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Netspend Card Review - Prepaid Card Review
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Netspend Prepaid Card Review
Written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits 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-related issues. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
Updated February 10 2021
Written by Alice Holbrook Assigning Editor | Savings, homebuying and banking products Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance issues for over 10 years and has previously worked as a member of NerdWallet's insurance and banking teams, as well as doing an internship at the Copy Desk. The location of her work is Ann Arbor, Michigan.
A majority of the products we feature come from our partners who compensate us. This influences which products we write about and where and how the product is displayed on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list of and .
Netspend's prepaid debit cards are costly alternatives to a checking account. They're very easy to obtain 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 fee every when you purchase. Either way, you might pay more fees over the course of a year than you could earn in interest from the savings account on your card. There's a reliable nationwide network of over 130,000 locations for cash reloads, but it isn't available for free, and there's no cost access to ATMs.
Best for:
People who want a payment card that won't let you make a negative balance or charge overdraft charges or charges unless you choose overdraft coverage.
Some people have experienced difficulties managing the bank account in the past.
Click here to see more options: Check our list of
Netspend Card Pros
5.00 Savings account with APY 5% for balances that are less than $1,000. 0.50 percent APY on any amount that is greater than that.
Access to easily adding and withdrawing cash from the network of retail stores.
Paychecks can be received up to 2 days in advance by direct transfer.
Overdraft grace period , or courtesy cushion with the option of overdraft coverage.
>> Looking for ways to build credit instead? Learn about
Netspend Card Cons
Monthly fee is steep for the basic fee plans and there is no option to eliminate the fee completely.
Cash is not available on a free network for reloads or withdrawals.
Inactivity fee for when you cease using the card, along with other charges that most prepaid cards don't have.
The option of an overdraft is $20 per overdraft, maximum five times per month.
>> Are you ready to start the traditional savings option? See the
General information regarding prepaid debit cards
What is a prepaid debit card?
A prepaid debit card can be described as a kind of payment card that only lets you spend the money you deposit on the card. They do not help you build credit. Similar to a debit card a prepaid card works with any retailer that accepts its payment network, like Visa, Mastercard or American Express. It's more secure and convenient than cash. The prepaid cards usually have an app for mobile devices to deposit checks and transfer funds. Learn more about our .
In contrast to checking accounts, debit cards that are prepaid could not offer certain services like free ATM or branch networks and checks, to name a few. If this doesn't suit you, see the list below of . If you've been struggling with banks in the past, check out .
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards before you load funds onto the card via cash check or direct deposit into an bank account before paying for transactions.
Cardholders with debit 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 borrow money from a bank each time you use the card and repay the loan later.
How does FDIC insurance on prepaid cards work?
Prepaid debit cards almost always come with FDIC insurance. This ensures that your money safe in the event that the issuer goes bankrupt. Only financial institutions can have FDIC insurance, which means the prepaid card is operated by a bank, or by a prepaid card provider that is partnered with a bank in order to provide this insurance. You must sign up your debit card prepaid with your name and other information about your identity in order to qualify to receive FDIC insurance, as well as other security.
Author bio Spencer Tierney is a writer and NerdWallet's official authority for certificates of deposit. The work of Spencer Tierney has been highlighted in USA Today and the Los Angeles Times.
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