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Budget, Save, Even Win Money With Today's Prepaid Debit Cards

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Save, budget, even Earn Money With Today's Prepaid Debit Cards

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

Updated Sep 19, 2017

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

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In 1999 in 1999, an entrepreneur Steve Streit created the first retailer-sold prepaid debit card, eventually known as Green Dot to provide an option for young people to buy things online.

Prepaid cards have changed over time to the point that they go beyond helping people spend to assisting them in the opposite way: budgeting and saving money. With features for budgeting that are customized or innovative incentives to make money more efficient, prepaid debit cards allow you to bank smart, without having to use a banks.

If you're eager to evaluate cards, check out our selection of .

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

Get your budget under control

Prepaid debit cards feature an image of the card network, such as Visa or Mastercard are accepted at retailers almost everywhere, and can be loaded with money regularly. Most don't require a credit check. However, they're not suitable for everyone. They are primarily for people who are looking for a new approach to budgeting or the replacement of an account with a checking.

A big advantage to most card types is the absence of overdraft services and their associated fees typically found on checking accounts. A card balance is a natural spending limit -- a card will typically be declined without a fee, if it's not enough to cover an order or payment.

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

Like bank accounts, many prepaid debit cards give you mobile and online access to your account, with features like mobile money transfer and check deposit. However, the more extensive tools for budgeting on certain cards allow you to:

Set your own spending limits. You can create budgets with spending categories like clothes and entertainment.

Visualize your history of purchases. Some cards show pie charts, or other graphic images that categorize your spending.

Set up email and text alerts so that you are notified when you spend more than a specific amount.

Utilize sub-accounts to handle various household expenses. By securing one of your card's sub-accounts for one kind of expenditure, such as groceries, can make it simpler to set the spending limit.

Bluebird issued by American Express and Akimbo are two cards that allow for five to six sub-accounts which are connected to a master account however, they have their own balances and physical cards.

These can work like a modern-day envelope system. One card can be used for grocery shopping, another for dining and a fourth for holidays, and so on.

If you have kids accounts, sub-accounts could grant them to spend with the amount per card you set.

Beef up your savings (and possibly win cash)

Budgeting is a healthy method of managing money However, you may require an incentive to keep it up.

"Budgeting for the sake of budgeting doesn't really work," says Thea Garon, senior manager at the Center for Financial Services Innovation. With prepaid debit cards Garon adds that it's better "when the budgeting experience is tied to the financial experience, as well as aspirational objectives."

The Walmart MoneyCard, issued by Green Dot Bank, has the ability to budget, such as account alerts, however it is distinguished by its linked savings program that is prize-linked. In August, Wal-Mart as well as Green Dot added a monthly sweepstakes on the card's "vault." This vault is similar to savings accounts in that you can't spend money from that balance, without moving it to the balance of your card's spending.

Saving money in the vault can give you the chance to win prizes every month: One dollar saved equals one entry in a sweepstakes which means you could win as many as 500 entry. Each month, the winners are 4,99 who are awarded $25 and one who wins the jackpot of $1,000.

"Especially in a low-interest environment where you can win just a bit of cash [is] captivating," says Mark Matthews the senior director of Walmart Services.

But the real winning isn't from the sweepstakes -it's the incentive to save more and it's effective. The average balance of savings accounts increased by 35% from $413 to $572 from August through December. According to Walmart, about 175,000 people were registered as of June, and usage for this Savings Vault on the MoneyCard has increased by 233% over one year ago.

"The objective here is to create a meaningful mechanism and incentive to build up an account over time in order to deal with emergencies," he adds. Matthews noted that all savings are manually added, since there's no automatic savings transfer feature on the MoneyCard.

Prepaid cards have exploded in popularity, however ...

For banking options as well as with more modern additions, prepaid cards have grown in popularity since Streit's 1999 inspiration. The number of transactions on prepaid debit cards increased by 34% from 2009 to 2012, and by 5.6% from 2012 to 2015, based on research conducted by the Federal Reserve Payments Study in 2016. While growth has slowed in recent months but the cards still hold a place in the pockets of millions Americans' purses.

They are also safe to use and getting more secure: NerdWallet recently analyzed 44 cards from across the market, including major issuers and startups, and found all the cards were secured. The prepaid cards are expected to take effect in April 2018.

But that doesn't mean you should always use prepaid debit cards as the best option. Here are a few possible reasons they might not be right for you:

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

It's not the best method of budgeting. There are many cards that charge monthly charges. The average from the NerdWallet analysis was $4.67. You can see a few of the below.

Certain accounts at banks offer greater incentives to save. Some online savings accounts have rates of interest in excess of one percent per year. There are also new banks like Chime that offer rewards for saving. Your debit card purchases get rounded up to nearest dollars, and the cents go into the savings account. After each week, you'll earn a 10% bonus on all the cents that have been rounded that you earn, up to $500 in a year.

Explore alternatives and compare interest rates

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

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Budgeting 101 How to Budget Money

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Budgeting 101: How to budget money

Divide your income among the necessities, wants, savings and debt repayments, by using the 50/30/20 budget.

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet, she worked for daily newspapers, MSN Money and Credit.com. Her work was featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

and Lauren Schwahn Lead Writer | Personal finance and Lauren Schwahn Lead Writer credit Lauren Schwahn is a writer at NerdWallet who covers debt, budgeting and money-saving strategies. She is a contributor to the "Millennial Money" column for The Associated Press. Her work has also been highlighted by USA Today, MarketWatch and more. Lauren holds a bachelor's degrees in historical studies from her home at the University of California, Santa Cruz. She is located at San Francisco.

Updated Dec. 2, 2022

Editor: Kirsten VerHaar, the Senior Assisting Editor eBay, Yahoo! Kirsten VerHaar is an editor of personal finance, with an English literature degree from the University of Colorado Boulder. In her previous roles, she was a lead editor with eBay and was in charge of the writers team that produced coverage for eBay's content team across the globe. She also wrote for Yahoo. In the years since she joined NerdWallet at the beginning of 2015 she has covered subjects as diverse as vacuums (yes it really is) budgeting, as well as Black Friday.

Many or all of the products featured here are provided by our partners who compensate us. This affects the products we review and where and how the product is featured on a page. However, this doesn't influence our evaluations. Our opinions are our own. Here's a list of and .

If I have of an amount of say $2,000 per month, how can pay for accommodation, food and insurance, health care as well as debt repayment with no running out cash? That's a lot to cover with a small amount and this is a zero sum game.

The best solution is to prepare an appropriate budget.

The term "budget" refers to a plan for every dollar you have. It's not magic however it does provide freedom in finances and living without stress. Here's how to setup and then manage your budget.

How to budget money

Calculate your monthly income and then choose a budgeting strategy and keep track of your performance.

Try the 50/30/20 rule as an easy .

Up 50 percent of your income to cover your needs.

Leave 10% of your earnings for wants.

Commit 20percent of your income to savings and the repayment of debt.

Track and through regular check-ins.

Understand the budgeting process

Figure out your after-tax income: If you get regular pay, the amount you receive is probably it, but when you are able to take automatic deductions for savings, a 401(k), savings, and health and life insurance, add those back in to give yourself a true view of your savings as well as expenditures. If you have other types of income, for instance you earn money through other jobs -- you should take out anything that lowers it, such as business and tax expenses.

Make a plan for your budget The budget should cover all your requirements and certain desires and -- this is key -- savings for emergencies as well as the future. examples include the envelope system as well as an all-zero budget.

Monitor your progress: Keep track of your expenses or usage .

Automate your savings: Automate as much as you can so that the money you've set aside for an exact purpose can be used with little effort on your part. An accountability partner or online support groups can assist to hold you accountable for decisions that go against your budget.

Manage your budget: Your spending habits budget will evolve over time, so actively manage your budget by revisiting it frequently, maybe every quarter. If you're having difficulty sticking to your plan, consider these tips .

