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(image: https://live.staticflickr.com/7871/32914533788_cc037eb00c_n.jpg)Disability and Access to Credit: Why Scores Are Key in a Time of Crisis

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't include every business or financial product on the market We're pleased that the guidance we offer, the information we provide and the tools we create are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the places they are featured on the website) However, it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. .

Credit Access and Disability: Why Scores Are Key in a Time of Crisis

A good credit score can allow you to get lower-interest loans and credit cards to help pay your bills in times of emergency. Here's how to get started.

by Caitlin Mims Content management specialist Credit score, credit cards Caitlin Mims is a management specialist for the credit cards team of NerdWallet. Prior to joining NerdWallet she worked as the editor of CreditCards.com and Bankrate. Caitlin is a writer on personal financial matters for the past seven years. She has written about credit cards the credit score, retirement planning , and the financial struggles women confront. She is from Denver, Colorado.

Updated Aug 15, 2022, 7:33 PM PDT

Editor: Kenley Young Assigning Editor Credit score, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in both digital and print media. This includes stints as an editor at the copy desk, a wire editor and a metro editor for The McClatchy newspaper chain.

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From the time Erin Noon Kay was little Her mom taught her how to manage money. It's a great practice for any parent to do however for Noon Kay it was essential. She was born with cerebral palsy. And in addition to regular budgeting she also needed to be able to navigate the complex government benefits system.

Noon Kay who founded Claiming Disability, a company that helps people with disabilities via outreach and media representation explained that a lot of people who are disabled don't manage their finances themselves. Instead their finances are managed by a nonprofit as well as their families, which means they aren't taught the techniques to manage their finances by themselves.

"I don't think we're providing disabled people with a benefit in trying to shield them from the realities of their own lives," says Noon Kay 33. "Like the way my mother had protected me from all the realities of life it would have been a major shock."

An often-overlooked area of financial management is the credit. Being able to score a credit score ( of at least 690) means being able to access options in an emergency -- in the event that, for instance, you lose your job or are unable to work.

But people with disabilities are less likely to be employed full time and tend to earn less on average than those who do not have disabilities, according to Tom Foley, executive director of the National Disability Institute, or NDI. He also speculates that the disability community is among the most groups, making emergencies harder to manage.

For some, getting into debt is the only option

In the end, the solution may not be easy as simply cutting back on expenses: If you have disabilities, certain expenses that are often seen as luxuries are absolute necessities.

Foley provided an example of an air conditioner going out in the middle of the summer. If you suffer from a disability and reside in Georgia and need to fix it, this is not a luxury; it's likely necessary to survive. However, if you are a poor creditor (FICO scores of 629 or lower), your options for securing such coverage aren't as good.

"It's everything kind of conspiring to put an individual in a very precarious economic situation, which makes it much more difficult to manage any debt," says Foley.

In 2017, an NDI analysis of survey data from the Financial Industry Regulatory Authority, also known as FINRA, found that people who have disabilities are significantly less likely to use credit cards than the general population and are much more likely to be struggling with debt and use "alternative credit services" like pawnshops and payday loans. Payday loans are often accompanied by APRs of up to 300%..

If you have bad credit, or no credit at all, chances are that will be easier than paying off. For those with good credit, they are able to take advantage of better options such as low-interest loans and 0% intro APR credit cards.

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How to begin building credit

The process of building credit isn't always easy when you're struggling financially. But it's not impossible. It's all down to knowing how to deal with any debt you incur. In fact, Noon Kay credits her mom's financial lessons with the credit she enjoys today.

Here's how to get started:

Create an account that is listed to the credit bureaus

The majority of credit scoring models do not keep the track of utility or rent payments, but credit cards and loans are usually reported to the . The use of a credit card is one of the easiest ways you can be sure that your credit card will help your credit and there are alternatives for people with low or no credit. (More on that below.)

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Make timely payments

If you've got an account that's reported to credit bureaus, be sure to make your payments punctually because it's one of the most important elements in your credit score. If you've got a credit card and you're not required to pay the whole balance. If you make your minimum monthly payment, you'll be able to protect your credit.

Remember to pay the minimum amount . The interest rate on credit cards is most likely to be less than a payday loan however, the APR could sit in the double digits.

If you're having difficulty paying your minimum payment make sure you call your credit card provider first. The issuer may have a plan to help lower the amount of your monthly payment and maintain your account in good standing.

>> MORE:

Credit cards can aid

If your credit is poor, you might have some difficulties getting approval for many credit cards, including most rewards cards. However, there are some options

Secured credit cards

In contrast to other credit cards, you must make a cash deposit prior to. After you've closed the account with good standing or if you are able to convert it into a traditional unsecured card through responsible use over time , you'll be able to get your cash back. Major issuers like Capital One and Discover offer secured credit cards.

Since the deposit reduces card issuers' risk this makes it easier for those with bad or no credit score to get accepted. In reality, it's possible to find secured cards that are bank account -- although they may come with other negatives, such as annual fee or no upgrade options to cards with higher tiers.

Credit cards that are 'alternative'

Based on your credit scores You may be eligible for an unsecured that can use nontraditional underwriting standards to make approval decisions. These cards might take a look at your credit history however, they'll also take into consideration other factors like income, employment and bank information.

It's not the most suitable option for all. If you're on a you may face some difficulties being approved. But it's an option to think about when your credit score is weaker than the other financial histories of your.

Become an authorized user

You may also earn credit by registering on the credit card of someone else. You'll need to find someone who has good financial habits and pays every payment on time, because you're building credit by piggybacking off their account.

As an authorized user, you'll have the card you want and purchase using it, though it's not required. However, your credit could see a benefit without you ever needing to use the card.

But authorized users typically don't have the authority to make any changes to the account, nor are they responsible for the payment made on the account. This responsibility falls to the account's primary holder which is why it's important to both of you to set rules and expectations prior to the time of your meeting. If you accumulate costs that your primary account owner cannot pay back either of you will suffer negative impacts to your credit score.

About the writer: Caitlin Mims is a content management specialist at NerdWallet that covers credit cards. Previously, she was the editor of CreditCards.com.

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Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions with confidence. Although our site doesn't include every business or financial product that is available on the market We're pleased of the advice we provide, the information we provide as well as the tools we design are impartial, independent simple, and cost-free. How do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on the site) however it does not affect our recommendations or advice that are based on hundreds of hours of study. Our partners are not able to promise us favorable ratings of their goods or services. .

3 Credit Myths Common to Everyone Which could harm your credit score

A NerdWallet study finds that Americans have misconceptions about credit, which could affect your credit ratings.

