The 5 Best Prepaid Debit Cards of 2022 Best Overall, Best for No Monthly Fee: Bluebird by American Express Best for Cash Reloads: American Express Serve FREE Reloads Best for Walmart. With Walmart Rapid Reload, funds are typically available within 10 minutes. Each debit card you create has its own unique account number. Greenlight stands out for a feature that other prepaid cards lack: store-specific spending controls. Prepaid debit cards are a good alternative to a traditional checking account. Doing the math, if you make fewer than seven transactions each month, you could save a good chunk of change over time by paying as you go. But Bluebird does have limits when it comes to merchant acceptance, and it doesnt allow cash back at retailers. You can reload the card at more than 130,000 Netspend reload network locations. American Express Serve FREE Reloads - Best for Cash Users. Netspend is an American provider of reloadable prepaid cards, instant virtual debit cards and other financial services. Prepaid debit cards let you enjoy the convenience of paying by card without a line of credit or a bank account. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. This site may be compensated through the bank We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. The funds you add to the card are available right away for spending. Once you have your list of required features and know how youll use the card, find the lowest cost option that meets these requirements. And for good reason. Other prepayment plans also offer a discount. Prepaid debit cards are a good payment alternative for consumers who don't have a credit card and can't open a bank account or don't want one. It goes to an FDIC-insured Checking account connected to the Chime app. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? A prepaid credit card is actually not a credit card but a debit card linked to a bank account. This site does not include all available financial companies or offers. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. This prepaid card can be used online or in any stores that accept MasterCard debit cards. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. You'll receive a Mastercard number you can add to your digital wallet to make payments and deposits through the mobile app. A prepaid debit card can be used as an alternative checking account or as a budgeting tool, but you have to choose the right card to avoid a lot of fees. Banking services and debit card provided by The Bancorp Bank, N.A. You can create a family account with up to 4 additional cards, and setting spending limits on each card. No purchase fee. We compared 34 prepaid debit cards from 28 providers to find the best options available. We are an independent publisher. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. Information provided on Forbes Advisor is for educational purposes only. ", "Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.". Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. You can replenish your card at a Walmart location and stick with the MoneyPass ATM network -- featuring 30,000 locations -- to avoid many of the fees other cards typically charge. The features and benefits are also excellent. The Best Prepaid Cards 1. (Retailers other than Walmart may charge up to $3.95.). You can use it once online, for example, and then dispose of it. Rates and information are accurate as of Feb. 3, 2023. Bluebird by American Express. This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. We also like that theres no enrollment or activation fee. Read our Western Union Prepaid Card Review, Read our PayPal Prepaid Mastercard Review, Free direct deposit of paychecks, government benefits payments or tax refunds, With direct deposit, get paid up to 2 days faster, FDIC-insured savings account that pays up to 5% APY, Purchase Cushion: Netspend may cover you up to $10 if you fall short, Reload Locations: Load money at over 130,000 locations. Even though they look the same, a prepaid card does not give you access to a line of credit. Yes, they can freeze you green dot card if they can find it. 10 day wait to avoid fees . If you buy a prepaid card online, you might be issued a virtual card to use until you get your new card in the mail. Charges ATM cash withdrawal fees up to $0.85 per transaction. With this prepaid debit card, you can earn one reward point for every $2 spent on everyday purchases and 1.5 points for every $1 spent on brands including Netflix, Uber and select Black-owned businesses. Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. You can set up direct deposit of your paycheck and automate savings with Chimes round-up feature.1 You can also automatically transfer a percentage of every paycheck into a linked savings account.1 A Chime Checking Account is required to be eligible for a Savings Account. Given low purchase and withdrawal limits, its best as a family budgeting tool instead of a bank account replacement. Cash withdrawal and third-party fees may apply. CNETs compensation is never tied to whether you purchase an insurance product. Unsubscribe at any time. Walmart MoneyCard: Best for shopping at Walmart. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Cardholders earn 3% back when they shop at Walmart.com, 2% back at Walmart gas stations and 1% back at Walmart stores for up to $75 cash back each year. FamZoo Prepaid Card: Best for parents (tie).. After that, the fee is just $4.99 per month for a family with up to five children. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Parents can also control whether their child can use the card at an ATM. Premier is an upgrade from Netspends starter prepaid debit card. