest begins to accrue.

About the author: Melissa Lambarena is a credit card writer for NerdWallet. Her work has been highlighted by The Associated Press, New York Times, Washington Post and USA Today.

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ACE Elite Prepaid Debit Card Review

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. And while our site doesn't include every business or financial product in the marketplace We're pleased that the advice we provide and the information we offer and the tools we create are independent, objective easy to use and free. So how do we make money? Our partners pay us. This may influence which products we write about (and where those products appear on our site), but it in no way affects our suggestions or recommendations that are based on hundreds of hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .

(image: https://burst.shopifycdn.com/photos/santa-shopping-for-sales.jpg?width=746&format=pjpg&exif=0&iptc=0)ACE Elite Prepaid Debit Card Review

By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has covered the personal financial sector since, with a focus on certificates of deposit and other banking-related issues. He has had his work covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

Updated Oct . 1, 2018.

Written by Amy Hubbard Amy is a former editor in the banking industry and copy editor for NerdWallet. She previously worked as a writer and editor in The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.

A majority of the items featured on this page are provided by our partners, who pay us. This affects the products we review and the location and manner in which the product appears on the page. But, it doesn't affect our opinions. Our opinions are our own. Here is a list of and .

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

for ACE Cash Express

The ACE Elite prepaid debit card might cost more than what it's worth. The card, which is managed by NetSpend and issued through MetaBank it comes with additional services that aren't available on many other cards that are prepaid, including an interest-bearing savings account, however, the fees for the card add up. If you're able to deposit direct, you can cut down on some expenses. However, there are .

Read on for more details about the ACE Elite's charges and other services.

The best for:

Those who can't sign up for a bank account, want to receive direct deposit and benefit from the savings feature.

Pros

The card is free to use online. The sign-up procedure is simple. You need the Social Security number when you sign up, but you'll need no credit check.

Discount on monthly fee. If you have at 500 in direct deposit each month (from the government or from payroll) You can be part of the $5 FeeAdvantage Plan that costs $60 a year.

Two days or more with direct deposit. Companies and government agencies may send your money before the official payday However, banks generally delay processing money. ACE Elite can process direct deposits quicker, however it depends on whether they get your money early.

Monthly plans do not have the expense of purchasing. Most prepaid debit cards don't charge fees for using the card at retail stores, but ACE Elite's pay-as-you-go plan does -- one dollar per transaction. The cards two monthly plans, however, keep purchases free.

Three free reload options. Direct deposits, online transfers made from an additional ACE Elite card and mobile check deposits with 10-day processing are all free. Transfers from bank accounts may be free, however it's dependent on the bank.

The savings account offers 5% APY for first $1,000. The percent yield per year is high, but after the first $1,000, the interest rate is reduced to 0.50 percent APY on the balance remaining. This means you can get $50 of interest for the first $1,000, and $5 for the next $1,000 then the same amount for the following. If you pay one year's worth of fees, the expense alone could be more than what you earn in interest.

Check out more choices Take a look at our list of

Cons

A high monthly cost. Prepaid debit cards tend to have a monthly fee around $5, in the average, however, the ACE Elite fee is $9.95.

Other charges. If you cease using this ACE Elite card for 90 days or request a check for a remaining card balance that's $5.95 fee. You can also pay a fee to buy the card in stores for up to $9.95; a $1 fee for transactions that are declined as well as fees for certain calls to customer support.

There is no free-withdrawal service for customers. Cash withdrawal from any ATM, or over the counter at a bank costs $2.50 each time.

It also has an overdraft feature that is available. A big selling point for the majority of credit cards for prepaid debit is the fact that there are no overdraft charges when your account is in the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft plan that charges $15 overdraft fees and a maximum of 3 per month. This is lower than the majority of banks' overdraft plans, but not ideal to use if you need help budgeting.

No free way to manually add money that's quick. Transfers online take days to process, and the option for processing check deposit mobile in a matter of minutes can cost at least 2% of the amount of check.

There is no free-reloading network. Cash reloads at retailers in NetSpend's reload network like CVS Pharmacy and 7-Eleven, are instant but carry the cost of $3.95 which varies depending on the store. Certain locations do not charge but some charge.