Before you begin to create a budget

NerdWallet breaks down your spending and helps you figure out ways to save.

Frequently asked questions

How can you create a budget spreadsheet?

Begin by determining what your personal take-home (net) amount, then take a pulse on your current spending. Then, follow the 50/30/20 rule: 50% of your requirements, 30% towards wants , and 20% towards the savings account and loan repayment.

How do you maintain your budget?

The key to keeping your budget is to keep it keep it up to date so you have a clear image of where your money is going and where you'd like it to be going instead. Here's how you can get started:

1. Check your account statements and categorize your expenditures.

2. Keep your tracking consistent.

3. Find a room for improvement. The ability to budget for free can be a boon.

How do you figure out your budget?

Begin with a financial self-assessment. Once you've established where you are and what you want to accomplish, pick a one that is suitable for your needs. We suggest the 50/30/20 method, which splits your income across three major categories 50 percent is devoted to the necessities 30 percent goes to wants and 20% goes to savings and debt repayment.

Try a simple budgeting plan

We recommend the popular 50/30/20 plan to . It is a budget that allows you to spend about 50 percent of your tax-free dollars on essentials, but no over 30% for wants and at a minimum 20% of your saving and repayment of debt.

We like the ease of this approach. Over the long term, someone who follows these guidelines will have a manageable debt, the ability to indulge on occasion, and savings to pay unplanned or irregular expenses , and then retire with ease.

The budget is 50/30/20.

Learn how this budgeting approach applies to your budget.

Monthly after-tax income Include your take-home earnings and add back in any payroll deductions in health coverage, 401(k) donations and automatic savings.

The numbers you have for your 50/30/20:

Necessities $0

Wants Zero

Savings and debt repayment $0 Have you identified your "want" categories?

Track your monthly spending trends to break down your needs and desires.

Up to 50% of your earnings for the needs of your family

Your requirements -- approximately 50 percent of your income after tax -- should include:

Groceries.

Housing.

Basic utilities.

Transportation.

Insurance.

Minimum loan payments. Anything beyond the minimum goes to the savings and debt repayment category.

Children's care or any other expense that you will need to cover in order to work.

If your absolute necessities exceed the mark of 50, you may need to tap into the "wants" section within your budget to last a few days. It's not an end-of-the-world scenario however, you'll need to alter your budget.

Even if your needs fall under the 50% cap Revisiting your fixed expenses often is a good idea. You may find a , an opportunity to or an opportunity to . This leaves you with more options to work with elsewhere.

Leave 30% of your earnings to be used for needs

It can be a challenge. It is generally true that needs are essential for you to live and work. The most common needs are dinners out, gifts, travel and entertainment.

It's often difficult to decide. Are spa-related restorative visits (including ) a want or a necessity? Are organic foods a good option? The choices vary from person to person.

If you're eager to get out of debt as fast possible, then you could think that your needs can wait until you've got some savings and your credit is in control. But your budget shouldn't be so austere that you can never buy anything just for fun.

Every budget needs flexibility -- perhaps you didn't remember an expense or one was more expensive than you expected -- or you have some cash to spend however you like. If you don't have money for entertainment, you'll be less likely to stick to your budget.

Commit 20percent of your income to savings and debt repayment

Utilize 20 percent of your earnings after tax to save something for unexpected expenses, and put aside money for the near future, and repay the debt. Always think about the bigger financial picture; that may mean two-stepping between debt repayment and savings to meet your most pressing goals.

Priority No. 1 is a first-aid emergency fund.

Many experts recommend you try to build up several months of basic living expenses. We recommend starting with a minimum of $500 -- enough to cover any small emergency as well as repairs, and then increase your budget from there.

You can't get out of debt without knowing how to reduce the amount of debt you incur each occasion that something unexpected occurs. It's also easier to sleep with an insurance policy for your finances.

Priority No. 2 is getting the employer match on your 401(k).

First, you need to get the money that is easy. For the majority of people, this means tax-advantaged accounts such as the 401(k). If your employer offers a match, contribute at least the amount necessary to get the maximum. The match is only free.

Why is it that we give securing an employer match a higher priority than debts? Because you won't get another chance to win this much tax-free money, free cash as well as compounding interest. You have a better shot at creating wealth by getting into the habit of regularly recurring long-term savings.

You won't have a second chance to capture the . Every $1,000 you don't put aside in your 20s could be the equivalent of $20,000 less .

Priority No. 3 is a toxic loan.

After you've secured an investment match for the 401(k) If it's you're able, tackle the toxic debt in your life including high-interest credit cards as well as individual and payday loans and title loans and rent-to-own payments. All carry interest rates so high that you will be paying back two or three times what you borrowed.

If one of the following situations apply to you, consider possibilities for solutions, which could include bankruptcy or

It's impossible to pay off the debt you don't have to pay -- credit cards medical bills and personal loans -- in five years, even with drastic reductions in spending.

Your total unsecured debt equals the greater of 50% or more of your income.

Priority No. 4. This is also saving for retirement.

Once you've knocked off all debts that are toxic, the next task is to get yourself on track for retirement. Try to keep 15% or more of your gross income, which includes the company match if there is one.

If you're young, think about when you've gotten the match from your employer. After you've reached the contribution limit for the IRA you can go the 401(k) to 401(k) and increase the amount you contribute there.

Priority No. 5 is, again, your emergency savings.

Regular contributions can allow you to accumulate three to six months worth of expenses for living. It isn't advisable to expect constant progress because emergencies happen, and that's when you should pull money from this fund. Just focus on replacing what you use and increasing your use over time.

Priority No. 6 is repayment of debt.

These are payments beyond the minimum required to .

If you've already paid off your most toxic debt then what's left are lower-cost, tax-deductible debt (such as your mortgage). Consider these to be dealt with when the primary goals listed above are covered.

Any wiggle room you have here comes from the money available for desires or the savings you make on your essentials but not your emergency savings and retirement savings.

Priority No. 7 is you.

Congratulations! You're in a great situation -- really great position -- in the event that you've created your emergency savings account, cleared the toxic debt, and are saving away 15% towards a retirement nest egg. You've built a habit of saving money that provides you with immense financial flexibility. Don't give up now.

Consider saving for irregular expenses that aren't emergencies, such as the replacement of your roof or next automobile. These expenses will happen regardless of what they are, so it's better to save money for them rather than take out a loan.

WATCH TO LEARN MORE ABOUT BUDGETING

Learn: Tips for Canadians on

About the authors: Bev O'Shea was a credit editor at NerdWallet. Her work has appeared in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

Lauren Schwahn covers consumer credit and debt at NerdWallet. The work she has done was featured by USA Today and The Associated Press.

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How to get preapproved for an auto loan and gain negotiation power Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and analyze information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on this website, for example such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial deals that may be accessible to you.

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4 min read . Published 7 March 2023.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely using loans to buy 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 the confidence to take control of their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.

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

This article may include some references to products offered by our partners. Here's an explanation for how we earn money .

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Established in 1976, Bankrate has a proven track experience of helping customers make wise financial decisions.

We've earned this name for more than 40 years by making financial decisions easy to understand

process, and giving people confidence in which actions to take next. process and gives people confidence in the next step.

so you can trust that we're putting your interests first. Our content is authored in the hands of and edited by

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors focus on the areas that consumers are concerned about most -- the various kinds of loans available, the best rates, the most reliable lenders, ways to pay off debt and more . This means you can feel confident when investing your money.

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Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content that will assist you in making the right financial choices. Key Principles We value your trust. Our aim is to provide readers with truthful and impartial information, and we have established editorial standards to ensure that this happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that what you read is correct. We keep a barrier with our advertising partners and the editorial team. Our editorial team does not receive compensation directly through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to provide you the most relevant advice to help you make wise financial choices for yourself. We follow the strictest guidelines in order to make sure that content isn't affected by advertisements. Our editorial team is not paid directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're looking at an article or review, you'll be able to trust that you're getting credible and dependable information.