By Erin El Issa Senior Writer | Personal finance, data analysis credit card Erin El Issa writes data-driven studies about personal finance, credit cards, investment, travel, banking as well as student loans. She is a fan of numbers and hopes to make data sets understandable to help consumers improve their finances. Before she became a Nerd in 2014, she was a tax accountant and freelance personal financial writer. Erin's work has been mentioned as a result by The New York Times, CNBC, The "Today" program, Forbes and elsewhere. In her free moment, Erin reads voraciously and is unable to keep up with her two kids. Erin is from Ypsilanti, Michigan.

Published Oct 4 2022 at 6:00AM PDT

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

The majority or all of the products featured here are from our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on the page. However, this doesn't affect our assessments. Our opinions are our own. Here is a list of and .

The spread of financial misinformation is afoot and is hurting the credit rating of your. Finds that Americans hold many misconceptions about their credit, some of which can seriously harm their credit scores. These are three credit score myths and ways to avoid them.

Myth 1. Leaving a open balance with your credit card good for your score

This is a sticky credit myth The majority of Americans (46 percent) think leaving an unpaid balance on their credit card is better for their scores than having it paid in total, as per the survey. However, carrying a balance won't aid your credit score and may actually be harmful in the event that the balance is more than your credit limit. This is because it can increase your credit utilization (the quantity of the credit limit in use) and can negatively impact your credit score.

Another downside to leaving an unpaid balance on your credit card is the expense of interest. Credit card debt, that you incur in the event that you make a mistake and leave the card in a state of balance even if you do it intentionally- is one of the most expensive forms of debt because of double-digit interest rates. And while you might think leaving a small balance on your credit card isn't that costly, it can be due to .

If you don't pay off your entire balance before the due date, interest is assessed, but not just on the balance remaining. It's instead calculated on your average balance per day of the credit card. For instance, if you have the balance at $10 in your account, however your average balance on your card during the month was $1,000, interest is charged on the balance of $1,000.

It is possible to combat this by paying off the balance on or before the due date. This can reduce your credit utilization and the cost of your monthly payments.

Myth 2. The closing of a credit card that you don't need is beneficial for your credit

The study found that almost half of Americans (46%) believe that closing a credit card they do not use will help improve their score on credit. Keeping a financial product you're not using is a bit counterintuitive, but closing a credit card can affect your score.

The closing of a credit card could hurt your credit score, by increasing your credit utilization. There are many motives to do so, in general use credit, it's not enough of a reason to suffer the financial burden.

Even if you don't cancel your credit card, the credit card issuer will eventually shut down any account that's not utilized for a specific period of time. To avoid this, you can charge small, recurring expensesfor example, a monthly subscription -- to the card , and set up autopay to wipe off the balance of your credit card each month.

Myth 3. A credit check won't impact your credit score

A majority of Americans (28 percent) do not realize that an lender running a credit check could cause their credit score to decrease, as per the survey. There are two types of credit inquiries, a hard inquiry and a soft inquiry. When you check your credit it's considered a soft inquiry that doesn't impact your score. But when you are asked to provide a lender assesses your score to determine whether you're creditworthy for a financial product this is a , and your score could go down.

There are exceptions. For example, for certain financial products, such as auto or mortgage loan, several inquiries made in a short time period count as a single hard inquiry. The amount of time varies depending on the credit scoring model used It is generally safe to submit all applications within a two-week period. This is referred to as "rate shopping" and allows you to search for the most favorable loan terms.

However the process of applying for more than one credit card in a short amount of time does not fall under rate shopping and could result in a hard inquiry for each application. Therefore, keeping a limit on the number of applications you file is a good option. Hard inquiries will remain at the top of your credit score for a period of two years, so before applying for another credit card, ensure that you're with credit scores in your range.

Author bio Erin El Issa is an expert in credit cards and studies writer at NerdWallet. Her work has been highlighted on USA Today, U.S. News and MarketWatch.

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Netspend Card Review - Prepaid Card Review

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions without hesitation. While our website doesn't feature every company or financial product that is available in the marketplace We're pleased of the advice we offer and the information we offer and the tools we develop are impartial, independent, straightforward -- 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) However, it doesn't affect our advice or suggestions that are based on thousands of hours of research. Our partners do not promise us favorable review of their services or products. .

Netspend Prepaid Card Review

Written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013, with a focus on certificates of deposit as well as other banking-related issues. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Updated February 10 2021

Written by Alice Holbrook Assigning Editor | Savings, homebuying and banking products Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance issues for over 10 years and has previously worked as a member of NerdWallet's insurance and banking teams, as well as doing an internship at the Copy Desk. The location of her work is Ann Arbor, Michigan.

A majority of the products we feature come from our partners who compensate us. This influences which products we write about and where and how the product is displayed on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list of and .

Netspend's prepaid debit cards are costly alternatives to a checking account. They're very easy to obtain and don't require a credit or banking history necessary to sign up, but Netspend allows you to choose between paying a monthly charge or paying a fee every when you purchase. Either way, you might pay more fees over the course of a year than you could earn in interest from the savings account on your card. There's a reliable nationwide network of over 130,000 locations for cash reloads, but it isn't available for free, and there's no cost access to ATMs.

Best for:

People who want a payment card that won't let you make a negative balance or charge overdraft charges or charges unless you choose overdraft coverage.

Some people have experienced difficulties managing the bank account in the past.

Click here to see more options: Check our list of

Netspend Card Pros

5.00 Savings account with APY 5% for balances that are less than $1,000. 0.50 percent APY on any amount that is greater than that.

Access to easily adding and withdrawing cash from the network of retail stores.

Paychecks can be received up to 2 days in advance by direct transfer.

Overdraft grace period , or courtesy cushion with the option of overdraft coverage.

>> Looking for ways to build credit instead? Learn about

Netspend Card Cons

Monthly fee is steep for the basic fee plans and there is no option to eliminate the fee completely.

Cash is not available on a free network for reloads or withdrawals.

Inactivity fee for when you cease using the card, along with other charges that most prepaid cards don't have.

The option of an overdraft is $20 per overdraft, maximum five times per month.

>> Are you ready to start the traditional savings option? See the

General information regarding prepaid debit cards

What is a prepaid debit card?

A prepaid debit card can be described as a kind of payment card that only lets you spend the money you deposit on the card. They do not help you build credit. Similar to a debit card a prepaid card works with any retailer that accepts its payment network, like Visa, Mastercard or American Express. It's more secure and convenient than cash. The prepaid cards usually have an app for mobile devices to deposit checks and transfer funds. Learn more about our .

In contrast to checking accounts, debit cards that are prepaid could not offer certain services like free ATM or branch networks and checks, to name a few. If this doesn't suit you, see the list below of . If you've been struggling with banks in the past, check out .

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards before you load funds onto the card via cash check or direct deposit into an bank account before paying for transactions.

Cardholders with debit cards- pay now Pay now: You can use the funds directly from a checking account when paying for purchases or withdrawing money through an ATM.

Credit cards -- pay later: You borrow money from a bank each time you use the card and repay the loan later.

