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Green Dot Prepaid Card Review
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(image: https://i.pinimg.com/originals/80/9b/63/809b63e2446c953ba2efecc1172ed54f.png)Green Dot Prepaid Card Review
Jeanne Lee Jeanne Lee Jeanne is a former NerdWallet writer focusing on debt, credit and loans. She has covered financial topics for more than 20 years, and has also worked in Fortune and 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 almost 10 years and has previously was a member of NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is located in Ann Arbor, Michigan.
A majority of the products we feature come from our partners who pay us. This impacts the types of products we write about and where and how the product appears on a page. However, it does not influence our evaluations. Our opinions are entirely our own. Here's a list and .
Green Dot card Green Dot card is an FDIC-insured, rechargeable prepaid debit card that is used to make payments and purchases and withdraw cash. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card called known as the Green Dot Prepaid MasterCard or Visa offers lower monthly fees than some other Green Dot cards.
This Green Dot card has no free ATM access. If this is a problem for you, look through our list of for some alternatives.
The best for:
People who reload at least $1,000 monthly.
People who don't make use of paper checks.
People who would like access to banking features without the requirement for an identity check.
Are you interested in knowing how better use this card? Find out
Dot Card Green Dot Card Benefits
Free mobile and online bill pay.
Direct deposit and mobile banking are free.
Visa and MasterCard are both widely accepted by retailers.
Are you searching for ways to increase your credit instead? Find out more about
Green Dot Card Cons:
There is a high $7.95 monthly cost (waived when deposits are at least $1,000 per month).
There is no free ATM network. There is an additional $3 ATM fee, in addition to any other fees the ATM owner is charged.
The cash you load on your card at retailers costs between $5.95.
The cost of withdrawing money through a terminal costs $3.
Paper checks cost $5.95 per dozen.
Are you ready to start a traditional savings option instead? Check out the
A brief overview of debit cards for prepaid
What is a pre-paid debit card?
A Prepaid debit card is a form of payment card that only allows you to spend the funds you load onto the card. They aren't able to assist in building credit. Similar to a debit card the prepaid card can be used at any merchant that accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and more convenient than cash. Most prepaid cards have an app for mobile devices for depositing checks and transfer money. Find out more about our .
In contrast to checking accounts, debit cards that are prepaid might not have certain services, like free ATM branches and checks, to name a few. If that doesn't work for you, check out our list of . If you've been struggling with banks previously take a look at .
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards in advance you load funds onto the card via cash, checks direct deposit or a bank account before paying for transactions.
Cardholders with debit cards- pay today Pay now: You can use the money directly from your checking account to pay for purchases or withdrawing funds through an ATM.
Credit cards -- pay later: You can borrow money from a bank each time you make use of the card. You pay it back later.
What is the procedure for FDIC insurance on Prepaid cards work?
Prepaid debit cards typically include FDIC assurance, which helps keep your funds safe in the event the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, which means the prepaid card is managed by a bank or by a prepaid card company that partners with a bank to offer the insurance. You must sign up your debit card in a prepaid account by submitting your full name, address and other identification information in order to be eligible to receive FDIC insurance, as well as other security.
About the author: Jeanne Lee is former personal finance writer for NerdWallet. She has also written in Fortune and Money magazines.
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