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There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four decades. We strive to continuously give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. The content created by our editorial team is objective, factual, and not influenced by our advertisers. We're honest regarding how we're in a position to provide quality information, competitive rates and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or through you clicking certain links posted on our site. This compensation could influence the manner, place and when products appear in listing categories, except where it is prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own proprietary website rules and whether the product is available in your area or at your own personal credit score could also affect how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include specific information on each financial or credit item or service.

When it comes to , you want to do all you can to keep the negotiations under control. The application process for the auto loan preapproval is a way to gain an advantage in the purchase of a vehicle. By doing this, you are indicating that the potential lender has looked at your credit score, your application as well as the required documentation and is ready to provide you an official loan offering of a specified amount. It's true that the terms are sometimes used in conjunction. When you're prequalified for the loan it is because the lender only does a soft credit check, and the approval won't be guaranteed until you submit your complete application. Preapproval for the car loan just takes a few minutes of additional time and ensures that you have a firm estimate of the amount you'll be spending when you go car shopping and the you'll likely be given. Step 1. Gather the required documents are able to get pre-approved for an auto loan through banks, online lenders, or credit unions. Whatever option you decide to go with first, you must begin collecting the necessary information for an application. These include: Personal information, like the name of your child, Social Security number, driver's license, information about your contact and your home address. Income, including your employer's name, contact details and your annual earnings. The income documentation you may be asked to provide can include a W-2, tax return as well as pay slips. The amount you'd like to finance and the preferred auto loan term. Information about the age as well as the mileage on your car when you purchase a used. Details about the trade-in, if applicable. Tip from Bankrate

To make the process of applying easier, you should gather the necessary financial documents ahead of time and save them as PDF files on your computer.

Step 2. Find out about loan options Just like you look around for a car, it's an excellent idea to shop around for loan options . Your interest rates are determined by your credit history and other variables that may vary by lender. By shopping at different lenders, you might get a better deal , in addition to obtaining better loan terms. Achieving an interest rate just a tenth of a percentage point less can be a significant difference in how much you spend over the life of the loan. For the best rate, fill out applications with several lenders. Bankrate's advice

Find Bankrate's top choices to kick off your search.

3. Send the preapproval form Most of the time the process for applying is similar to an ordinary fully loan application. It is possible to apply online, over the phone , or in person. If you decide to apply online, you should research the most trusted lenders. Whatever method you choose to submit your application -- online or in person you can expect to spend around 15 minutes to complete each application. Certain lenders offer an complex preapproval process and some may require an absolute credit score or details about the vehicle's age and mileage. Find out more information about the application requirements on lender websites prior to submitting an application. Once you've provided the required details, applications are generally completed in 30 to 60 minutes. Tips from Bankrate

Once you've received your loan is preapproved, you typically have 30 to 60 days to look for a car before the loan deal expires.

Benefits of auto loan preapproval Car loan preapproval has many advantages which include putting you in the driver's seat in negotiating the best deal and getting the most competitive interest rates available. Confidence Dealerships can seem overwhelmingand the buying process can be daunting. Beginning the process with a preapproved loan offer in hand gives the buyer a sense of security and ease. With a preapproved loan you have a clear idea of your loan term and interest rate. This information makes it much easier to calculate your monthly payments based on the sale price you negotiate with a dealer. Instead of worrying about finding vehicle financing instead, you can concentrate on what is best the things that are important to you and your life. Protection against unnecessary add-ons When you are negotiating a deal on an automobile, particularly when purchasing a car with dealer financing and the sales team tends to make it easier for them to increase their profits. This could involve such things as rust-proofing the vehicle or fabric protection as well as extended warranties. By coming in with an auto loan you have a firm number in mind. This makes it easy to decline extra costs that aren't in your budget for purchases when it's time to conclude the purchase. A better understanding of the expected price The real cost can be higher than expected for buyers who are first-time buyers. A clear estimate of what you are able to borrow will make it simpler to budget and keep your expectations grounded when you shop. You should calculate potential auto loans prior to time so you know how much you can comfortably get. Also, when you are calculating your monthly expenses, don't forget to include the cost of insurance for your vehicle. You could also look for insurance quotes for the vehicle you're considering buying so that you are aware of what the real, full cost will be. More negotiation power, although dealership financing may be an excellent option for certain drivers, preapproval ensures that you won't to use the financing suggestions of the salesperson. Dealers will also be aware of your commitment to getting a vehicle and will likely seek to win your business. They might also be able to offer a more competitive rate from their lenders' network. What next steps to take if you're planning to buy a car and are preapproved for an auto loan will give you a firm idea of how much you'll be able to spend. This puts you in the driver's seat when it comes time to negotiate. Before submitting your preapproval application make sure you have all the required documents. If you intend to submit your application online, make certain to find reliable lenders. Some of the best ways to accomplish this is by looking up the lender's Google reviews of previous customers and then analyzing their rating through The Better Business Bureau and Trustpilot.

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied data that can break otherwise complicated topics into bite-sized pieces.

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Credit Card Interest Calculator

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Credit Card Interest Calculator

Check your credit card balance and interest rate to determine the amount of interest you pay are for a given month.

Written by Paul Soucy Lead Assigning Editor Credit cards, credit scoring, personal financial planning Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He served as an editor for USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also established a profitable freelance writing and editing practice that focuses on personal and business finances. He was editor of the USA Today Weekly International Edition for six years, and was awarded the top award by ACES: The Society for Editing. He holds a bachelor's degree in journalism as well as a master of Business Administration. He lives in Des Moines, Iowa, with his fiancée, his two sons, and the dog named Sam.

Updated January 25, 2023 at 10:20 AM PST

Written by Kenley Young, Assigning Editor Credit scores, credit cards Kenley Young is the director of 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 at Yahoo. He has years of experience in digital and print media, with times as an editor at the copy desk and wire editor as well as an editor of the metro at the McClatchy newspapers chain.

Many or all of the products we feature are provided by our partners who pay us. This impacts the types of products we feature as well as the place and way the product appears on a page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here is a list of and .

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Interest on credit cards is a regular part of the lives of tens of millions of cardholders however, for many, it's a mystery the exact method by which credit card interest is calculated -- what percentage of the interest rate charged on their card account translates into the finance charge that is displayed on their monthly statement. The credit card interest calculator from NerdWallet can do the math for you.

Begin plugging in numbers, or read below for tips on how to get the most accurate result.

What goes into the calculation of interest on credit cards

How much interest you get charged on a credit or debit card is determined by a number of factors:

Grace period

Let's start with the grace period: If you pay the credit card charge in full on the due date each month, you will never need to pay interest on purchases. Period. You don't really need an interest calculator for your credit card because there's nothing to calculate. Your interest rate .

If you roll over debt from one statement to the next, then interest will apply.

>Learn More:

Average daily balance

If your credit card statement is sent in the mail (or is available online) it displays the total amount of your amount as of the day that ended the billing period. But that balance is not the number used in calculating the interest rate. The key number is your average daily balance throughout the billing period. The card issuer will take the balance of your account each day in that period and adds it all in a single sum, and then divides in the days in the period.

For example, say you had a 30-day statement cycle that began with a $100 balance:

If you made no charges or payments for the full cycle, your average daily balance is $100.

If you were charged $45 on a posting on the 11th day the cycle, and there was there was no other event, your average per day balance will be around $130. (Ten weeks at 100 and then 20 days at $145.)

If you were to have an initial charge of $45 at the end of day 11 the cycle and a $65 charge on the 21st day, your daily average amount would have been $110. (That's the equivalent of 10 days with $100 followed by the same amount of time at $145 for 10 days, then, and finally 10 days at $85.)

