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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 bank writer for NerdWallet. He has been writing about personal finance since 2013 with a focus on certificates of deposit as well as other banking-related topics. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.
Updated Oct 1, 2018
Editor: Amy Hubbard Amy is a former banking editor and copy editor for NerdWallet. She was previously an editor and writer in The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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At ACE Cash Express
It's possible that the ACE Elite prepaid debit card could cost more than its worth. The card, managed by NetSpend and issued through MetaBank It comes with a few additional features that aren't found offered by other credit cards, like an interest-bearing savings account, however the costs for the card can add up. If you've got direct deposit, you can lower some charges. But there are .
Find out more about the ACE Elite's charges and other services.
Ideal for:
Those who can't sign up for an bank account, want to receive direct deposit and take advantage of the savings feature.
Pros
It's free to sign up for the card online. The sign-up procedure is straightforward. You'll need your Social Security number when you register, but there's no credit check.
Discount on the monthly fee. If you've got at 500 in direct deposit per month (from the government or from payroll), you can be included in the FeeAdvantage Plan which is $60 per year.
It can take up to two days for direct deposit. Companies and government agencies may pay you earlier than the official payday, but banks usually wait to process the funds. ACE Elite can process direct deposits faster, but it depends on whether they receive your money earlier or not.
Monthly plans don't have the expense of purchasing. The majority of prepaid debit cards do not charge fees for using the cards at shops However, ACE Elite's pay as you go plan does -- 1 cent per purchase. The card's two monthly plans, however, keep purchases free.
Three reload options are free. Direct deposits, online transfers made from an additional ACE Elite card and mobile check deposits that have a 10-day processing are all free. Transfers from bank accounts may be free, however it is dependent on the bank.
Savings account that offers an APY of 5% for the first $1,000. This percent yield per year is very high but once you have reached $1,000, the rate decreases to 0.50 percent APY for the remaining balance. It means that you will get $50 of interest for the first $1,000, and $5 on the next $1,000 and the same rate for the next. If you pay one year's worth of fees, the price alone may outweigh any you make in interest.
Click here to see more options See our selection of
Cons
The monthly fees are high. Prepaid debit cards usually have a monthly fee around $5, in the average, however, the ACE Elite fee is $9.95.
Other charges. If you stop using this ACE Elite card for 90 days or want to request a cash payment for the balance of your card and you're charged a $5.95 cost. There's also a fee to purchase the card at stores, up to $9.95 as well as a one-time fee of $1 for transactions that are declined as well as fees for certain calls to customer service.
There is no free-withdrawal service for customers. To withdraw cash at any ATM or at a bank costs $2.50 each time.
There is an overdraft option available. 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, has an overdraft program with 15 overdraft charges and a maximum of 3 per month. This is lower than the majority of banks' overdraft plans, however, it is not the best option to help you budget.
There's no free method to transfer money manually, but it's fast. Transfers online take days to process and the option of processing mobile check deposits within minutes can cost at least 2% of the check amount.
No free-reload network. Reloads of cash at stores in NetSpend's Reload Network, such as CVS Pharmacy and 7-Eleven, are quick, but come with the cost of $3.95 which varies depending on the store. Certain locations do not charge however some do.
A brief overview of debit cards for prepaid
What is a debit card that is prepaid?
A Prepaid debit card can be described as a form of credit card that lets you spend the money you load onto the card. They don't help you build credit. Similar to a debit card the prepaid card can be used at any merchant which accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and more convenient as opposed to cash. The prepaid cards usually have a mobile app to deposit checks and transfer funds. Learn more on our guide on prepaid debit cards.
In contrast to checking accounts, prepaid debit cards might not have certain services, like free ATM or branch networks and checks, to name a few. If none of that appeals to you, check out our top list of 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 through cash or checks or direct deposit to the bank account before paying for transactions.
Debit cards -- pay now Use funds directly from a 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 for prepaid cards work?
Prepaid debit cards nearly always include FDIC insurance, which helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions are eligible for 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 the insurance. You must sign up your prepaid debit card with your name and other information about your identity to be eligible for FDIC insurance as well as other protections.
Author bio Spencer Tierney is a writer and NerdWallet's official authority on deposit certificates. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.
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