A look at prepaid debit cards

What is a prepaid debit card?

A prepaid debit card type of credit card that lets you spend the money that you put on the card. They do not assist in building credit. As with debit cards, a prepaid card works with any store which accepts its payment network, like Visa, Mastercard or American Express. It's safer and easier than cash. Most prepaid cards have a mobile app to deposit checks and transfer money. Learn more on our guide on prepaid debit cards.

Unlike checking accounts, prepaid debit cards may lack some services such as free ATM branches as well as checks, among other. If this doesn't suit you, check out our list of the top checking accounts. If you've had trouble with banks in the past you can look into second chance checking options.

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards in advance the card is loaded with money the card using cash or checks or direct deposit into an bank account before paying for transactions.

Debit cards -- pay now: You use money directly from a checking account when paying for purchases or withdrawing funds from an ATM.

Credit cards -Pay later: You can borrow cash from a financial institution when you use the card and pay the money back later.

What is the procedure for FDIC insurance on Prepaid cards function?

Prepaid debit cards almost always include FDIC assurance, which helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, which means the prepaid card is operated by a bank, or a prepaid card company that partners with a bank to offer this insurance. You must sign up your debit card prepaid with your name and other information about your identity in order to be eligible for FDIC insurance, as well as other security.

About the author: Spencer Tierney is a writer and NerdWallet's official authority on deposit certificates. His work has been featured in USA Today and the Los Angeles Times.

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What is a difficult Inquiry?

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able make financial decisions with confidence. Although our site doesn't feature every company or financial product that is available on the market We're pleased of the advice we offer, the information we provide and the tools we create are independent, objective simple, and cost-free. So how do we make money? Our partners pay us. This can influence the products we write about (and the way they appear on the site), but it doesn't affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners cannot promise us favorable ratings of their goods or services. .

What is a difficult Inquiry?

A hard credit report could knock a few points off your score temporarily, but a soft inquiry doesn't affect it.

By our Nerdwallet contributors are experts in their field, who come from various backgrounds including journalism, finance and consulting. The By Our Nerdwallet team adheres to highest editorial standards to ensure our readers have the information needed to make sound financial decisions without trepidation. Find out more about our

Updated February 13, 2023

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Prior experience includes copy editing and news for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism in the University of Iowa.

A majority of the products featured here are provided by our partners, who pay us. This affects the products we write about as well as the place and way the product appears on the page. But, it doesn't influence our evaluations. Our views are our own. Here's a list of and .

An inquiry that is hard to answer is to check your credit score, usually to determine the viability of your loan or credit card application. It could take the smallest amount of marks off of your score, however, it's only temporary.

If you conduct a credit check yourself, it's considered a soft credit inquiry or soft credit check, and it doesn't impact your credit score.

The Fair Credit Reporting Act places limitations on the times and reasons your credit report may be inspected.

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Sign up for an account and get your free credit report and score at hand, every day.

What is a tough question?

An inquiry that is also referred to a hard pull or a credit check, needs your consent. It is triggered when you make an application for credit like a mortgage, credit card, auto loan or student loan and personal loan. It doesn't happen in the case of looking for pre-qualification to decide whether or not to apply.

This inquiry will be included on your credit report. This means that anyone who checks your credit report will be able to see it. An inquiry that is hard will stay in your credit file for , but it stops affecting your credit score within less than one year.

Nerdy Tip

When you apply for a credit product which requires a hard inquiry regarding your credit score You could receive an inundation of marketing communications from lenders. The reason for this is because credit bureaus offer marketing lists triggered by hard inquiries. You can choose to not purchase, either permanently or for a period of five years. Visit , which is a service provided by Credit bureaus Equifax, Experian, TransUnion and Innovis and 888-567-8688. The bureaus claim that your request will take effect in five business days. Be aware that you could still receive offers for marketing from lenders who use different sources. The decision to opt out of receiving marketing offers does not alter your credit score or the ability to apply for credit or insurance.

How does a hard inquiry influence your score on credit?