Naturally, keeping track of your daily balance is easy if you make only one purchase and one payment per month. But if you are using your credit card regularly through the entire month, the task becomes harder -- and figuring the average daily balance over the entire cycle is an absolute nightmare. We've designed an app that lets you input the amount of your purchases and your payments over the course of a month to calculate the average daily balance

Click HERE to OPEN OUR AVERAGE DAILY BALANCE TOOL

The calculator for interest on credit cards from NerdWallet requires you to input your account balance. Using your average daily balance will produce the most accurate outcome. To approximate the amount, you could use the closing balance on your statement or calculate where your account balance stands during a typical day.

>Learn More:

Rate of interest

The interest rate applicable to the purchases you make on your account will appear upon your account statement each month. Interest rates are given as an annual percentage rate or APR. While the rate stated refers to an annual percentage rate, credit card companies typically charge interest on the basis of a daily. The daily rate is typically 1/365th the rate of annual. If your APR is at, for instance, 18.99%, the daily rate would be about 0.052 percent, which is 1/365th of 18.99%.

Interest on credit cards typically compounds each day. That means the amount paid on day 1 of the period is added to the calculation for day 2, the interest accrued on the day 2 will be added into calculations for the day following and so on.

Each month typically includes the total amount of interest been accrued, as well as any other fees that you've paid as well as a small amount of your principal amount.

Nerdy Tip

A lot of credit cards have different APRs for different balances. The purchase APR is applicable to purchases made with the card, while separate APRs apply to balance transfers and cash advances. When this is the case the issuer determines the total daily averages of balances for purchases, transfers and advances, and then applies the designated APRs to each.

>> > LEARN MORE:

Days of the cycle

Each credit card cycle encompasses about one month of time, but the billing cycles don't align exactly like calendar months. They usually begin in one month and end in the next. The billing cycle is closed on or around the same date the month. The amount of days within the billing period varies between 28 and 31 days. There are a few reasons to this:

Different months have different numbers of days.

Certain issuers might not permit statements to be closed on weekends or on holidays.

Federal regulations require the due date fall on the same date of each month and that you have at least 21 days between the time your statement is due and your due date.

Our credit card interest calculator lets you choose a number of days ranging from 28 to 31. If you're not sure that you're in the right place, 30 days are an acceptable default. Or you can choose as many days in the month of calendar when the cycle began. (For example, if the cycle began in April and ended in May, use 30 since April has the same number of days.)

What's next?

Appendix: How math is used in our examples

What is the math behind this The cycle is 30 days long, with a starting balance of $100

There are no purchases or payment (30 day period at 100 dollars)

30 x $100 = $3,000

Split by the number of days of cycle: $3,000 / 30 = $100

$45 purchase on day 11 (10 10 days for $100 ) and 20 days at $145)

(10 x $100) + (20 x $145) = $1,900 + $2,900 = $3,900

Split by the number of days in cycle: $3,900/30 = $130

A purchase of $45 on the 11th day and $60 payment on the day 21 (10 days at $100, followed by 10 days at $145 and $10 days of $85)

(10 $100) + (10 145) + (10 $85) = $1,000 + $1,450 + $850 = $3,300

Divided by 30 days of cycle: $3,300 / 30 = $110

Author bio Paul Soucy is the chief credit card editor at NerdWallet. He has worked at USA Today and the Des Moines Register and holds an MBA.

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Find the right credit card for your needs. If you're looking to pay less interest or earn more reward points, the right card's out there. Answer a few simple inquiries and let us narrow your selection for you.

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Credit Card Issuers Are Offering Lower Ways to Access Your Credit Line

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Card Issuers Are Offering Cheaper ways to access your Credit Line

Cash advances that cost a lot of money are no longer the only way to tap into credit. But there are disadvantages to consider.

Written by Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card group at NerdWallet. She has been a passionate writer covering credit card-related topics for over six years. Her previous experience includes nine years of experience as an author for various websites and publications. In her writing, she aims to help readers extract value from credit cards to meet financial goals like expanding their budgets, building credit, traveling to places of their dreams and paying off debt. She explores these topics and others in and The Millennial Money column featured in The Associated Press. Her writing has also been featured within The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree of sociology, earned from the University of California, Los Angeles.

Updated Feb 9, 2023, 4:54PM PST

Written by Kenley Young, the Assigning Editor Credit score, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Previously, he was 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 digital and print media. This includes stints as chief of the copy desk as well as a wire editor, and an editor of the metro at The McClatchy newspapers chain.

A majority of the products featured here come from our partners, who pay us. This influences which products we write about and where and how the product is displayed on a page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .

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Credit cards are a convenient way to pay for something however, historically they've been unable to provide affordable or flexible methods to access your credit line beyond making purchases.

In the past, the only other ways to use your credit card to get money was an, which is usually with a sky-high rates of interest and costly fees. If your finances are already in a bad state, this kind of costly short-term loan can only make things worse.

In recent times, more efficient and economical options are appearing. In recent years, each of the major credit card companies as well as startups have launched products as well as features to make it more convenient -- and cheaper -to use your credit line to pay friends, make large purchases at lower rates, cover the cost of a purchase you're not able to pay by credit card or get cash to be deposited into the account of your bank account.

>> MORE:

Easier peer-to-peer payments

Never carry cash these days? Perhaps you're only a couple of dollars short of your portion of the check at dinner? It's possible to consider an American Express feature , launched in November of 2020 and is available on qualifying cards through AmEx's mobile app.

The "Send" part of this function lets you use your eligible AmEx card to pay other people through or but without the transaction costs that normally be charged to credit cards such as this on these platforms -- typically approximately 3percent.

The terms apply, with limitations on the amount you are able to transfer, and these transactions aren't eligible to earn rewards. However, they can be a great option to split the costs of gifts, food or even more.

"We've definitely seen some sustained customer involvement," said Stephanie Schultz, vice President and director of new strategic partnerships of American Express. "One of the most popular areas we've observed has been gifting, especially during the Christmas season."

Things to remember: As with any charge to your credit card, you'll need to pay for the "Send" transaction in full before the due date in order to avoid paying charges for interest. The terms and conditions apply.

>> MORE:

Flexible financing and installment-loan options

What happens if you want to finance a bigger expenditure? A few card issuers as well as startups can turn your credit line to the form of an installment loan.

Chase and Citi, for example offer, and, in turn offer and, respectively, to cardholders with a certain. These options function much like the personal loan from a bank, and the money is deposited directly in the bank account.

You'll be given a specific amount of time to repay the loan by a monthly fixed payment. The loan will be charged with interest, but potentially at a rate that's lower than your credit card's ongoing APR. This makes it possible to apply for a loan without an application, which means no new credit score.

"With My Chase Loan, our customers have informed us that the option to take the loan without a credit check, no credit check and no new account to manage, at an APR that is less than their card's typical APR, is attractive," said a Chase spokesperson in an email. "They appreciate the convenience that comes with knowing the monthly repayment amount and loan duration upfront, and the assurance that there's no early or origination fee."

If you need time to make a payment on a huge purchase, this solution could be better than simply charging the purchase directly to your credit cardand it's cheaper than a cash advance.

Keep in mind This is because these programs are targeted, which means they might not be accessible to every person at all times. Include the possibility of impact on the utilization of your credit (and your credit scores) as well as the overall price of the loan even at an APR lower. This loan amount you can request will depend on your credit limit and creditworthiness. Hence, it may still be worth looking into personal loan rates offered by other institutions.

>> MORE:

Nerdy Tip

If you're looking to split a single credit card transaction into more manageable chunks, you could consider using the Chase My Chase Plan option or Citi's Flex Pay feature. Similar to that as the Mastercard payment network is in the process of launching a service called . Terms and charges may apply, but such choices can make monthly installments more reliable. AmEx also offers a feature, for which there is a fixed monthly cost and you'll be aware of what you'll have to pay each month. Terms apply.

>> MORE:

Startups have options, too.

The startup company Upgrade provides an innovative and flexible hybrid product -- the -- that blends elements of credit cards and personal loans.

When you use it for credit card, any remaining balances are converted into installment loans.

If you take it as an individual loan it is possible to get funds deposited into the account of your bank account.