How does FDIC insurance on prepaid cards work?

Prepaid debit cards almost always come with FDIC insurance. This ensures that your money safe in the event that the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means the prepaid card is operated by a bank, or by a prepaid card provider that is partnered with a bank in order to provide this insurance. You must sign up your debit card prepaid with your name and other information about your identity in order to qualify to receive FDIC insurance, as well as other security.

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

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What is a difficult Inquiry?

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 that is available in the marketplace, we're proud of the advice we offer as well as the advice we offer and the tools we develop are impartial, independent simple, and cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and the way they appear on the website) However, it does not 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 a hard Inquiry?

A hard credit check could knock some points off your score temporarily, but an informal inquiry won't impact it.

By our Nerdwallet contributors are experts in their field, who come from diverse backgrounds in journalism, finance, and consulting. The By Our Nerdwallet team adheres to strictest quality of journalism to ensure that our readers have the information needed to make sound financial decisions with confidence. Find out more about the services we offer.

Updated Feb 13, 2023

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

Many or all of the products featured here are provided by our partners, who pay us. This impacts the types of products we feature and where and how the product is featured on the page. But this doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .

A hard inquiry is a request to check your credit score, generally to determine the viability of the validity of your loan or credit card application. This could shave some marks off of your score, but it's not permanent.

If you do a credit inquiry yourself, it's a soft credit inquiry or soft credit check, and it doesn't affect your score.

The Fair Credit Reporting Act places restrictions on when and why your credit report could be inspected.

Do you need a credit report check-up?

Register for an account and get your free credit report and score available constantly.

What is a hard inquiry?

An inquiry that is also referred to a hard pull or hard credit check, needs your permission. It occurs when you apply for credit, for example, a mortgage credit card, auto loan or loan for students, loan as well as a personal loan. It doesn't happen when you're trying to get pre-qualification in order to decide whether or not to apply.

This inquiry becomes part of your credit report, which means anyone who pulls your credit report will be able to see it. A hard inquiry will remain in your credit file for some time, but it stops affecting your credit score within less than a year.

Nerdy Tip

If you are applying for a credit product that involves a hard inquiry about your credit report, you may get lots of marketing emails from lenders. This is since credit bureaus are the ones who sell marketing lists in response to hard inquiries. But you can opt out at any time, whether permanently or for 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 be effective within five days. Be aware that you could still receive offers for marketing from lenders that utilize other sources. Not opting out will not impact your credit score nor your ability to apply for loans or credit.

How can an inquiry that is not a formal one influence your credit score?

A single hard inquiry can cut five points from your FICO score. With the most widely used FICO model, all inquiries within a 45-day time frame are considered as one inquiry when you're " ," such as for mortgage, student as well as auto loans. The older FICO models and VantageScore, FICO's competitor, also group inquiries for rate shopping, but in the 14-day timeframe. A VantageScore spokesperson said that a hard inquiry could shave as much as 10 points off of a VantageScore.

The majority of lenders or card issuers will obtain a credit report from just one of the three major credit bureausthe three major credit bureaus - Equifax, Experian or TransUnion. Therefore, the request will show up on only one of your credit reports. This is not the case for mortgages, where all three credit bureaus are typically examined.

It is advisable to avoid making hard inquiries. Before you make an application for credit, you should ensure as much as you can that you are likely to be approved so you don't lose score points without getting the approval you want. Do not apply for credit on the spur of the moment. Consider whether a discount or bonus that you are hoping to receive is worth the possible ding on your credit. If you have , a few points may not be a big deal. However, if you have borderline credit quality consider reconsidering.

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 ever received a credit card deal in the mail, it's possible that the company offering the credit card conducted a soft credit test to determine if you be eligible. The same goes for other types of loan offers, or when mortgage brokers or lender performs a pre-qualification or preapproval.

Employers may also conduct an investigation into your background as well as a review of your credit report that has been modified. Although they require your permission to review the credit history of yours, this is not considered a hard inquiry because it's not for the purpose of deciding whether or not to grant you credit.

Most importantly, is an unstructured question, meaning it won't affect your score. You can obtain your report information on demand through websites for personal finance like NerdWallet. You can also obtain your reports from the three major credit bureaus. The reports are free and until 2023, you are eligible to get one report from each bureau per week.

When you look at your own credit reports there are soft inquiries listed, but they don't appear in the reports that creditors view.

>> LEARN: How to 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 subscribe to internet or cable TV and open an account at an institution of finance or a person requires verification of that you are who they say you are, you might be contacted with an inquiry that is hard or soft inquiry. The only way to find out beforehand is to ask the potential owner or provider.

If you think an inquiry that is hard to verify is in your credit report, but shouldn't be it is just as have other information that is inaccurate. It's certainly worth investigating since it may indicate fraud or .

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Can You Be Arrested for Debt?

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions without hesitation. And while our site doesn't feature every company or financial product in the marketplace however, we're confident that the guidance we offer and the information we offer as well as the tools we design are impartial, independent easy to use and completely free. So how do we earn money? Our partners pay us. This may influence which products we write about (and where those products appear on the website) however it does not affect our recommendations or advice that are based on many hours of study. Our partners cannot be paid to ensure positive ratings of their goods or services. .

(image: https://cdn.slidesharecdn.com/ss_thumbnails/installmentpaydayloanswitheasyonlineapplicationsameday-160721115748-thumbnail-4.jpg?cb=1469102356)Are You Accused of Debt?

It is not common to be arrested for debts, only filed for a lawsuit, however in some states, you could be detained in the event of not complying with the court-ordered judgment.

By Sean Pyles Senior Writer | Personal finances and credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money," Sean talks with Nerds across the NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and actionable financial advice, Sean provides real-world guidance to help people improve their financial lives. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests who are not part of NerdWallet and creates special segments that explore subjects like the racial wealth gap, how to start investing and the background of college loans.

Before Sean was the host of podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His work has appeared on USA Today, The New York Times and elsewhere. When Sean isn't writing about personal finances, Sean can be found playing in the garden, taking runs , and walking his dog for long walks. Sean is located in Ocean Shores, Washington.

Updated Aug 5, 2021 at 2:46 PM PDT.

Editor: 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 at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Prior experience includes copy editing and news for several Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications at Iowa's University of Iowa.

The majority or all of the items featured on this page are from our partners who compensate us. This affects the products we feature as well as the place and way the product appears on the page. However, it does not affect our opinions. Our opinions are our own. Here's a list of and .

It is not possible to be arrested simply due to the fact that you owe money that you would consider to be consumer debt, such as a charge on a credit card loan or medical bill. Legally, can't even threaten the person with arrest. However, they have other legal options like suing you for a settlement.

In some rare cases the type of debt could result in arrest for other charges, like fraud, theft, or defying the court's order.

Watch your debts dwindle

Register for an account that allows you to connect your credit cards, loans and accounts to manage them all in one location.