A single inquiry could cut as much as 5 points off of you FICO score. But, for the most popular FICO model, all inquiries within a 45-day period are considered to be one single inquiry, if you're " ," such as for mortgage, student or auto loans. Older FICO models and VantageScore which is FICO's rival, also group inquiries for rate shopping, but in 14 days. A VantageScore spokesperson said that a hard inquiry could shave as much as 10 points off a VantageScore.

The majority of card issuers or lenders will obtain a credit report from 3 credit bureausthree of them namely Equifax, Experian or TransUnion. This means that the report will show up on just one of your credit reports. This is not the case for a mortgage, when the three bureaus of credit are usually examined.

It is advisable to avoid making hard inquiries. Before you make an application for credit, check to be as sure that you are likely to be approved to ensure that you don't lose score points without gaining the approval you want. Do not apply for credit on impulse. Be sure to consider whether a discount or bonus that you are hoping to receive is worth the potential ding on your credit. If you have one or two points, it may not be too significant. But, if you're in poor credit beware.

What is an inquiry that is soft?

Soft inquiries, also known as soft pulls or soft credit checks, can occur without your knowledge. If you've received a credit card offer in the mail, it's likely that the company offering the credit card did a soft credit check to see if you would likely be eligible. The same goes for other kinds of loan offers or when mortgage brokers or lender performs a pre-qualification or preapproval.

Employers can also conduct a background check on you as well as a review of an amended credit report. If they have your permission to examine your credit report, it's not considered a hard inquiry because it's not for the purpose of deciding whether to give your credit.

The most important thing is that it's a soft inquiry, so it won't affect your score. You can get your information on demand through an online personal finance site such as NerdWallet. You can also get your reports from the three main credit bureaus. They are completely free until 2023, you're entitled to one each bureau each week.

When you review your credit reports there are soft inquiries , but they don't appear on the credit reports that lenders view.

Learn: How you can work in Canada

Soft or hard inquiry?

Some questions can be difficult or soft. If you rent a car or want to apply for an apartment and enroll in cable TV or internet service and open an account at an institution of finance or someone requires verification of the identity of you, then you might encounter hard or soft inquiry. Only way you can find out beforehand is to ask the potential tenant or the service company.

If you think a hard inquiry is on your credit report but isn't, you can just as you can other inaccurate information. It's definitely worth pursuing because it could suggest fraud or .

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Best Credit Cards With No Credit Check

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product in the marketplace We're pleased that the advice we provide as well as the advice we provide and the tools we create are independent, objective simple, and completely free. So how do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on the site) however it in no way affects our advice or suggestions which are based on hundreds of hours of research. Our partners do not be paid to ensure positive review of their services or products. .

Best Credit Cards With No Credit Check

Some credit cards, particularly ones from companies that are newer, offer no credit check and no charges. This is a perfect combination for people with bad credit. Here are our top picks.

by Melissa Lambarena Lead Writer | Credit cards and the debt Melissa Lambarena is a lead writer on the credit cards group at NerdWallet. She has been a passionate writer covering credit card related topics for more than six years. Her previous work experience includes nine years of experience as the creator of content for numerous websites and publications. In her writing, she strives to assist readers in extracting value from credit cards to meet financial goals like expanding their budgets, building credit, travelling to dream destinations and repaying debt. She focuses on these subjects as well as others in the Millennial Money column featured in The Associated Press. Her work has also appeared on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's diploma of sociology, earned from The University of California, Los Angeles.

Updated Mar 31st 2023 at 2:11PM PDT

Written by Kenley Young, Assigning Editor Credit cards, credit scores Kenley Young is the director of daily credit card coverage for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has a wealth of experience in both digital and print media, including stints as a copy desk chief as well as a wire editor, and a metro editor at the McClatchy Newspaper chain.

The majority or all of the products featured here are provided by our partners who pay us. This impacts the types of products we write about and the location and manner in which the product is featured on a page. However, this doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .

Credit cards that boast "no credit check" can be appealing to people with bad credit (FICO scores of 629 or less), since they won't have a negative impact on your credit scores. However, they often have higher fees and high interest rates which is why they are called "no credit check"

They could let you avoid that on your credit score, however you'll have to pay for it in the end.