In either case, you can pay back the amount by equal installments over a period of time, at the same rate of interest within a specific timeframe. (Note that with personal loans you'll also have to pay an additional 5% cash advance fee.)

What to keep in mind: The APR you qualify for will vary like other installment loan options, it's important to check rates from other lendersas well.

>> MORE:

Third-party choices

If your credit card provider isn't as flexible with access to your credit line, third-party services might be an alternative option.

For instance, for a fee, lets you use eligible credit cards to pay bills you can't usually pay through credit cards, such as mortgage, rent, day care, utilities and more. You charge your credit card through Plastiq for the amount of the bill (plus the 2.9% processing fee), then Plastiq pays you on behalf of the person who received it.

It can be a valuable service if, say, a bill is due immediately but you require some time to relax while waiting for a paycheck to be received. In contrast to alternatives, you can earn credit card rewards, which can help to pay for some of the processing cost.

The past was when Berna Anat, a San Francisco resident and content creator, made use of this service to pay bills and earn points that allowed her to take an excursion to New Zealand and other destinations.

"I only ever charge as much as the cash I had already saved for the month" she said.

Keep in mind When you think about it: Although a 2.9% processing fee can be less costly than cash advances however, it still packs a big bite, especially when it comes to large transactions. And if you can't afford to pay for the charge in full by your credit payment due date, you'll be charged interest at your card's ongoing APR, which could be very costly. In addition, some credit cards might not be compatible with third-party bill payment services. Before using one, check with the issuer about how (or what) the payment will be processed. It could be regarded as an advance in cash or a cash advance, for instance, rather than a purchase.

>> MORE:

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

Similar to...

Find the best credit card for you. Whether you want to pay less interest or earn higher rewards, the right card is out there. Answer a few simple concerns and we'll refine your results for you.

Dive even deeper in Credit Cards

Find out more money-saving strategies right to your inbox

Sign up and we'll send you Nerdy content on the financial topics that are important to you along with other ways to help you earn more value from your money.

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5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loans, mortgages,, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that might be available to you. SHARE Skynesher/Getty Images

4 min read Published June 15, 2022

Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-constructed information that breaks down otherwise complex topics into manageable bites. The Bankrate promise

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At Bankrate we strive to help you make better financial decisions. We adhere to the highest standards of editorial integrity ,

This article may include the mention of products made by our partners. Here's an explanation for how we make money . The Bankrate promise

Founded in 1976, Bankrate has a proven track experience of helping customers make wise financial choices.

We've earned this name for more than 40 years by demystifying the financial decision-making

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors concentrate on the things that consumers care about most -- the different types of lending options as well as the best rates, the most reliable lenders, ways to pay off debt and many more -- so you'll be able to feel secure when investing your money. Integrity in editing

Bankrate follows a strict , so you can trust that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the right financial choices. Our main principles are that we respect your confidence. Our goal is to provide readers with truthful and impartial information, and we have established editorial standards to ensure this happens. Our reporters and editors rigorously check the accuracy of editorial content to ensure the information you're reading is accurate. We maintain a firewall with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU who are the readers. Our aim is to provide you the best advice to help you make smart personal finance decisions. We adhere to strict guidelines for ensuring that editorial content isn't influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and all of our content is checked for accuracy to ensure its truthfulness. So whether you're reading an article or reviewing it is safe to know that you're receiving reliable and reliable information. What we do to earn money

If you have questions about money. Bankrate has answers. Our experts have helped you understand your money for over four years. We continually strive to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial choices. The content we create by our editorial staff is objective, truthful, and not influenced by our advertisers. We're honest regarding how we're capable of bringing high-quality content, competitive rates and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our website. So, this compensation can impact how, where and in what order products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own website rules and whether or not a product is available within your region or within your self-selected credit score range could also affect the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. If you hate the idea of haggling with a dealer on the price tag to buy a new vehicle, a car buying service might be an ideal alternative. You can from the comfort at home, and some of the car buying services might have ways to put more money into your pocket. What are the best car buying services for you? The process of negotiating with dealerships can be daunting. If the fear of getting a poor deal has kept you from visiting dealer lots, a car-buying service could be an ideal option for you. There are two primary types of car-buying services: the concierge service and subscription-based services. Concierge service can help you bargain the price of the vehicle and make the buying process easier for you, such as transporting the vehicle to your home or to the nearest center so you can try it out prior to purchasing. Many organizations, like AAA warehouse clubs, warehouse clubs and others, provide car-buying assistance to their members free of cost, says John Nielsen, managing director of auto engineering and repairs for the AAA National office in Heathrow, Florida. Nielsen claims that those who utilize these services for buying a car could save thousands of dollars off their purchase. "I have a friend who purchased an automobile through the program, and saved $2,600," he says. While consumers can to save quite a bit of money, not all car-buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and consumer auto expert. The consumer must be aware of what the company has to profit from these deals, and if their objectives are the same as yours. Tips on using a car-buying service If a service for buying cars seems right for you, think about these guidelines prior to pursuing one. 1. Businesses offer negotiation and convenience car-buying platforms for those who are short on time and can't find and , explains Fix. For instance, Carvana, a popular car-buying service, offers fixed costs and will bring the car to your residence for you to drive throughout the seven-day period. Prices can differ, and certain services charge a percentage of the cost of the car. At Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car-buying service. Utilizing the service allows them to not interact with anyone at a dealership, according to William Fultz, an auto broker at Meriwest Credit Union. Members are assigned an auto consultant who negotiates the cost of the car on your behalf and work with them to secure a car loan by the credit union. 2. The free services are generally available to only members. If you're a participant in AAA, AARP, Costco, Sam's Club or a credit union, you could be eligible to tap into their free car buying services. Every program operates differently, and some might provide the option of negotiating the price tag of a car for you, while others provide pre-negotiated fixed prices. Some of these clubs and organizations may offer discounts, additional benefits and incentives offered by car makers only to members of their organization. 3. Buyers should still do their research prior to working with a car-buying service, Fix suggests looking through sites for research on autos like Edmunds or Kelley Blue Book, to discover the average price of your dream car in your area. Another reason to do your research before you buy is that buyers will be aware of what they are looking for before they make contact with the firm, Nielsen says. "It's difficult to help you if you're looking at minivans, sports cars or convertibles at the same time," he says. Nielsen suggests narrowing down your options to the most preferred two or three options, including make, model, color and options, before contacting an auto-buying service. "Think about the kind of car that you want to buy and how much you'd like to invest," he says. If a business has this data, it can be more efficient in finding the car you're looking for with a price that is competitive. 4. Know how car-buying services are paid. Although these services could be free for members, the cost is included in any membership fees. As for the concierge, they could charge a flat rate or a portion of the price of the vehicle. The car buying service usually negotiates lower prices with the dealer because of the sales volume the dealership can earn as a result, and they can transfer savings to the buyer. But buyers should be aware they may be directed by the company customers to specific dealers which they've a commercial relationship, she adds. "You should check to see if you are getting the best price," Fix says. Fultz says referral fees may not be the only benefit these companies receive. Credit unions typically offer car buying services because they strengthen relationships between customers and the financial institution. "It ensures that we keep our loans within the institution on a greater basis," he says. "It helps us, the membership and dealers." 5. Learn about the return policy. Customers must be aware of the policy on customer satisfaction before they buy the vehicle or car, Fix says. In the event that you don't, you could be stuck with a huge purchase and something you aren't pleased with. You can check out the car-buying service's site, or contact customer service to find out what their return policy is. Besides how many days you have after you purchase the car to return it, you should check for a cap on the miles you can drive. If you exceed the limit that you can drive, you'll need to pay for every mile over the limit. In general, the vehicle cannot be returned damaged or altered -- it must be in the same condition it was in when it was delivered to you. The final word is that using a car-buying service could be a good option for you if you do not want to bargain with salespeople at the dealership, you prefer not to walk in a car dealership or if you're short on time. Before you make a call, do your homework and look at the details, like researching , the costs involved and a car-buying platform's return policy. Learn more

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Written by the writer who contributes to the project. Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. The article was 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 confidence to manage their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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What Is a Hard Inquiry?