The threat of arrest made by collectors is illegal

In the past, individuals could be arrested because they owed money, but debtors' prisons were illegal in the United States since the mid-1800s.

In addition, the legislation of 1977 bans debt collectors from making threats or deceiving consumers, and that includes threats of arrest. In addition to the regulations on what they can say to you they can say, the law restricts how and when they may contact you.

But debt collectors can utilize the legal system

Debt collectors can't arrest you, but they can pursue you for payment and this is usually the most effective legal remedy. Hundreds of thousands of civil suits involving debt are filed every year and often without any documentation to confirm the amount due and who has to pay it.

A mere 10% of debtors get an attorney representation when being sued for debt. Many more don't respond to lawsuits at all and, in the end, they'll get the default judgment, which can result in either a bank levy, or both.

If you're sued by default.

If you receive a court summons, don't ignore it. Sometimes, just going to an attorney and asking for the collection agency to show that it has sued the right person with the correct amount is enough to get the case dismissed or reduced to less.

Legal loopholes could lead to the arrest of a suspect

There are a few instances in which aggressive creditors could use legal loopholes to obtain or threaten to arrest for problems related to debt:

In about one-third in states, debtors may be detained when they don't adhere to a court order that resulted from a lawsuit. That is the debtor won the court case or didn't make an appearance, or was told to pay but did not. The arrest is for defying the judge, not to pay the debt.

Some payday lenders pursue or threaten arrest if a consumer's payment check bounces, typically claiming fraudulent intent.

Rent-to-own furniture firms sometimes seek arrest for consumers who fail to pay but refuse to return the furniture.

What you can do

If you're being pestered by an aggressive debt collector:

Be skeptical Be sure to verify the facts to determine whether the debt is yours or not and the correct amount by .

Take your stand Do not be enticed by making a quick decision. Spend time figuring out the best method to proceed .

Make sure you are protected: Contact debt collectors who are harassing you to the .

>> MORE:

Author bios: Sean Pyles is the director of production and host on the NerdWallet's Smart Money podcast. His writing has been featured on The New York Times, USA Today and elsewhere.

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Ally

Ally: 2023 Auto Loan Refinancing Review Published 2023-01-01, 00:00:00

Written by Allison Martin Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist. Since then, she's been published in several leading financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-organized facts that break down otherwise complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be open to you.

About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely that of the person who wrote them and have not been evaluated or approved by any advertising company. The information such as rates and charges provided in the review are accurate at the time that the review was written. Check the data in the upper right hand corner of the page and the lender's site for the most up-to-date information.

At a first glance 3.8 rating: 3.8 stars out of 5

Bankrate Score

Availability Rating: 3.5 stars out of 5

Affordability Rating: 3.4 stars out of five

The Customer Service Rating is 4.4 stars out of five

Transparency Rating: 4 stars out of 5

Find out about auto loan rates

The amount of the loan from Ally is not specific

Min. credit score not specified

APR from Not specified

Funds available in a matter of days or weeks

Ally advantages and disadvantages You could get a deal on auto loan refinancing or leasing buyout loans through Ally. However, the range of services is not extensive, and there are some other drawbacks to take into consideration.

PROS No hard inquiry to determine prequalification

Check out the actual loan terms

Flexible qualification criteria

Co-applicants allowed

CONS Not available in all 50 states

Slow funding times

Options for auto financing with limited limits

Loan terms not published online

Ally is an direct lender that offers a simplified digital experience for financing your car for individuals who want to refinance their existing vehicle or to buy out their lease. It is possible to apply without impacting your credit score, and get personalized options that fit your needs and budget. Plus, loans are available to select borrowers with credit challenges and there aren't charges for application or down payments required.

Do you qualify? The qualification criteria to be eligible for car financing through Ally is: Must be a U.S. citizen, permanent resident or resident. You must be at least the age of 18. You must have a good credit score and ratio of debt to income. At least earn $2,000 per month. Buy a noncommercial car that's not more than 10 years old, and isn't being employed as a taxi or police car. The vehicle must not have an extensive or unrepaired damage from a collision or be subject to several lien. Refinancing is possible, but current credit must be a minimum of seven months old. Provide evidence of insurance. What we like and what do not like here's the thing that makes Ally worth looking into, along with some drawbacks to keep in your mind.

What we like Prequalify without a credit check: Ally does not perform a hard inquiry when checking your chances of approval. View real loan terms: You can see the actual monthly payments as well as APR options when you are pre-qualified for financing. Flexible criteria for qualification: If you earn at least $2,000 per year, you could get accepted for the loan even in the event that you don't have perfect credit. Co-applicants are allowed: You can improve your approval odds or obtain better terms for financing by adding a co-applicant that has an excellent credit score as well as income on your request. We don't like not being accessible across the 50 States: Ally is unavailable to customers in the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days to a few weeks to receive your loan paid. Limits on auto financing options: You can only use Ally to refinance your current loan or buy out the lease. Loans for used and new automobiles aren't offered at present. Loan terms not published online: Average interest rates and loan terms are not published online. Potential borrowers must pre-qualify to view the information. Contact Ally It is possible to contact Ally by phone, fax or email. Its business hours are Monday to Friday from 7 a.m. to 6 p.m. The hours are Saturday between 9 a.m. until 1 p.m. PT. And while there is an app for mobile but online chat is not available.

Auto loan kinds available Ally offers auto loan refinancing and lease purchase loans.

Auto loan refinancing

Loan quick facts Amounts not stated Terms range from 36 to 75 month APR: Unspecified

This page suggests refinancing your car through Ally to get a more affordable monthly installment or to lower the interest rate. You may also refinance to update the owner's information in the title. Lease buyout loans

Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified

Ally is also a great way to buy out your leased vehicle. You can get preapproved in minutes without impacting your credit score The application process is simple. Certain customers can also get added protections, like GAP Insurance and Extended Warranty, through Ally when buying out their lease. How to apply for a loan with Ally Ally breaks the auto financing process in three easy steps. Start by going to the website and providing some basic information to determine if you are eligible in the field of the auto loan refinancing or the lease buyout loan. If you're a suitable candidate for an loan review your options and select the most suitable option and submit an application to be approved. You will need to provide the following for Ally to approve an application for a loan application:

Required application information Vehicle information Driver's license number (including issue and expiration date) Contact information for personal contact Social Security number. Proof of employment Proof of insurance current lender as well as loan information (if required)

The lender will provide your loan documents for review once your application is approved. Should you still have concerns or questions, you can inquire. In other cases, you can sign the loan agreement and provide any additional documents or information the lender requires to complete the financing arrangement. FAQs for Ally

Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top supplier of financing for cars.

What is the credit score you require to be able to refinancing with Ally? Ally does not disclose its minimum credit score requirement. However, you should aim for a good or excellent credit score prior to applying to increase your chances, and even qualify for competitive financing terms.