But some credit card companies -- particularly young startups in the industry are advertising no credit check and no fees of any kind. Many of these so-called have proprietary underwriting technology that can evaluate creditworthiness by looking at other factors, like your bank account, instead of credit and traditional histories.

In short, if you have poor credit, feesharvester cards or traditional are no longer the only options. Here are a few low- and no-fee cards that don't require a credit check.

>> MORE:

Best credit cards that have no credit check

The NerdWallet ratings are based on the work of our editorial team. The scoring formula takes into account the type of card being reviewed (such like cash back, travel or balance transfer) and the card's rates in addition to fees, rewards, rewards and other features.

on Chime's website

Chime Credit Builder Visa(r) Credit Card

Our choice for Chime users

CARD DETAILS

Credit check: None.

Security deposit: No upfront security deposit is required. You decide your credit limit depending on the amount you deposit into secure account.

Fees: None.

APR: None.

WHY WE LIKE IT

For those with poor credit score or have no credit, the removes many of the limitations of the traditional credit card with secured features. A -- a cost-free bank account that allows you to receive direct deposits -must be obtained to obtain the card. You'll also need at least $200 in direct deposits into the Chime Spending Account within the past 365 days to show that you've got a source of income.

However, this card doesn't require an upfront security fee like most secure credit cards require. Therefore, you're not paying $200 that is wrapped and inaccessible for an unknown length of time.

You can also decide how much you spend. The amount of money that you transfer between your Chime Spending Account to the Credit Builder secured account determines the credit limit. For instance, if you transfer for example, $25, to your secured account then you'll be able use the card to spend the $25. The money in the secured account can also be used to pay the balance. These payments can be used to build credit. For instance, if you bought a gas card for $15 using your secured credit card, you'll be able to transfer the $25 that you transferred into your secured account to pay the $15. Your transactions are reported to the following companies : TransUnion, Equifax and Experian. These companies collect the information used to calculate your credit scores

DRAWBACKS

The Chime Credit Builder Visa(r) Credit Card requires a Chime Spending Account to qualify. It's free to sign up, however it will require some effort beyond what the card's application. If you'd prefer the option to carry a balance from month to one month, this card does not permit it. There is no upgrade path or upgrade path.

Nerdy Tip

On July 6, 2021, the nonprofit news organization ProPublica announced that Chime customers had their accounts closed without notice, thereby leaving the customers without access to their funds. In ProPublica's report, Chime stated that a number of account closures were due to fraud, but it acknowledged that a number of the closures were mistaken. If your account is shut down by Chime or other neobanks without notification, there is a way to be a possibility of resolving the issue. Act quickly by contacting the neobank directly to discuss the situation. And if you aren't helped by the neobank and you are not able to resolve the issue, you can file a complaint with the Consumer Financial Protection Bureau.

Check out the other songs from Chime

Chime states:

Chime Credit Builder Visa(r) Card Chime Credit Builder Visa(r) Card is issued by Stride Bank, N.A. and is a member of the FDIC, pursuant to the license of Visa U.S.A. Inc. and may be used everywhere Visa credit card are accepted.

In order to be eligible for Credit Builder, you must have received a single qualifying direct deposit of at least $200 in your bank's Checking Account. The qualifying direct deposit must originate from your payroll provider, your employer, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit or an Original credit Transaction (OCT). Bank ACH transfer, pay Anyone transfers, verification or trial deposits from financial institutions peer-to-peer transfers via platforms like PayPal, Cash App, or Venmo, mobile checks, cash loads or deposits as one-time direct deposits like tax refunds and the like, as well as any other deposit that Chime determines is not a qualifying direct deposit are not considered to be qualifying direct deposits.

The money you deposit in Credit Builder will be held in a secure account in order to secure the Credit Builder Visa card, which means you can spend up to the amount you want on your card. It is money that you can use to pay your balance when you finish each month.

>> MORE:

Varo Cred Secured Credit Card

Image courtesy of Varo

Our pick for: Varo users

CARD DETAILS

Credit check Check for credit: None.

Secure deposit: choose your credit limit on how much you deposit into a secure account.