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able make financial decisions without hesitation. Although our site doesn't include every business or financial product available on the market however, we're confident of the advice we offer and the information we offer and the tools we develop are objective, independent simple, and cost-free. So how do we earn money? Our partners pay us. This may influence which products we review and write about (and the way they appear on our website) However, it does not affect our suggestions or recommendations that are based on many hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

What is a hard Inquiry?

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

By Our Nerdwallet contributors are specialists in their fields and have diverse backgrounds in finance, journalism, and consulting. Our editorial standards are the strictest editorial standards to ensure our readers are provided with the information necessary to make financial decisions with confidence. Find out more about our

Updated Feb 13, 2023

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. 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 many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in Iowa's University of Iowa.

Many or all of the products featured here are provided by our partners who compensate us. This impacts the types of products we review and the location and manner in which the product is featured on a page. But, it doesn't influence our evaluations. Our opinions are our own. Here's a list and .

An inquiry that is hard to answer is for a review of your credit, typically to determine the viability of your loan or credit card application. It may shave the smallest amount of credits off your credit report, however, it's only temporary.

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

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

Do you need a credit report review?

Register for an account today to get your free credit report and score available every day.

What is a hard inquiry?

A hard inquiry, also referred to a hard pull or a credit check, is a process that requires your consent. It occurs when you apply for credit, like a mortgage, credit card, auto loan and credit card, student loan as well as a personal loan. This doesn't occur in the case of trying to get pre-qualification in order to decide whether or not you want to apply.

This inquiry will be included on your credit report, meaning anyone who checks your credit report will be able to see it. The inquiry is on your credit report for , however it ceases to affect your credit score within less than a year.

Nerdy Tip

When you apply for a credit product that involves a hard inquiry about your credit report, you may get an inundation of marketing communications from lenders. This is because credit bureaus offer marketing lists in response to hard inquiries. However, you are able to opt out indefinitely or for a period of five years. Visit , a service of the credit agencies Equifax, Experian, TransUnion and Innovis or call 888-567 8688. The bureaus claim that your request will take effect within five days. Be aware that you could still receive marketing offers from lenders that use other sources. The decision to opt out of receiving marketing offers does not impact your credit score nor your ability to apply for credits or for insurance.

What does an inquiry that is not a formal one impact your credit score?

A single hard inquiry can reduce five points from your FICO score. However, with the most-used FICO model every inquiry within a 45-day time frame are considered as one inquiry when you are " ," such as for mortgage, student and auto loans. The older FICO models as well as VantageScore which is FICO's rival, are also able to group rates for shopping, but within the 14-day timeframe. A VantageScore spokesman said a hard inquiry can shave up to 10 points off a VantageScore.

Most lenders or card issuers will get a credit history from one of the three major credit bureaus- Equifax, Experian or TransUnion. This means that the report will appear only on one of your credit reports. However, this is not the case with a mortgage, when all three credit bureaus are usually examined.

It is wise to limit hard inquiries. When you are applying for credit, you should be as certain as you can that you're likely to get accepted so that you don't risk losing score points and not get the approval you seek. Do not apply for credit on the spur of the moment. Think about whether the discount or bonus you're looking forward to receiving is worth the potential ding in your score. If you're already in the process , a few points may not be a big deal. If, however, you're of low credit scores beware.

What is a soft inquiry?

Soft inquiries, also known as soft pulls, or soft credit checks, can occur without your knowledge. If you've received a credit card deal through the post, it's likely that the company offering the credit card performed a soft credit assessment to determine if you likely be eligible. This is also true for different types of loan offers, or when the mortgage broker or lender performs a pre-qualification or preapproval.

Employers can also conduct a background check on you, including a look at an amended credit report. While they need your consent to review you credit file, the information is still not an investigation that is considered to be hard because it's not a way of deciding whether or not to grant credit to you.

It is, in essence, an unstructured question, meaning it will not affect your score. You can get your on demand from a personal finance website such as NerdWallet. Or, you can to receive your credit reports from three major credit bureaus. The reports are available for free and until 2023, you're allowed to receive one report from each bureau per week.

When you look at your own credit reports, you'll see soft inquiries , but they don't appear in the reports that creditors look at.

>> LEARN: How you can work in Canada

Soft or hard inquiry?

Some questions can be one of two types: hard or soft. If you lease a car, apply to rent an apartment, sign up for cable TV or internet service or open an account with a financial institution or a person wants to confirm the identity of you, then you may encounter a hard inquiry or a soft inquiry. The only way to be sure beforehand is to inquire with the prospective tenant or the service company.

Finally, if you believe that a hard inquiry appears in your credit report, but shouldn't be, you can just as you could find other incorrect information. It's worth looking into as it could indicate fraud or .

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Cash Advances Are Still a Pain However, what about A Card Loan with a Credit Card Loan? Maybe Less So

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

Cash Advances Still Sting, but the Credit Card Loan? Maybe Less So

Other options to borrow to your credit limit- - if your card has these features, they can be less expensive than using your credit card in an ATM to get rapid cash.

by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards credit cards, debt repayment Sara Rathner is a NerdWallet expert on credit and travel cards. She has appeared as a guest on "Today" show and CNBC's "Nightly Business Report" she has also been featured in The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Before becoming a part of NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She was also a freelance personal finance writer and paraplanner and has an undergraduate degree in journalism at Northwestern University.

Updated Feb 7, 2023 at 6:43 AM PST.

Editor: Kenley Young Assigning Editor Credit scores, credit cards Kenley Young is the director of daily credit card coverage for NerdWallet. Before that, he was an editor of the homepage and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has years of experience in both digital and print media. This includes stints as a copy desk chief and wire editor as well as a metro editor for McClatchy. McClatchy Newspaper chain.

A majority of the items featured on this page come from our partners who compensate us. This impacts the types of products we review and where and how the product is featured on the page. However, this does not affect our assessments. Our views are entirely ours. Here's a list of and .

MORE LIKE THIS

If you don't have enough money in the bank account to deal with an unexpected expense it is a way to quickly access needed funds -- but there are a few major disadvantages. You'll be on the hook to pay cash advances and ATM charges, as well as interest that will begin accruing as soon as you receive the cash.

In regards to that interest: According to data from the Federal Reserve of St. Louis The average APRs for cards that charge interest were 20.4 percent in November 2022. That's already pretty high and, in many cases the interest rates for cash advances are higher than this.

Also, this cash advance is going to cost you.

But, you could have other, less expensive alternatives, thanks to credit card loan programs that let you borrow against your card's existing credit limit. This is basically what you get when you apply for a traditional cash advance. But unlike a cash advance however, these more recent loan programs provide a variety of benefits:

A fixed rate of interest for the life of the loan.

There is no separate loan application or credit check is required.

No fees in many cases that go beyond interest payments (or any late payment that you might make).

An open procedure that allows you to see the options you're qualified for and what the monthly cost for each option would be.

New ways to borrow against your credit limit

Of the major lenders among major lenders, both Chase and Citi offer these types of loans to qualifying cardholders. You can determine if you'd possibly be eligible for by logging in to your account online or via the Chase or Citi apps.

My Chase Loan

You can borrow a minimum of $500. You'll have the option of a variety of payment plans with varying terms -- for example, you might be able to select one of the six-month or 12-month option, possibly with a lower APR (think one digits) than your card's ongoing adjustable rate of purchase. (Your rate and conditions will differ based the creditworthiness of your.) You'll also find out what the monthly payment would be for every loan option. The loan installment will become part of your credit card minimum payment each month until you pay it off. There's no penalty if you decide to pay off your loan earlier. The terms apply.