Does Ally charge penalties for prepayments? Ally doesn't charge fees for early repayments.

How quickly can you get an auto loan with Ally? It is possible to get preapproved within minutes, however it could require several days or weeks to allow the loan to be completely funded. It's dependent on how quickly you're able to send the requested documentation to Ally to be reviewed.

How do you calculate the rates at which Ally is a Bankrate

Overall score

3.8

Availability

3.5

Ally does not provide loan amounts , and it has limitations on vehicles that can be used -- but it serves all states.

Affordability

3.4

There's some room to play with Ally's acceptance requirements, but it does not provide a complete list of its rates and fees.

Customer experience

4.4

A reasonable funding timeline and accessibility via the internet, availability of apps and the option of using autopay can earn you a better score.

Transparency

4.0

Prequalification is possible, however rates and fees are not.

Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 different elements. These variables range from the loan amount, the APR disclosed as well as the acceptance conditions. Each lender holds a score which is determined by four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: This section covers expected APR, acceptance criteria, discounts for autopay and the amount of fees. Experience with customers: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are accounted for.

Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate up to the date of the review. Look over the information on the right, and the lender's site for the most recent details.

Written by

Allison Martin

Allison Martin's work started over 10 years ago as a digital content strategist. She's been published in several leading financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

About

Help

Legal Cookie settings Do not sell my personal information

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or when you click on specific links on our site. This compensation could influence the manner, place and in what order items are listed and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether the product is available in your region or within your own personal credit score can also impact how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Five Best Debit Prepaid Cards

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Five Best Debit Prepaid Card Options

Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has written about finances for individuals since the year 2013, with a particular emphasis on deposit certificates and other banking-related topics. The work he has written for him was highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.

And Ruth Sarreal Content Management Specialist and Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in the management of content covering banking for consumers at NerdWallet. She has over 10 years of experience in writing and editing content for websites for consumers. She was previously editor of content on personal finance issues at GOBankingRates. The work she has written for her was featured in Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Mar 1st 2022

Written by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor, a researcher, and a writer across a range of industries from medical care as well as market research. She earned a bachelor's degree in the field of history at the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet cultural history. She is located within Portland, Oregon.

Many or all of the items featured on this page come from our partners who pay us. This impacts the types of products we feature as well as the place and way the product is featured on a page. However, it does not influence our opinions. Our opinions are entirely our own. Here's a list and .

+ Summary: Best prepaid debit cards

Bluebird is a product of American Express : Best for avoiding charges.

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

FamZoo Prepaid Credit Card Great for parents (tie).

Greenlight Prepaid MasterCard: Ideal option for your parent (tie).

Walmart MoneyCard : Best for shopping at Walmart.

Chime : Best cheap prepaid alternative.

What are prepaid debit card?

The prepaid card could be used as a budgeting tool or an all-out replacement for the bank account -- and the most reliable prepaid cards provide ease of use while charging a few fees.

Prepaid cards are simple to get. Prepaid cards are sold at retail stores (usually with a cost) and some are purchased online. The cards require no credit check, and they're often available even if you can't open an account with a bank account because of a poor banking history. In contrast to credit cards that you can load money into prepaid cards prior to using.

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

Prepaid debit cards vs. regular debit cards

There is no need for a bank account to get a pre-paid debit card, however it's a requirement to have a regular debit card, which is linked to your checking account. When you purchase prepaid debit cards you can load the card with cash upon receiving it, then use it to purchase items. With regular debit cards, the funds for your payments come directly out of your checking account when you make payments.

>> More from NerdWallet:

Nerdy Tip

If you're looking to improve your credit or have been refused a bank account, a prepaid debit card may not be the right choice. and if you aren't able to get an account with a regular bank then try . These accounts give you another chance at the mainstream banking system and its perks.

Why trust NerdWallet: Our editors and writers adhere to strict guidelines rules to ensure our reporting is fair and accurate and you are able to select the account that works most effectively for your needs. Find out more about our criteria .

Here are our top prepaid debit cards that are ranked by the fees and features. Click below for more information on each card.

BEST FOR AVOIDING FEES

NerdWallet's ratings are made by the editorial staff. The scoring formulas take into account several data points associated with each financial service and product.

Bluebird from American Express

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

A free ATM network.

Great budgeting features.

BEST FOR ATM WITHDRAWALS

NerdWallet's ratings are determined through our team of editors. The scoring formulas consider several data points associated with every financial product or service.

Fifth 3 Access 360deg Reloadable Prepaid Card

One of the biggest free ATM networks among Prepaid cards.

A monthly fee of $4 is reasonable and easy to waive.

BEST FOR PARENTS

FamZoo

Multiple subaccounts for kids.

The cost is $2.50-$5.99 per month.

Greenlight

Multiple subaccounts for children.

Store-specific spending controls.

Monthly cost starting from $4.99.

The best way to shop at Walmart

Walmart MoneyCard

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

Multiple subaccounts for family members.

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

THE BEST CHEAP CHOICE OPTION FOR PREPAID

The NerdWallet ratings are made by the editorial staff. The scoring formulas are based on several data points associated with each financial product and service.

Chime

No monthly fees.

It also has a savings component.

Bluebird by American Express

Ideal for avoiding charges

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

, issued through American Express, offers more than the typical debit card that you can purchase prepaid, and you can use it to load and spend money with no fees.

However, Bluebird has limitations regarding acceptance of merchants, and it doesn't allow cash-back for retailers.

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

Purchases: No cost.

ATM withdrawals: Free at ATMs that are part of the MoneyPass network; $2.50 fee for other ATMs, in addition to any ATM operator's fee.

Reload methods: Direct deposit or debit card transfer card-to card transfer, mobile check deposit (with the third-party fee charged for instant processing), deposit cash from Walmart or other retailers. (Retailers other than Walmart may charge up to $3.95.)

Other services Other services: A separate "set aside" accounts for savings, and up to four subaccounts to family members.

Downsides: No cash-back at retail stores. The card is made via American Express, which isn't accepted everywhere that Visa and Mastercard are.

Back to top

Find out more about

5th 3 Access 360deg Reloadable Prepaid Credit Card

Ideal option for ATM withdrawals

NerdWallet's ratings are made through our team of editors. The scoring formulas take into account several data points associated with every financial product or service.

Fifth Third's Access 360deg prepaid debit card takes part in the Allpoint's vast U.S. network and has access to more than fifty thousand ATMs. This card is available in the states of 11 where There are Fifth Third branches, which is the only way you can purchase the card.

General fees and features: $4 monthly fee that's waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; there are no fees to activate or stop activity.

Purchases: No cost.

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

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

Others services Card could have joint owner.

Downsides: The card doesn't have access to a nationwide retail network for adding money; the card is only available in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesn't come with a savings feature.