Fees: None.

APR: None.

What makes us like it?

The Varo Believe Secured Credit Card You can choose your individual credit limit. The amount you deposit into the Varo Believe secured account becomes your credit limit (although there is a $2,500-per-day spending cap). The card's report is to all three credit reporting agencies, however, it does not charge charges or interest since it doesn't allow you to carry an unpaid balance. Since you are only able to use the funds you deposit in the secured account, taking on debt is impossible.

DRAWBACKS

To be eligible, you'll need a Varo bank account that has received direct deposits of at least $500 in the last 90 days. The card does not offer continuous rewards for broad categories of spending like some security credit card do, but you can earn cash back when using the card to shop with select retailers by using Varo's online coupons. (There's an upper limit of $50 for the amount of cash back you earn per month.) It also doesn't provide the option of upgrading to an unsecured credit card after you've worked your way to better credit.

>> MORE:

Find the best card for your credit

Check your score anytime You can check your score at any time, and NerdWallet will let you know which credit cards have the most sense.

Nerdy Tip

First Progress also offers that do not require a credit check However, you'll need deposit a minimum amount of $200 in advance for the deposit. Secured credit cards also have lower costs and flexible requirements for deposits that help you build credit.

NerdWallet's ratings are determined by our team of editors. The scoring formula takes into account the nature of the card being evaluated (such such as cashback, travel or balance transfer) and also the card's rates as well as fees, rewards, and other features.

Grow Credit Mastercard

Our choice for subscriptions

CARD DETAILS

A credit check is conducted by the company will only conduct a credit check, which will not affect your credit score.

Security deposit: No for the majority membership plans.

Fees: None with the free membership tier. (Other tiers will cost you.)

APR: None.

Why We Like It

The card is a virtual one that is issued through Sutton Bank that is friendly to those with poor credit or none at all. Grow Credit has proprietary technology that analyzes income to assess the creditworthiness of a person. To assess the data, the company needs the user to connect an existing bank account through .

The card lets you select one of the four membership plans that help you build credit as you pay for eligible monthly bills or subscriptions. For instance, if you normally pay $9.99 a month for Netflix and other streaming services, you could pay that amount using this Grow Credit Mastercard . The payments, if made on time and in full are credited to your credit. (Qualifying payments and subscriptions vary depending on the membership plan.) Grow Credit Mastercard Grow Credit Mastercard reports payments to all of the three credit agencies.

DRAWBACKS

You can't use the card for any transactions other than the qualifying bills and subscriptions. Also, you can't carry the balance between months.

There are two membership options that cost money -the Grow membership level (annual cost of $50) and the Accelerate membership tier (nearly $100 per year) -- are not worth the price. That's money you won't get back. You're better off with Grow Credit's free membership plan or secure membership plans. Also, it's worth looking into a which gives you the chance to get your money returned.

>> MORE:

The NerdWallet ratings are based on the work of the editorial staff. The scoring algorithm takes into consideration the nature of the card being evaluated (such such as the cash-back, travel or balance transfer) and also the card's rates in addition to fees, rewards, and other benefits.

on Capital Bank's website

OpenSky(r) Secured Visa(r) Credit Card

Our choice for those who do not have bank accounts

CARD DETAILS

Credit check Credit check: None.

Deposit for security: A 200 minimum amount of deposit must be made.

Costs A Annual fee of $35. Based on the transactions you make and the amount of money you pay, additional charges might apply.

APR: The current APR is 21.89 percent. It is a variable APR .

What makes us like it?

The is a standard secured credit card, which is perfect for people with bad credit. Among secured credit cards, it's among the few which allow you to apply without the need for a credit report and bank account. It makes payments available to the three credit bureaus and lets you carry a balance on an ongoing basis. With a good payment history, you may also potentially qualify to receive a credit limit boost as well as an upgrade from the Open Sky Gold Unsecured credit card within six months.

DRAWBACKS

The card's minimum $200 deposit requirement could be a problem for certain. While the annual $35 cost is on the lower price, you can get secure credit cards which don't charge the annual cost.

