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Netspend Credit Card Prepaid Card Review
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Netspend Card Review - Prepaid Card Review
Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a focus on certificates of deposit and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.
Updated February 10 2021
Editor: Alice Holbrook Assigning Editor | Savings, homebuying and banking Products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for more than 10 years, and was previously in NerdWallet's banking and insurance teams and also did a stint on the Copy Desk. The location of her work is Ann Arbor, Michigan.
The majority or all of the products we feature come from our partners who pay us. This affects the products we feature and the location and manner in which the product is displayed on a page. But this doesn't influence our evaluations. Our opinions are our own. Here is a list of and .
Netspend's prepaid debit cards are costly alternatives to a checking account. They're easy to get and don't require a credit or banking history necessary to sign up, but Netspend allows you to choose between paying a monthly charge or paying a charge each time you make a purchase. Whatever you choose, you'll pay more fees each year than you could accrue interest on the savings account on your card. There's a reliable nationwide network of more than 130,000 cash reload locations However, it's not completely free and there's no free access to ATMs.
The best for:
Individuals who need a credit card that doesn't let you be negative or charge overdraft fees in the event that you don't opt for an overdraft protection.
People who have struggled with managing a bank account in the past.
Click here to see more options: Check our list of
Netspend Card Pros
5.00% APY savings account for balances up to $1,000, and 0.50 percent APY on any excess.
Access to easily adding and withdrawing cash from a network of retailers.
Paychecks can be received up to two days early by direct transfer.
Grace period for overdrafts or courtesy cushion with the option of overdraft coverage.
>> Looking to increase your credit instead? Learn about
Netspend Card Cons
Monthly fee is steep for the basic fee plan and there is no option to eliminate the cost completely.
Cash is not available on a free network for withdraws or reloads.
Inactivity fee when you stop using the card, along with other charges that a lot of prepay cards don't include.
An optional overdraft option costs $20 per overdraft, maximum five times per month.
Are you ready to open an ordinary savings account instead? Check out the
General information on pre-paid debit cards
What is a pre-paid debit card?
A pre-paid debit card is a form of payment card that only allows you to spend the funds you deposit on the card. They don't help you build credit. Like a debit card, it can be used with any store that accepts their payment network, which includes Visa, Mastercard or American Express. It's more secure and easier than using cash. Most prepaid cards have an app that allows you to deposit checks or transfer funds. Learn more on our .
In contrast to checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks as well as checks, among other. If that doesn't work for you, see the list below of . If you've been struggling with banks previously you should check out .
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards prior to you load funds onto the card using cash, checks or direct deposit to an bank account before paying for transactions.
Credit cards -- Pay now Pay now: You can use the funds directly from a checking account when paying for purchases or withdrawing money through an ATM.
Credit cards -- pay later: You take money from a bank each time you make use of the card. You repay the loan later.
What is the procedure for FDIC insurance on prepaid cards function?
Prepaid debit cards almost always come with FDIC assurance, which keeps your funds protected in case the issuer goes under. Only financial institutions can have FDIC insurance, which means the prepaid card is operated by a bank, or by a prepaid card company that has a partnership with a bank to provide this insurance. You must register your prepaid debit card by submitting your full name, address and other identification information in order to qualify for FDIC insurance, as well as other security.
The author's bio: Spencer Tierney is a writer, and NerdWallet's expert on deposit certificates. His work has been featured on USA Today and the Los Angeles Times.
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