Back to top

FamZoo Prepaid Card

The best to give parents (tie)

FamZoo is a family-friendly prepaid Mastercard that lets parents become the bankers of their children and even children who are younger than 13. Four cards are included for the monthly plan but additional cards are available for a single $3 per card. From the website or app you can transfer allowances and split payments, view balances and activity across all cards, and make text and email alerts.

General charges as well as features. You can make a prepayment of $59.99 for two years of FamZoo -- which works out to $2.50 per month. Other prepayment plans also offer discounts. If you don't prepay, the price will be $5.99 for a month-long subscription. There aren't any charges to activate or stop using the service.

Purchases: No cost.

ATM withdrawals: Free from FamZoo, but ATM withdrawals can still cost you: Since FamZoo doesn't have any of its own ATMs the fees of third-party ATM operators could apply.

Reloading methods include direct deposit or bank transfer; PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee) Add cash at stores like 7-Eleven and Walgreens who are members of Reload at Register, Register, MoneyPak and Mastercard rePower networks (about $5 retail fee).

Another service: multiple accounts within one plan, free and instant FamZoo transfer from card to card, ability to lock and unlock FamZoo cards and budgeting tools.

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

Are you in search of a traditional spending account? Take a look at NerdWallet's accounts.

From top to bottom

Greenlight Prepaid Mastercard

Best option for your parents (tie)

Greenlight is notable for a feature which other prepaid cards don't have that is a store-specific control of spending. Parents can preapprove where their children spend their money, which means that $300 earmarked for school supplies may only be spent in an on-campus bookstore, for example. The prepaid card also provides real-time alerts for activity, free card-to-card transfers for allowances as well as the ability to remotely lock lost cards remotely.

Greenlight accounts can be used for a variety of reasons. Greenlight account can contain up to five subaccounts so it works as a family account. With low withdrawal and purchase limitations, it's better as a family budgeting tool instead of a bank account replacement.

General charges including features $4.99 or $9.98 per month, depending on selected plan (more expensive plans include options like investing education or protection against identity theft) No cost on activation or inactivity or account cancellation.

Purchases: No cost.

ATM withdrawals: No fees from Greenlight, but ATM withdrawals may cost you: Because Greenlight doesn't have any of its own ATMs Third-party ATM operator fees could be charged.

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

Other services: Up to 5 subaccounts. No fees for withdrawals from ATMs outside of the United States.

Downsides: No checks or cash can be deposited There is no ATM free network and the daily maximum purchase per account for a family is $1,500 and the daily limit for ATM withdrawals is $100. Both are much lower than average for prepaid cards.

Back to top

Walmart MoneyCard

Best for shopping at Walmart

The Walmart MoneyCard offers its shoppers up to 75 dollars per year in cash-back reward points: 3% for purchases made at Walmart.com and in the Walmart app, 2% on purchases at Walmart fuel stations, and 1 percent in Walmart stores. This app receives high marks is required for no-cost cash reloads when you visit Walmart stores. Walmart MoneyCenters and Customer Service desks also provide free cash withdrawals.

The prepaid card, which can be reloaded, is suitable for families. It is possible to open an account for free for four additional people who are at least 13 years old. of age. The Walmart MoneyCard offers a free "Vault" saving feature. Savings earn you an APY of 2% on up to $1,000 on the card enrollment anniversary.

Since it's not part an ATM system, ATM users will pay $2.50 per ATM withdrawals in addition to any fees charged by the operator.

General charges and benefits: $5.94 monthly fee waived by a monthly payment of $500 or more; $1 starter card purchase fee when purchased in a store and no inactivity fee.

Purchases: No cost.

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

Reload methods: Reload cash using the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds through checks cashed through Walmart stores; pay $3 to refill cash at a Walmart store; and up to $4.95 to transfer funds elsewhere.

Other services including: Up to four extra accounts, a savings account that offers 2% APY for your first $1,000 and a chance to win cash prizes each month the option to lock and unlock your card using the app, as well as text or email notifications.

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

Return to the top

>> Want to build your savings more quickly? Check out our list of ways to do it.

Low-fee alternatives to prepaid cards

The difference between prepaid check accounts and debit cards is starting to become blurred, because several have similar features and benefits.

This is especially true for mobile-optimized banking accounts like most prepaid debit cards, many have no credit check; unlike the prepaid cards, they come with a few extra benefits like enhanced savings features, greater ATM networks and check-writing privileges.

Chime

Best cheap alternative to Prepaid

NerdWallet's ratings are determined through our team of editors. The scoring formulas consider many data points for each financial product and service.

Chime isn't a prepaid debit card or a typical bank account but a free checking account in the Visa payment network. Although the account isn't equipped with checks in paper but you can use the app to request that the checks be mailed to an recipient, even yourself, for no cost.

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

General fees and features: No monthly fees and there are no charges to activate or stop activity; no credit check. Cash withdrawal and third-party fees might apply.

Purchases: No additional cost.

ATM withdrawals: Free at over sixty thousand ATMs within the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at all other ATMs and any ATM operator fee. Third-party fees and cash withdrawals might be charged.

Deposit methods are direct deposit, bank transfer and mobile check deposit; also, you can add cash at retail stores such as 7-Eleven as well as Walmart (the retailer could charge an additional fee) or at Walgreens for no cost.

Other services: An optional savings accounts yield 2.00% annual percentage yield. Chime offers two automated savings programs. One where each paycheck is credited with a portion of the money that is automatically deposited to the savings account, and the other in which your purchases are rounded up to the nearest dollar. the change is rounded up and goes into savings (see below for further details about Chime). Additionally, you can receive immediate transaction alerts and even protect your debit card should you lose it. Be aware that a Chime Checking Account is required to create a savings account.

Downsides: The non-network ATM cost.

Chime states: "Chime is a financial technology company and not an institution of banking. Services for banking are provided by The Bancorp Bank, N.A. as well as Stride Bank, N.A., Members FDIC."

Find out more details from Chime

Chime says: "Round Ups automatically round the debit card transactions according to dollar amounts and transfer the round-up to Your Chime checking Account to your savings account."

"The retailer who receives the cash is responsible for transferring the funds to the Chime checking account. There may be fees associated with cash deposits for retailers other that Walgreens."

"Save When I Get Paid automatically will transfer 10% of your direct deposits of $500 or more from your Checking Account to your Savings Account."

"Out-of-network ATM withdrawal fees could apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint as well as Visa Plus Alliance ATM."

"Mobile Check Deposit eligibility " is determined by Chime at its discretion. The eligibility of mobile check deposits is based on various factors including but not limited to, a member's enrolling in direct deposits."

The annual Percentage Yield ("APY") for Chime Savings Account can fluctuate and be altered at any time. The APY disclosed is in effect as of October 25 2022. No minimum balance is required. It is necessary to be in possession of $0.01 of savings in order to get interest.