>> MORE:

Cred.ai Credit Card

Image is courtesy of Cred.ai

Our pick for: Spending guardrails

CARD DETAILS

Credit check Check for credit: None.

The security deposit is not required, however an associated Cred.ai bank account usually required.

Fees: No when you're covered under the "Cred.ai Guaranty."

APR The variable rate is 17.76 percent (as of this writing).

Why We Like It

The , also known as the Unicorn Card, assigns a spending limit dependent on the balance in your linked Cred.ai savings account. If you make purchases using the card, money is put aside in the deposit account so they will be able to pay for the purchase when it is due. This way, you avoid penalties for late payments or interest.

The card also provides many features like virtual card numbers for safe purchases with limited authorization windows as well as credit utilization guardrails that simplify the process of managing finances. Transactions are reported to all three major credit bureaus.

DRAWBACKS

It is a Cred.ai credit card is difficult to understand because it's not a traditional credit card. The advertising copy that explains the unique features could add to the confusion. Unpacking how this card works can be especially overwhelming for someone who is new to credit, but it may still be worth the effort for those looking for a card that reins in spending. There are no rewards on this card and there's no option to upgrade to a higher-quality product from Cred.ai.

>> MORE:

GO2bank Secured Credit Card

Our choice for a low security deposit

CARD DETAILS

Credit check Credit check: None.

A security deposit is required. A minimal deposit of $100 is needed.

Costs A $0 annual fee. Based on your transactions and transactions, other fees could be imposed.

APR: The current APR is 22.99 percent (as at the time of writing).

WHY WE LIKE IT

Its GO2bank Secured Credit Card can be an excellent choice for those with bad credit. To apply, you'll need at least a GO2bank bank account and direct deposits that total at least $100 within the last 30 days. There won't be a credit check to apply. This GO2bank Secured Credit Card has the lowest minimum security deposit requirement among secured credit cards: $100. The amount deposited determines the credit limit.

As with a regular credit card. However, the lower the limit on credit is, the less you'll need to spend on the card. can help your credit score. Credit score can be improved with the GO2bank Secured Credit Card reports your payments to all three credit bureaus. This helps you build credit.

DRAWBACKS

Apart from the mandatory security deposit and the security deposit requirement, this GO2bank Secured Credit Card additionally requires that you have an GO2bank account to qualify, which adds an extra step in the application process. It doesn't offer a path for upgrading to an unsecured credit card after you've built an excellent payment record, so you'll have to close your account in case you'd like to claim the security deposit back. The card is also charged an 3.3% foreign transaction charge per transaction, which means it's not the best choice for travel to other countries.

>> MORE:

(Card image courtesy of GO2bank)

Self Visa Credit Card

Image taken by self. Image courtesy of Self

Our recommendation The best credit-building features

CARD DETAILS

Credit check: None.

Security deposit: No upfront security deposit is required. The credit limit you set is by the amount you move to the Credit Builder account.

Fees: A Annual fee of $25. Depending on your transactions and payments, other fees could be imposed.

APR: Vary based on several factors, including the amount you choose to pay per month.

Why We Like It

In order to be eligible required credit card, you'll need an Credit Builder Account that is a tiny installment loan that's held in an account that is a certificate of deposit. This can be a boon for your credit scores when you are able to make timely payments. It is important to note that the Self Visa Credit Card and the Credit Builder Account are both reported to the of the three credit bureausthe former being a credit line that is revolving and the latter as an installment loan.

To start, you'll open the Credit Builder Account where you'll contribute monthly installments that start from $25 per calendar month contingent on the loan term. When you've contributed $100 and met other requirements then you'll be able to utilize that money to cover an additional security deposit to secure this Self Visa Credit Card. This is a great option if your budget would benefit from making a security deposit in smaller amounts over time. The money will eventually be back once you have closed the account and it's in good standing.

DRAWBACKS

A $100 security deposit is significantly less than is required by traditional credit cards that are secured However, in the long run it is likely that the loan and card combined would be more expensive. Unlike many secured credit cards that are available, this Self Visa Credit Card charges an annual fee. Additionally, there's a one-time administrative fee of $9 for opening the Credit Builder Account.

