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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 deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013 with a focus on certificates of deposit, as well as other banking topics. The work he has written for him was highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
Updated Oct 1, 2018
Edited by Amy Hubbard Amy is a former editor in the banking industry and copy editor at NerdWallet. She previously worked as an editor and writer at 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 may cost more than it's worth. The card, managed through NetSpend and issued through MetaBank, has a few additional services that aren't available on many other cards that are prepaid, including an interest-paying savings account however, the fees for the card add up. If you're able to deposit direct, you can lower some costs. But there are .
Find out more about the ACE Elite's fees and services.
Best for:
If you are unable to create a bank account, want to receive direct deposits and can take advantage of saving features.
Pros
Free to get the card online. It's also simple. You need to provide your Social Security number when you register, but you'll need no credit check.
Discount on monthly fee. If you have at minimum $500 in direct deposits per month (from payroll or government benefits) You can be part of the $5 FeeAdvantage Plan that costs $60 a year.
Up to two days faster when you deposit direct. Companies and government agencies may send your money before the official payday However, banks generally delay processing funds. ACE Elite can process direct deposits quicker, however it's dependent on whether they get your money in a timely manner.
Monthly plans don't have purchase fees. Most prepaid debit cards don't charge any fees when you use the plastic at stores, but ACE Elite's pay-as-you-go plan has a price of 1 cent per purchase. The card's two monthly plans, however, allow purchases to be made for free.
Three free reload options. Transfers online, directly from the bank account, from other ACE Elite card and mobile check deposits that process for 10 days are free. Transfers made from bank accounts can be free, but it depends on the bank.
Savings account that offers 5% APY for first $1,000. This annual percentage yield is high however, after the initial $1,000, the rate decreases to 0.50 percent APY for the remaining balance. This means you can earn $50 in interest for the first $1,000, and $5 for your next $1,000 and the same rate for the next. If you pay one year's worth of monthly fees, the expense alone could be more than what you make in interest.
Check out more choices: Check our list of
Cons
The monthly fees are high. Prepaid debit cards typically charge a monthly amount of $5, in the average, however, ACE Elite's fees are $9.95.
Other charges. If you don't use your ACE Elite card for 90 days or request a check for the balance remaining on your card, there's a $5.95 cost. Additionally, there is a cost to purchase the card in stores that are up to $9.95 as well as a one-time fee of $1 for transactions that are declined and a fee for calls to customer support.
There is no free-withdrawal service for customers. To withdraw cash from any ATM, or over the counter at a bank, it costs $2.50 each time.
Has optional overdraft program. One of the major selling points for most credit cards for prepaid debit is that they do not charge overdraft fees if your account dips into the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft program that comes with 15 overdraft charges and a maximum limit of three per month. This is lower than the majority of banks' overdraft programs but not ideal to use if you need help budgeting.
No free way to transfer money manually, but it's fast. Online transfers can take days to process, while the option for processing mobile check deposits within minutes is a cost of up to 2% or more for each amount of check.
There is no free-reloading service. Reloads for cash at retailers that are part of NetSpend's Reload Network like CVS Pharmacy and 7-Eleven, are instant but carry a fee, typically $3.95 which varies depending on the store. Certain locations do not charge however some do.
Overview of prepaid debit cards
What is a prepaid debit card?
A prepaid debit card form of payment card that only lets you use the funds you load onto the card. They aren't able to help you build credit. Similar to a debit card it can be used with any retailer that accepts its payment network, like Visa, Mastercard or American Express. It's safer and easier as opposed to cash. The prepaid cards usually have an app for mobile devices for depositing checks and transferring money. Learn more on our guide to debit cards that are prepaid.
Unlike checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, checks, among others. If that doesn't work for you, check out our list of best checking accounts. If you've been struggling with banks before consider second-chance checking options.
Prepaid debit card vs. debit card vs. credit card
Credit cards with prepaid cards -- make payments before: You load money onto the card via cash check or direct deposit into a bank account before paying for transactions.
Cardholders with debit cards- pay today Pay now: You can use the money directly from a checking account to pay for purchases or withdrawing money from an ATM.
Credit cards -- pay later: You borrow money from a bank each time you make use of the card. You pay it back later.
How does FDIC insurance for Prepaid cards function?
Prepaid debit cards typically come with FDIC insurance, which helps keep your money safe in the event that the issuer goes under. Only financial institutions can be covered by FDIC insurance, therefore the prepaid card must be managed by a bank or a prepaid card provider that is partnered with a bank to offer the insurance. You must sign up your debit card prepaid with your name and other identification information in order to qualify for FDIC insurance, as well as other security.
About the author: Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. His work has been featured by USA Today and the Los Angeles Times.
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