From top to bottom

The most reliable prepaid debit cards and alternatives: Summary

Account/card

Monthly fee

of free ATMs

Bluebird from American Express

$0

30,000+

Chime account

$0

60,000+

FamZoo Prepaid Card

$2.50 to $4.33 If prepaid; $5.99 when charged

None

5th 3 Access 360deg Reloadable Prepaid Card

$0-$4

50,000+

Greenlight Prepaid Mastercard

$4.99 to $9.98

None

Walmart MoneyCard

$0-$5.94

None

Commonly asked questions What is a prepaid debit card?

A prepaid debit card can be used as a tool for budgeting or as a substitute for the bank account. They offer convenience and doesn't cost many fees.

The good news is that there's no credit check required to get a prepaid card, and they're often available even if you can't get a bank account because of a bad banking history. You load funds onto the prepaid cards prior to using them for purchases. In general, you can utilize a debit card prepaid for cash withdrawals from ATMs.

Where can you get the prepaid card?

Prepaid cards can be purchased at retail stores (usually at a cost) and some are purchased through the internet.

How do you add money an prepay card?

The methods for adding funds to a prepaid card differ from card to card. The most common methods include cash deposits at a register in a store (often for a fee) and adding funds using an app to make a mobile check deposit, or by direct deposit, card-to-card transfer or bank transfer.

What is a debit card that is prepaid?

A debit card that is prepaid can be used to budget or as a substitute for a bank account. They offer convenience and don't cost a lot of fees. You need no credit check required to apply for a prepaid card and they're usually available if you can't get an account with a bank account because of a bad credit history. You load funds onto pre-paid cards before you use them for purchases. In general, you can make use of a debit card that is prepaid for cash withdrawals from ATMs.

Where can you get an prepay card?

Prepaid cards are available at retail stores (usually at a cost) and some can be purchased on the internet.

How do you add money a credit card?

The ways to add cash to a prepaid credit card are different between cards. But generally, the options include adding cash at a register in a store (often with a charge) or by using an app for an online check deposit and by direct deposit, card-to-card transfer as well as bank transfer.

A METHODOLOGY: Best Prepaid Credit Cards in 2022

We looked at 45 reloadable prepaid debit cards provided by some of the largest banks, credit unions and prepaid debit card issuers. When multiple card plans were available, only the basic cost-per-month plan was selected.

We looked at four categories for each card generally-related charges and features, purchase and withdrawals, reloading fees and options, as well as other services such as bill pay as well as savings account. The cards that made this list had the best combinations of the four categories. Certain cards on this list have nonbank program managers that partner with banks. Regardless, all the cards' issuers are banks who insure customers' cash by offering the No cards above. include overdraft charges.

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

See full list

, , BB&T MoneyAccount, Boost Mobile Wallet Prepaid Mastercard, Brink's Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card Control Prepaid Mastercard Credit Card, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney Fifth Third Access 360deg Reloadable Prepaid Card, Fred Meyer Prepaid Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, , Western Union Netspend Prepaid Card.

We also considered two alternative, or nontraditional account types for banking as well as .

What are the meanings of the ratings:

-among the top

Very good There are only minor issues for the majority of customers.

-- Good; issues which could cause a change for some customers.

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

Poor. Proceed with extreme care

(or below) (or below) avoid

Authors' Bios Spencer Tierney is a writer, and NerdWallet's official authority on certificates of deposit. His work has been featured on USA Today and the Los Angeles Times.

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

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Budget, save, even Make Money with today's prepaid Debit Cards

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. Although our website does not include every financial or company product that is available We're pleased of the advice we provide and the information we offer and the tools we create are independent, objective easy to use 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 our website) however it doesn't affect our advice or suggestions, which are grounded in many hours of study. Our partners do not be paid to ensure positive review of their services or products. .

Budget, Save, Even Earn Money With today's prepaid debit Cards

by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finance since 2013 with a particular focus on certificates of deposit as well as other banking-related issues. The work he has written for him was highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.

Updated on Sep 19, 2017.

Editor: Amy Hubbard Amy is a former editor in the banking industry and copy editor at NerdWallet. She has previously worked as an editor and writer at the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.

Many or all of the products featured here are from our partners who pay us. This affects the products we write about as well as the place and way the product is featured on the page. However, this doesn't influence our evaluations. Our views are our own. Here's a list of and .

Back in 1999, an entrepreneur Steve Streit created the first retailer-sold prepaid debit card, eventually referred to as Green Dot, as a way for teens to purchase online items.

Prepaid cards have evolved to the point that they don't just help consumers spend more money to assist them in doing the opposite budgeting and saving money. With features for budgeting that are customized or creative incentives that help make money more efficient Prepaid debit cards enable you to bank smart, without having to use a bank.

>> If you're ready to compare cards, see the list below of .

Here's how debit cards that are prepaid can help you:

Get your budget under control

Prepaid debit cards feature a card network logo like Visa or Mastercard and can be used at stores all over the world and are loaded with money regularly. Most don't require a credit check. However, they're not suitable ideal for anyone. They mainly benefit those looking for a new method of budgeting or an alternative to an account with a checking.

A big advantage to most prepaid cards is the lack of overdraft plans and the associated fees traditionally found on checking accounts. A balance on a card is a normal spending limit -- a card is typically declined with no fee, when it's not enough to cover the purchase or payment.

Additionally the fact that more prepaid debit cards include tools for setting budgets or goals than ever prior. Around 54% of the market for prepaid cards that was tested had these tools 2016 compared to 30 percent in 2014, according to . The sample included 19 cards from 2014, and 21 cards in 2016, and each sample represented 90 percent or more of prepaid debit card market.

Like bank accounts, many credit cards that are prepaid give you access online and via mobile to your accounts with features like mobile transfer of money and check deposit. However, the more comprehensive tools for budgeting on certain cards permit you to:

Customize your spending limits. You can create budgets with spending categories such as entertainment and clothing.

Visualize your history of purchases. Some cards have pie charts or other images that help you categorize your purchases.

Set up email and text alerts to be notified whenever you spend more than a certain amount.

Make use of sub-accounts for managing different household costs. By securing one of your card's sub-accounts to a specific kind of expense, like food, makes it easier to put the spending limit.

Bluebird from American Express and Akimbo are two cards that provide four to five sub-accounts, that are connected to a master accounts but have separate account balances and physical cards.

These can work like an envelope system of today. Use one card to shop for groceries and another for dining out, a third for vacations, and so on.

If you have kids Sub-accounts may grant them spending privileges with a set amount of money per card you set.

Beef up your savings (and possibly win cash)

Budgeting is an effective method of managing money However, you may require an incentive to continue it.

"Budgeting just for the sake of budgeting doesn't really work," says Thea Garon director at the Center for Financial Services Innovation. When it comes to debit cards with prepaid cards Garon says it's better "when the budgeting process is linked to savings experience and aspirational goals."