And again, you can't receive the credit card in a matter of minutes. It's necessary to overcome a few obstacles first, such as having a savings of at least $100 within the Credit Builder Account, making the last three monthly payments in full, and having an account that's in good standing.

>> MORE:

The author's bio: Melissa Lambarena is a credit card writer at NerdWallet. Her work has been featured in The Associated Press, New York Times, Washington Post and USA Today.

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Walmart MoneyCard Review

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions with confidence. Although our site does not include every company or financial product in the marketplace, we're proud that the advice we provide as well as the advice we offer as well as the tools we design are independent, objective simple, and free. How do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on the site), but it in no way affects our advice or suggestions that are based on many hours of study. Our partners cannot promise us favorable review of their services or products. .

Walmart MoneyCard Review

By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer writer for banking at NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit and other topics related to banking. He has had his work covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Updated Feb 17, 2021

Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost 10 years and has previously worked on NerdWallet's banking and insurance teams as well as some time on the copy desk. She is located in Ann Arbor, Michigan.

The majority or all of the products we feature are provided by our partners who compensate us. This influences which products we write about and the location and manner in which the product appears on a page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list and .

Editor's note, July 12 2021: Walmart MoneyCard, issued by Green Dot Bank, has changed to a demand-deposit account.

The Walmart MoneyCard debit card that is prepaid can be a value for Walmart customers. The card, which is issued by Green Dot Bank, has cash-back rewards for Walmart purchases and free online services.

Ideal for:

Frequent Walmart customers.

People who want free bill pay and money transfers between friends and family.

Those who have had trouble with managing a bank account in the past.

Anyone who is able to pay at least $1,000 per month to avoid the higher-than-average monthly charge.

>> See more options See our selection of

Walmart MoneyCard Pros:

Cash-back up to $75 rewards per year 3 percent from Walmart.com, 2% from Walmart gas stations, and 1 percent in Walmart stores.

Free cash withdrawals at over 55,000 Walmart locations.

Free cash reloads at Walmart stores by using the MoneyCard app.

Direct deposit of pay or benefits from the government, for up to two or four working days earlier.

Bill pay online is free.

>> Looking for ways to increase your credit? Discover more about

Walmart MoneyCard Cons:

A substantial sum of $1,000 is needed to eliminate the monthly fee.

$2.50 fee for ATM and bank teller withdrawals, plus any fee charged by a third-party an ATM or bank operator.

$3 fee per transaction to reload cash at Walmart checkouts, also known in the industry as Walmart Rapid Reload Up as $5.95 for reload cash at retailers in the Green Dot reload network.

>> Ready to open an ordinary savings account instead? See the

A brief overview of debit cards for prepaid

What is a pre-paid debit card?

A prepaid debit card is a kind of credit card that allows you to spend the funds you load onto the card. They don't assist in building credit. Like a debit card, a prepaid card works with any retailer that accepts their payment network, like Visa, Mastercard or American Express. It's safer and easier as opposed to cash. The prepaid cards usually have a mobile app for depositing checks and transferring money. Find out more about our guide on prepaid debit cards.

In contrast to checking accounts, debit cards that are prepaid might not have certain services, like free ATM or branch networks as well as checks, among other. If that doesn't work for you, see our top list of checking accounts. If you've had trouble with banks in the past, check out second chance checking options.

Prepaid debit card vs. debit card vs. credit card

Credit cards with prepaid cards -- make payments before: You load money onto the card using cash, checks, direct deposit or the bank account before paying for transactions.

Debit cards -- pay today: You use funds directly from a checking account when paying for purchases or withdrawing money through an ATM.

Credit cards -- pay later: You can borrow cash from a financial institution when you make use of the card. You pay it back later.

What is the procedure for FDIC insurance on prepaid cards work?

Prepaid debit cards typically include FDIC insurance. This helps keep your funds protected in case the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, which means the prepaid card must be managed by a bank or by a prepaid card company that partners with a bank to provide that insurance. You must register your debit card prepaid by submitting your full name, address and any other details of identification to be eligible to receive FDIC insurance, as well as other security.

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

On a similar note...

Find the best checking account

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