Citi Flex Loan

A operates similarly: Borrow the minimum amount of $500 with a fixed rate for a predetermined time. You'll be able to choose from loans with different amounts and lengths, and see what your monthly payment will be according to the terms you select. Your payment will be included in your minimum credit card payment each month. Conditions apply.

Beyond the loan programs from big companies, you might have alternatives. For instance, hybrid products from a startup known as Upgrade can be used for purchases just like you would normally with a conventional credit card, however you pay off your bill in installments fixed at a set APR, like the personal loan. You may also be able to take out a loan against your credit limit by requesting that cash be deposited into your account. The terms and APRs vary but it can be much less expensive than cash advances.

Potential drawbacks

Both of these loan programs offer access to money relatively quickly for a lower cost than a cash advance however, there are negatives

You don't get cash in hand immediately. With My Chase Loan, the borrowed money may take one to two business days before it is directly deposited in your checking account. Citi Flex Loans can also be accessed via direct deposits, which takes as little as a day of business, or a mailed check and takes as long as the mail is delayed by the mail.

Interest rates may not be as competitive as personal loans. Depending on what you qualify for, you may be able to get lower interest rates on other types of loans (though for personal loan, you do need to apply and go through the credit screening). If you've got a bit more time to research it might be worth seeing how else you can access the funds you need.

However, you'll still have to pay interest. If you require money to pay to pay for future purchases There are other payment options charging no interest, though you may be charged charges.

Alternatives to consider

If you have expensive purchase coming up There are ways you can use credit cards to hold off interest payments or split up installments:

A -like plan through an account on your credit card such as My Chase Plan or Citi Flex Pay lets you to split a larger amount into monthly installments that will be added to the bill for your credit card. With Chase, you'll pay an annual fee that is fixed and with Citi's plan you'll be charged interest. Numerous other major issuers provide various versions or other of the plans. However, whether you choose to sign up for an installment plan with your credit card or a third-party buy now, pay later, you must exercise caution. A report released in September 2022 by the Consumer Financial Protection Bureau identifies risky and costly plans, including the likelihood of spending more, as well as the chance of being unable to make payments if you stack multiple loans simultaneously.

A credit card with an interest-free promotion of 0% on purchases made in the new year can allow you a year or more, depending on the card, to settle any balances interest-free. Just know that if you have any remaining debt when the promotion ends, you'll begin to be assessed the normal interest rate.

Author bios: Sara Rathner is a NerdWallet credit and travel expert. She has appeared in the "Today" show, Nasdaq along with CNBC's "Nightly Business Report."

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Five Best Debit Prepaid Card Options

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5 of the Best Credit Card Prepaid Cards

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

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

Updated on March 1st 2022

Written by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a bank editor for NerdWallet. She was previously an editor, writer and a research analyst in a variety of industries, from healthcare as well as market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet cultural history. She lives at Portland, Oregon.

The majority or all of the products we feature are from our partners who compensate us. This affects the products we review and where and how the product appears on a page. However, this does not influence our opinions. Our views are our own. Here's a list and .

+ Summary: Best prepaid debit cards

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

Five Third Access 360deg Reloadable Prepaid Credit Card : Best for ATM withdrawals.

FamZoo Prepaid Card : Ideal for parents (tie).

Greenlight Prepaid Mastercard : Best to give your parents (tie).

Walmart MoneyCard : Best for shopping at Walmart.

Chime : Best cheap prepaid alternative.

What are prepaid debit cards?

The prepaid card can serve as a budgeting tool or a complete substitute for a bank account -- and the best prepaid cards offer ease of use while charging a few fees.

Prepaid cards are easy to acquire. They can be purchased in retail stores (usually with a cost) and some are ordered online. The cards require no credit check, and they're usually accessible even if you are unable to have an account with a bank account because of a poor credit history. Unlike with a credit card that you can load money into prepaid cards prior to using.

Some companies also offer mobile-optimized banking accounts that don't need clean credit or banking history These accounts typically cost less than prepaid card.

Prepaid debit cards vs. regular debit cards

It's not necessary to have an account with a bank account to get a pre-paid debit card, however it's required for a regular debit card, which is connected to your checking account. For prepaid debit cards, you can load the card with cash upon receiving it, then use it to buy purchases. With regular debit cards, the money you pay are taken directly from your checking account as you make payments.

>> More information from NerdWallet:

Nerdy Tip

If you are looking to establish credit or have been denied the use of a bank account, a prepaid debit card might not be the best choice: and if you aren't able to get a regular checking account Try . These accounts offer another chance at banking that is mainstream and has its perks.

Trust NerdWallet: Our writers and editors follow strict standards to ensure that our content is fair and accurate and you are able to select the account that works the best for you. Check out our criteria for .

Here are our top prepaid debit cards in relation to the fees and features. Scroll down for more detail on each account.

The best way to avoid fees

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

Bluebird by American Express

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

No cost ATM network.

Great budgeting features.

The best ATM withdrawals

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

Fifth Three Access 360deg Reloadable Prepaid Card

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

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

Best for Parents

FamZoo

Multiple subaccounts for kids.

The cost is $2.50-$5.99 per month.

Greenlight

Multiple subaccounts for kids.

Store-specific spending controls.

Monthly fees starting at $4.99.

BEST FOR SHOPPING AT WALMART

Walmart MoneyCard

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

Multiple subaccounts to family members.

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

THE BEST CHEAP CHOICE OPTION FOR PREPAID

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

Chime

There are no monthly costs.

It also has a savings component.

Bluebird from American Express

The best way to avoid costs

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

The card, which is issued through American Express, offers more than the average prepaid debit card, and you can use it to load and spend money with no charges.

However, Bluebird has limitations in terms of acceptance of merchants, and it doesn't allow cash-back at stores.

General charges and benefits: No monthly fee and no charges for activation online or inactivity.

Purchases: No charges.

ATM withdrawals are available for free at ATMs that are part of the MoneyPass network; $2.50 charge at all other ATMs, and any ATM operator fees.

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

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

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

Back to top

>> Learn more about

Five 3 Access 360deg Reloadable Prepaid Credit Card

Ideal option for ATM withdrawals

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

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

General charges and benefits A monthly fee of $4 is exempt if you have an account with a Fifth Third checking account or in the event that you make 500 or more in monthly deposits. There are there are no fees to activate or stop activity.

Purchases: No cost.

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

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

Other services: Card may have owners who are joint.

Downsides: The card doesn't have access to a national retail network to add cash. The card is only available within Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card does not have a separate savings feature.

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FamZoo Prepaid Card

Ideal for parents (tie)

FamZoo is an affordable prepaid Mastercard which allows parents to be virtual bankers for their kids, even those older than 13. Four cards are free on the monthly plan, but more can be added at a cost of $3 per card. On the app or website you can make allowances, split payments, see balances and activity across all cards and create email and text alerts.

General fees and other features. are able to 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 fee will be $5.99 for a month-long subscription. There are no costs on activation, or for inactivity.

Purchases: No cost.

ATM withdrawals are free from FamZoo However, ATM withdrawals may cost you: Since FamZoo does not have any of its own ATMs the fees of third-party ATM operators can apply.

Reloading methods : Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a fee) Add cash at retailers like 7-Eleven and Walgreens who are members of the Reload @ Register, Register, MoneyPak and Mastercard rePower networks (about $5 in retail fees).

Additional services include multiple accounts within one plan, free and instant FamZoo transfer from card to card Ability to secure and lock FamZoo cards as well as budgeting tools.

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

>> Looking for a traditional spending account? Look into NerdWallet's account.

From top to bottom

Greenlight Prepaid Mastercard

Best for parents (tie)

Greenlight stands out due to the one feature that other prepaid cards do not have the ability to control spending at specific stores. Parents can preapprove where their children spend their money, which means that $300 set aside for school supplies may only be used at a campus bookstore, for instance. The prepaid card also provides real-time alerts for activity, free transfer of allowances from card to card as well as the ability to remotely lock out 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 limits, it's ideal to use it as a tool for budgeting with the family instead of as a bank account replacement.