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. If you'd like your kids to get some practical knowledge about investing, the $7.99 and $9.98 monthly plans add stock trading. You could enable your children's spending with a prepaid debit card, while teaching them how to be responsible with money. Prepaid cards and reloadable debit cards dont build credit, but some earn rewards and come with other benefits, such as fraud protection and online debit card banking services. Generally, yes. Prepaid debit cards come with a variety of fees that add to the cost. Find our top partner offers for the best prepaid debit cards with the lowest fees and the most features below. 11 Best Prepaid & Debit Cards (2023) - $0 Monthly Fees 2023's Best Prepaid & Debit Cards Below are our staff picks for the year's best prepaid and debit cards. But if its not a bank, where does your money go when you deposit it into a Chime account? The Walmart MoneyCard offers its shoppers up to $75 per year in cash-back rewards: 3% for purchases made at Walmart.com and in the Walmart app, 2% at Walmart fuel stations and 1% at Walmart stores. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Directly deposit payroll, government benefits or tax return funds. ", "Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Monthly fee:$4.95ATM Fee:Balance inquiries are $0.50, withdrawals are $2.50 eachReload fee:Up to $3.95Cash reload limits: Up to $500Other fees:Card is free if you order online or up to $4.95 at participating retailersReload locations:Over 130,000Welcome bonus:Refer a friend and you'll each receive $20Welcome bonus value:$40. We evaluated 70 reloadable prepaid debit cards (see list below). Best with No Monthly Fees: Brinks Prepaid Mastercard. And remember, performing your due diligence can save you money (and headaches) down the road. Minimum initial load of $25. The Amex Platinum Card, Chase Sapphire Preferred vs. Blue Cash Preferred, Ink Business Cash vs. Posted on May 3, 2014. And parents and teens can receive text alerts when certain transactions occur. The disclosed APY is effective as of October 25, 2022. Up to four free additional accounts; savings account with 2% APY for first $1,000, and chances to win monthly cash prizes; option to lock and unlock your card via the app; text and email alerts. To determine which cards made our list, we considered each cards fees and features. She has written and edited content on personal finance topics for more than five years. Prepaid cards, also called stored-value cards, include gift cards and reloadable debit cards. Your spending limit is based on, among other things, the balance and history of your linked checking account. Access to Chase Mobile banking and account alerts. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. ; Members FDIC. All prepaid debit cards have some type of fee. , Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card. Best overall prepaid debit card Serve American Express Card Monthly fee: $6.95 ATM Fee: Free at MoneyPass ATMs or $2.50 elsewhere Reload fee: $0 Cash reload limits: $20 to $500 Other. Here is a list of our partners and here's how we make money. Something went wrong. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Since its a Visa, the card is widely accepted. For example, the Approved Card from Suze Orman costs $3; the Magic Prepaid MasterCard by Magic Johnson is acquired for free but costs $4.95 to set up; the AARP . She has over a decade of experience writing and editing for consumer websites. Funds never expire. When you use your card for purchases, Extra spots you the money. In addition, some prepaid cards will waive some or all of the monthly fee if you load a certain amount of money on the card via direct deposit. You can order an account for free for up to four additional people who are at least 13 years old. Performance information may have changed since the time of publication. Charges monthly fees up to $7.95 and ATM fees up to $2.50. To select. However, you can use the card year-round. Here are seven steps toward getting the best deal. Bluebird by American Express: Best for avoiding fees. Bluebird by American Express: Best for avoiding fees. The card can also be used with Apple Pay, Google Pay, or Samsung Pay. Best Prepaid Debit Cards. General fees and features: No monthly fees and no costs for online activation or inactivity. ATM withdrawals: No charge from FamZoo, but ATM withdrawals will still cost you: Since FamZoo doesn't have any of its own ATMs, third-party ATM operator fees can apply. Looking for a traditional spending account? ATM withdrawals: Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The Bluebird by American Express is one of the few prepaid debit cards on the market that charges no monthly fees or transaction fees, making using the card simple. Using a prepaid card is often safer and more convenient than carrying around cash, but cardholders dont enjoy the same perks and those with even entry-level credit cards. Which product would I recommend to my mom or daughter? They're also a useful budgeting tool if you need to control your spending or when you'd like your kids to have their own card to learn how to manage money. Ive covered the prepaid card market since 2008. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. Best prepaid debit card for reload options. Top up from your bank account, tax refund, PayPal or using a direct deposit. Yes, you can pay your credit card bill with a prepaid card. 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