The Walmart MoneyCard is issued through Green Dot Bank, has budgeting features such as alerts for your account, but it stands out due to its savings program linked to prizes. In August, Wal-Mart as well as Green Dot added a monthly sweepstakes for its "vault." The vault is similar to savings accounts as you are unable to spend on that balance, without moving it to the card's spending balance.

The vault you save money in can give you the chance to win each month a prize: One dollar saved equals one entry in a sweepstakes, and you can have as many as 500 entry. Each month, the winners are 4,99 who are awarded $25 and one who receives the prize which is $1,000.

"Especially in an environment with low interest and the possibility of winning just a bit of cash [is] captivating," says Mark Matthews who is the director of senior management at Walmart Services.

But the prize really isn't from the prize -- it's the incentive to save more money, and it's working. The average balance of savings accounts rose over 35% between $413 and $572 during the end of August until December. According to Walmart estimates, 175,000 customers were registered at the time of June. usage of this Savings Vault on the MoneyCard has skyrocketed 233% over a year earlier.

"The purpose of this is to provide a meaningful mechanism and incentive for building up an account over time in order to deal with emergencies," he adds. Matthews pointed out that all savings have been manually added, since there's no automatic savings transfer feature on the MoneyCard.

Prepaid cards have seen a surge in popularity, however ...

In terms of a bank option, and with more recent additions, prepaid cards have seen a surge in popularity since Streit's inspiration in 1999. The amount of transactions made for prepaid debit cards grew by almost 34% from 2009 to 2012, and by 5.6 percent between 2012 and 2015, based on the Federal Reserve Payments Study in 2016. Even though growth has been slowing recently however, these cards have an important place in thousands of Americans' purses.

They are also secure to use, and they are becoming safer: NerdWallet recently looked at 44 cards from across the market, including major issuers and upstarts, and found all the cards are insured. The prepaid cards are expected to be available in April of 2018.

However, this doesn't mean that you should always use prepaid debit cards as the most suitable choice. Here are some reasons they may not be the right choice for you:

These cards don't make credit. If you're looking to boost your credit, check out a .

It's not the best method to budget. A lot of cards charge monthly fees -- the average from a NerdWallet analysis was $4.67. You can see a few of the below.

Certain bank accounts offer better incentive to invest in savings. Some savings accounts on the internet have rates of interest in excess of one percent per year. There are even new banks such as Chime that reward you for saving. The debit card transactions are adjusted to the nearest dollar, and those cents automatically go into the savings account. After every week, you'll get a bonus of 10% on all the cents that have been rounded, up to $500 in a year.

See alternatives and compare rates of interest.

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

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Do Cash Advances make sense? Good Idea?

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make sound financial decisions without hesitation. While our website does not include every company or financial product in the marketplace however, we're confident that the guidance we offer as well as the advice we provide as well as the tools we design are independent, objective easy to use and free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on the site), but it in no way affects our suggestions or recommendations that are based on hundreds of hours of research. Our partners are not able to promise us favorable reviews of their products or services. .

Do Cash Advances make sense? Good Idea?

Rarely. They offer convenient access to fast cash, however, high fees and interest will be expensive. Less expensive alternatives exist.

by Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked for Silicon Valley startups as well as in the public sector. She has contributed to publications including Technorati and Women Grow Business. She was a mathematician who studied applied economics in Brown University.

Updated October 7, 2022, 1:20 PM PDT

Many or all of the products we feature are provided by our partners, who pay us. This influences which products we review and the location and manner in which the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here is a list of and .

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Sometimes you might find yourself needing cash but you have nothing other than credit cards. You might be at the cash-only café, or the taxi driver won't take plastic. Whatever the reason, cash advances could be a tempting alternative. A cash advance is a short-term loan to the credit card balance. It's a simple procedure that could have expensive results. Most of the time it's not a good idea.

>> MORE:

The problem is cash advances.

Cash advances are simple as visiting the bank teller or ATM or ATM, showing your card and walking out with money. This sounds great however, cash advances are likely to come with fees and/or higher interest costs. Here's a summary of the differences between a cash advance and a regular purchase:

Cash advance fees is, as the name suggests it's one-time charge that you pay when you make your advance. It usually ranges from 3% to five percent of the sum. For instance, if you take out the amount of $200 in cash then the charge of $6 to $10 is added to your account balance.

A higher interest rate: Some cards have a higher APR for cash advances than for regular purchases.

There is no grace period Credit card companies typically provides you with at least 20 days to settle your purchase prior to being charged interest. Cash advances, though, start to accrue interest as early as the day.

Lower credit limit: Some credit cards come with a cash advance credit limit which is smaller than the total credit limit.

>> MORE:

What are alternatives to cash advance?

There are many more . Here are some examples which might be of more interest to you:

Promotions offered by your card's provider: Recently, there have been a few offers, like the possibility to convert your credit into an installment loan without requiring a new loan application. You're still charged interest when you use this option however, you may be able to get a better rate.

An overdraft on your account with a checking account could cost you between $25 and $35 if the balance on your account is negative, but you've authorised the bank to permit the withdrawal in any case. You can choose to not take advantage of this, naturally, but it is an option for cash that is needed for a short period. Be careful, though -Certain banks also charge extended overdraft fees.

The early withdrawal of a CD (CD): This is another option if you need money right away. However, CDs are intended for long-term deposits, so you could end up having your CD canceled.

A This alternative is typically more involved than the other alternatives, since it involves going to a bank and making an application for the loan. Interest rates on 24-month personal loans are lower than that for credit cards in general, but the rates on shorter-term loans that are offered by payday lenders tend to be higher.

>> MORE:

When is a cash advance deemed to make sense?

Cash advances rarely make sense.

When compared to the options listed mentioned above, you could very well discover that a cash advance from you credit card might be the cheapest option once your crunch the numbers (though you may want to think about opening having a bank account with ). However, it's probably not going to be cost-free. If you must get a cash advance it is only sensible to do so when you know you'll have enough money to pay it back quickly. In the event that you don't, the interest can pile up with every passing day.

The balance might tip in favor of cash advances if you're using a card with no cash advance fee. In this situation, you'll need to worry about the interest payments.

>> MORE:

Even better: Avoid needing an advance

Build up an emergency fund to cover unexpected expenses. You might want to set up automatic deductions to transfer money from your main checking account to an "rainy day" account or explore some ways to earn extra money on the side.

If you find yourself considering cash advances purely because you've forgotten to carry cash, though, you may want to check out debit cards with . So, you'll be able to access ATMs near you without getting slapped with an out-of-network charge.

About the writer: Anisha Sekar is a former personal finance writer at NerdWallet. She has worked with Silicon Valley startups and in the public sector. She completed her applied maths and economics at Brown University.

In a similar vein...

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