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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has been writing about personal finance since 2013 with a focus on certificate of deposit, as well as other banking issues. His work has been highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.
Updated October 1, 2018
Edited by Amy Hubbard Amy is a former bank editor and copy editor at NerdWallet. She previously worked as a writer and editor in and editor for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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At ACE Cash Express
The ACE Elite prepaid debit card could cost more than its worth. The card, administered by NetSpend and issued by MetaBank, has a few additional services that aren't available present on other credit cards, like an interest-bearing savings account but the card fees will add up. If you've got direct deposit it is possible to cut down on some expenses. However, there are .
Check out the following article for more information about the ACE Elite's fees and services.
Best for:
People who aren't able to sign up for an bank account, want to receive direct deposit and make use of saving features.
Pros
The card is free to use online. The sign-up procedure is easy. You'll need to provide the Social Security number when you register, but there's no credit check.
Discount on the monthly fee. If you've got at minimum $500 in direct deposits each month (from government or payroll benefits) then you are part of the FeeAdvantage $5 Plan which costs you $60 per year.
It can take up to two days when you deposit direct. The government and businesses can send your money earlier than the official payday, but banks usually wait to process the funds. ACE Elite can process direct payments faster, but it's dependent on the time they receive your cash in a timely manner.
Monthly plans do not charge charges for purchases. Most prepaid debit cards don't charge fees for using the card at retail stores However, ACE Elite's pay as you go plan has a price of $1 for each purchase. The card's two monthly plans, however, allow purchases to be made for free.
Three reload options are free. Online transfers, direct deposits made from other ACE Elite card and mobile check deposits with 10-day processing are free. Transfers made from bank accounts can be free, however it's dependent on the bank.
Has savings account with an APY of 5% for the first $1,000. This year-round percentage rate is very high but once you have reached $1,000, the rate decreases to 0.50 percent APY on the remaining balance. That means you'll earn $50 in interest for the first $1,000, and $5 for the next $1,000 then the same amount for the following. If you have to pay an entire year's worth of monthly charges, however, that price alone may outweigh any you earn in interest.
>> See more options See our selection of
Cons
A high monthly cost. Prepaid debit cards typically charge a monthly amount of $5, on average, however, the ACE Elite fee is $9.95.
Other charges. If you stop using this ACE Elite card for 90 days or ask for a check for the balance remaining on your card that's $5.95 cost. There's also a fee to purchase the card at stores, up to $9.95; a $1 fee for transactions that are declined as well as fees for certain calls to customer support.
No free-withdrawal network for any customers. Cash withdrawal from any ATM, or at a bank will cost $2.50 each time.
Has optional overdraft program. One of the major selling points for the majority of credit cards for prepaid debit is the fact that there are no overdraft charges should your account go into the negative. ACE Elite, like other NetSpend-managed credit cards, offers an overdraft plan that charges the option of a $15 fee for overdrafts and a maximum of three per month. It is less expensive than many banks' overdraft plans, however, it is not the best option for budgeting assistance.
There's no way for you to manually add money that's fast. Online transfers can take days to process, and the option to process check deposit mobile in a matter of minutes is a cost of at least 2% of the amount of check.
There is no free-reloading service. Cash reloads at retailers in NetSpend's Reload Network, such as CVS Pharmacy and 7-Eleven, are immediate, but they charge an additional cost, usually $3.95 which varies depending on the store. Certain locations do not charge however, there are many that do.
Overview of prepaid debit cards
What is a pre-paid debit card?
A prepaid debit card form of payment card that only allows you to spend the funds you load onto the card. They don't assist in building credit. As with debit cards, the prepaid card can be used with any retailer that accepts its payment network, like Visa, Mastercard or American Express. It's safer and easier than using cash. Usually the prepaid card has an app that allows you to deposit checks and transfer funds. Find out more in our guide to the prepaid debit card.
Unlike checking accounts, debit cards that are prepaid might not have certain services, like free ATM or branch networks, checks, among others. If none of that appeals to you, check out our list of best checking accounts. If you've been struggling with banks in the past, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards in advance the card is loaded with money the card using cash, checks or direct deposit to an bank account before paying for transactions.
Debit cards -- pay now Pay now: You can use the money directly from your checking account to pay for purchases or withdrawing funds from an ATM.
Credit cards -- pay later: You take money from a bank when you make use of the card. You pay it back later.
How does FDIC insurance on prepaid cards work?
Prepaid debit cards nearly always come with FDIC assurance, which helps keep your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, which means the prepaid card must be managed by a bank or a prepaid credit card company that partners with a bank to offer this insurance. You must register your debit card prepaid using your personal name as well as other identification information in order to qualify to receive FDIC insurance and other protections.
Author bio Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work highlighted on USA Today and the Los Angeles Times.
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