General charges as well as features $4.99 up to $9.98 monthly, based on your the plan you choose (more expensive plans include options like investing education or identity theft protection) No cost for activation, inactivity, or account cancellation.

Purchases: No fees.

ATM withdrawals: There are no fees from Greenlight however, ATM withdrawals can cost you: Since Greenlight does not have any of its own ATMs Third-party ATM operator fees may apply.

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

Other services Other services include: Up to five subaccounts, with no fees for withdrawals from ATMs outside of the United States.

There are some downsides: No checks nor cash are able to be deposited and there is no ATM network that is free and the daily maximum purchase per family account is $1500 and daily ATM withdrawal limit is $100, which are lower than the norm for prepaid cards.

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Walmart MoneyCard

Best for shopping at Walmart

Walmart MoneyCard Walmart MoneyCard offers its shoppers up to 75 dollars per year in cash-back reward points: 3% for purchases made through Walmart.com as well as in the Walmart app and 2% at Walmart fuel stations and% in Walmart stores. It is a popular app that receives decent ratings, is required to get no-cost cash reloads when you visit Walmart stores. Walmart MoneyCenters and Customer Service desks also offer fee-free cash withdrawals.

The prepaid card, which can be reloaded, is suitable for families. You can order an account for free for four additional individuals who are at least 13 years old. The Walmart MoneyCard has a no-cost "Vault" Savings feature. Savings will earn 2% APY on up to $1,000 upon the card enrollment anniversary.

Because it's not part of an ATM system, ATM users will have to pay $2.50 for ATM withdrawals in addition to any operator fees.

General charges and benefits: $5.94 monthly fee waived with a minimum monthly balance of at least $500. $1 starter card purchase fee for purchases in stores and no inactivity fee.

Purchases: No charges.

ATM withdrawals $2.50 charge, plus fees charged by the operator.

Reloading methods: Add cash with Walmart MoneyCard. Add cash via Walmart MoneyCard app at Walmart stores, mobile check deposit or add money from checks cashed through Walmart stores; $3 to refill cash at a Walmart store; up to $4.95 to reload elsewhere.

Other services: Up to four free other accounts. Savings account with 2% APY on the first $1,000, and chances to win cash prizes every month; option to lock and unlock your card using the app; text and email alerts.

Downsides: Cost to use ATMs; insufficient methods for reloading money.

Back to top

Do you want to grow your savings more quickly? See our list of the

Alternatives to prepaid cards with low fees

The distinction between prepaid debit cards and checking accounts is starting to fade, since many have similar features and services.

This is particularly true with mobile-optimized bank accounts like most debit cards that are prepaid, they come with no credit check; unlike prepaid cards, they come with additional benefits like enhanced savings features, greater ATM networks, and check-writing privileges.

Chime

Best cheap alternative to prepaid

The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas take into account many data points for every financial product or service.

Chime isn't a pre-paid debit card, or a conventional bank account but a free checking account that is part of the Visa payment network. Though the account doesn't come with checks in paper however, it is possible to use the app to request checks be sent to a recipient, even yourself, for no cost.

You could also open a linked Chime savings account , and then set it up to make automatic transfers.

General fees and features: No monthly fee and no costs of activation, or for inactivity. no credit check. Cash withdrawal and third-party fees may apply.

Purchases: There is no additional charge.

ATM withdrawals are free at more than 60, 000 ATMs within the Allpoint, MoneyPass and Visa Plus Alliance ATM networks. $2.50 at all other ATMs in addition to any ATM operator fee. Cash withdrawal and third-party fees may apply.

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

Other services: The savings accounts earn 2.00% annual percent yield. Chime offers two savings programs: one where the amount of your paycheck automatically goes to the savings account, and the other in which your purchases are rounded according to dollar amounts, and the difference is then rounded up into savings (see below for more details about Chime). You also get immediate transaction alerts and even secure your debit card in the event that you are unable to locate it. Note that a Chime Checking Account is necessary to open a savings account.

Downsides: The out-of-network ATM cost.

Chime claims: "Chime is a financial technology company, not an institution of banking. Services for banking are provided via The Bancorp Bank, N.A. or Stride Bank, N.A. Members of the FDIC."

Get more information from Chime

Chime claims: "Round Ups automatically round up debit card purchases to the nearest dollar. You can then transfer the round up from Your Chime Checking Account to your savings account."

"The retailer that receives your cash will be responsible for transferring the funds to deposit into your Chime Checking Account. Deposit fees for cash may be charged when you use a different retailer that Walgreens."

"Save When I Receive Paid" automatically makes 10 percent of cash deposits up to $500 in your Checking Account to your Savings Account."

"Out-of-network ATM withdrawal charges may apply , but not at MoneyPass ATMs located in 7-Eleven, or at any Allpoint and Visa Plus Alliance ATM."

"Mobile Check Deposit eligibility is determined by Chime at its discretion. It can be granted according to various factors such as, but not limited to, Direct Deposit enrollment status."

The Annual Percentage Yield ("APY") for Chime Savings Account is variable and may change at any time. The declared APY will be in effect as of October 25 2022. There is no minimum balance requirement. Must be in possession of $0.01 of savings in order to get interest.

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Best prepaid debit cards and alternatives: Summary

Account/card

Monthly fee

Number of ATMs free

Bluebird by American Express

$0

30,000+

Chime account

$0

60,000+

FamZoo Prepaid Card

$2.50 to $4.33 if prepaid; $5.99 if 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 could serve as a budgeting tool or as a substitute for an bank account. They offer convenience and don't charge many fees.

It's no credit check required to obtain a prepaid credit card, and they're usually available in the event that you aren't able to get an bank account because of a bad banking history. You load funds onto pre-paid cards prior to using them to make purchases. In general, you may also make use of a debit card that is prepaid to withdraw cash from ATMs.

Where can you get an prepaid card?

Prepaid cards are sold at stores that sell retail (usually at a cost) and some can be ordered on the internet.

How do you add money an credit card?

The methods for adding money to a prepaid card are different between cards. But generally, the options include cash deposits at a cash register (often with a charge), adding funds by using an app to make the deposit on a mobile device, or by direct deposit, card-to card transfer, or bank transfer.

What is a debit card that is prepaid?

A prepaid debit card can serve as a budgeting tool or be a replacement for an bank account. They offer convenience and don't charge many fees. It's no credit check required to apply for a prepaid card and they're often available even in the event that you aren't able to get an account with a bank account because of a bad credit history. The funds are loaded onto the prepaid cards prior to using them for purchases. Generally, you can also utilize a debit card prepaid to withdraw cash from ATMs.

Where can you purchase the prepaid card?

Prepaid cards are available at retail stores (usually at a cost) and some can be ordered online.

How do you add money to the prepaid card?

The methods for adding cash to a prepaid credit card are different between cards. But generally, the options include cash-in at a register in a store (often at a cost) and adding funds making use of an app to make a mobile check deposit, as well as direct deposit, card-to-card transfer or bank transfer.

METHODOLOGY : Best Prepaid Debit Cards for 2022

We examined 45 reloadable debit cards offered by some of the biggest banks, credit unions and debit card issuers that issue prepaid debit cards. When multiple card plans were available only the cost-per-month plan was considered.

We examined four categories of each card: general charges and features, purchase and withdrawals, reloading charges and options, as well as other services such as bills pay and savings accounts. The cards included on this list had the best combinations of the four categories. Some cards in this roundup have nonbank program managers that work with banks. However, all of the cards' issuers are banks that insure consumers' money through the No card above. contain overdraft fees.

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

View the complete list

, B&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 The 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 looked at two alternative, or nontraditional bank accounts: and .

What do the ratings mean?

-among the top

Very good There are only minor issues for most customers

-- Good. Issues that could be of interest for some customers.

-- Fair. Make sure that strengths and weaknesses are a great match for you

Poor; proceed with great care

(or below) -- Best to avoid

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

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

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