Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Each every time. We believe everyone should be able to make financial decisions without hesitation. While our website doesn’t include every financial or company product that is available, we’re proud of the advice we offer, the information we provide and the tools we develop are impartial, independent, straightforward — and completely free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on our website), but it doesn’t affect our advice or suggestions that are based on thousands of hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. . Netspend Prepaid Card Review By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other topics related to banking. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. Feb 10 2021 Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook joined NerdWallet in 2013 and is an editor for the team that covers home and mortgages. Prior to that, she was an editor for the team that dealt with banking, covered insurance and banking as a journalist as well as working at the copy desk. The work she has written for her was covered on USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. A majority or all of the products featured here are from our partners, who pay us. This influences which products we review as well as the place and way the product is featured on a page. However, this does not affect our opinions. Our views are our own. Here is a list of and . Netspend’s prepaid debit cards are more expensive than a traditional checking account. They’re easy to get, and there’s no background check or credit history required to open, but Netspend lets you pick whether to pay a monthly fee or paying a charge each time you make a purchase. Either way, you might spend more in fees each year than you could earn in interest from the savings account of your credit card. There’s a convenient nationwide network of over 130,000 cash reloading locations but it’s not completely cost-free and you don’t get ATMs accessible for free. Ideal for: People looking for a card to pay that won’t allow you to make a negative balance or charge overdraft fees, unless you opt into overdraft protection. Anyone who has had difficulty managing their bank accounts before. >> See more options: Look through out our selection of Netspend Card Pros 5.00 percent APY savings accounts with balances up to $1,000, and 0.50 percent APY on any excess amount. It is easy to add and withdrawing cash within the network of retailers. You can get your paycheck up to two days earlier through direct deposit. Overdraft grace period or courtesy cushion available with an overdraft insurance option. Are you looking for a way to build credit instead? Discover Netspend Card Cons Steep monthly fee for the fee plan with the lowest fee and there is no way to eliminate the cost entirely. The network is not free for cash withdrawals or cash reloads. Inactivity fee when you stop using the card, and other fees that many prepaid cards don’t have. The option of an overdraft is $20 per overdraft, at least the maximum of five per month. >> Ready to create a traditional savings option instead? Learn more about prepaid debit cards What is a prepaid debit card? A prepaid debit card one type of credit card that lets you spend the money that you deposit onto the card. They do not assist in building credit. As with debit cards, the prepaid card can be used at any store which accepts its payment network, which includes Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. Most prepaid cards have an app that allows you for depositing checks and transfer money. Learn more on our . Unlike checking accounts, debit cards that are prepaid might not have certain services, like free ATM or branch networks, as well as checks, among others. If that doesn’t work for you, check out our list of . If you’ve been struggling with banks in the past you, take a look at . Prepaid debit card in comparison to. debit card and. credit card prepaid debit card — use before: You load money onto the card via cash or checks, direct deposit or the bank account prior to paying for transactions. debit cards pay now Pay now: You make use of funds directly from your checking account when making purchases or withdrawing funds at an ATM. Credit cards — pay later: You take money from a bank when you use your card. You repay the loan at a later date. What is the procedure for FDIC insurance for prepaid cards work? Prepaid debit cards typically include FDIC insurance, which helps keep your funds safe in the event the issuer goes under. Only financial institutions are eligible for FDIC insurance, therefore a prepaid card is either controlled by a bank or by a prepaid card company that has a partnership with a bank in order to provide the insurance. It is necessary to register your prepaid debit card with your name and any other details of identification to qualify for FDIC insurance, as well as other security. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. On a similar note… Find an account that is more suitable for checking View NerdWallet’s picks for the best checking accounts. Explore Banking even more deeply. Find more money-saving strategies right to your inbox Sign up and we’ll send you Nerdy articles on the topics in finance which matter to you the most along with other ways to get more out of your money.
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