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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Each day. We believe that every person should be able make financial decisions without hesitation. While our website doesn’t contain every financial institution or product that is available however, we’re confident that the advice we provide as well as the advice we provide and the tools we create are objective, independent simple, and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on our site) However, it does not affect our recommendations or advice that are based on many hours of research. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . Netspend review of the Prepaid card by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has been covering personal finance since 2013 with a particular focus on deposit certificates and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California. Feb 10 2021 Edited by Alice Holbrook Assigning Editor | Banking, savings, and homebuying services Alice Holbrook joined NerdWallet in 2013 and is currently an editor on the home/mortgages team. Prior to that, she was an editor for the team that dealt with banking that covered banking and insurance as a writer as well as working on the copy desk. She has had her work covered by 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 impacts the types of products we write about and the location and manner in which the product is displayed on the page. However, this does not affect our assessments. Our views are our own. Here is a list of and . Netspend’s debit cards for prepaid are costly alternatives to a checking account. They’re very easy to obtain and don’t require a background check or credit history required to open, but Netspend makes you choose between paying a monthly fee or paying a fee each time you make a purchase. Either way, you might spend more in fees over the course of a year than you could accrue interest on the savings account of your credit card. There’s a convenient nationwide network of over 130,000 cash reloading points, but it isn’t cheap and there’s no ATMs accessible for free. Best for: People who want a payment card that doesn’t let you be in negative territory or charge overdraft fees, except if you choose to add overdraft protection. