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Green Dot Prepaid Card Review
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Green Dot Prepaid Card Review
Jeanne Lee Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered financial topics for over 20 years, and has also worked in Fortune as well as Money magazines.
Updated February 9 2021
Written by Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for more than a decade . She has also was a member of NerdWallet's banking and insurance teams as well as an internship at their copy desk. She is based in Ann Arbor, Michigan.
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Green Dot card Green Dot card is an FDIC-insured, rechargeable prepaid debit card that can be utilized to make payments, purchase cash and withdraw it. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card, known as the Green Dot Prepaid MasterCard or Visa is a card with an annual fee that is lower than some other Green Dot cards.
The Green Dot card has no free ATM access. If that's a major issue for you, look through our list of other options.
Best for:
Reloading at least $1,000 per month.
People who don't use checks made of paper.
Individuals who wish to access banking services without the requirement of an inquiry into credit.
You want to know how to make the most of this card? Find out
Dot Card Green Dot Card Benefits
Free online and mobile bill pay.
Free mobile and direct deposit.
Visa along with MasterCard are both widely accepted by retailers.
Are you searching for a way to build credit instead? Learn about
Dot card in green Dot Card Pros:
There is a hefty $7.95 monthly fee (waived by deposits of at least $1,000 a month).
There isn't a free ATM network. There is a $3 ATM fee, plus any other fees the ATM owner is charged.
The cash you load on your card at retail stores can cost between $5.95.
Cash withdrawals through a bank teller costs $3.
Paper checks cost $5.95 per dozen.
>> Ready to open an account with a traditional savings plan instead? Check out the
Overview of prepaid debit cards
What is a prepaid debit card?
A Prepaid debit card form of credit card that lets you spend the money you load onto the card. They aren't able to assist in building credit. Similar to a debit card it can be used at any store which accepts its payment network, like Visa, Mastercard or American Express. It's more secure and convenient than using cash. The prepaid cards usually have a mobile app to deposit checks or transfer funds. Learn more on our .
As opposed to checking accounts, debit cards that are prepaid could not offer certain services like free ATM or branch networks, checks, among others. If none of that appeals to you, take a look at our list of . If you've been struggling with banks before take a look at .
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards before the card is loaded with money the card via check, cash, direct deposit or a bank account before paying for transactions.
Debit cards -- pay today Use money directly from a checking account to pay for purchases or withdrawing funds 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 for prepaid cards work?
Prepaid debit cards typically include FDIC insurance, which ensures that your funds safe in the event the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, so the prepaid card must be controlled by a bank or a prepaid credit card company that partners with a bank to provide that insurance. You must register your debit card prepaid using your personal name as well as other information about your identity to be eligible to receive FDIC insurance as well as other protections.
The author's bio: Jeanne Lee is former personal finance writer at NerdWallet. She has also written in Fortune and Money magazines.
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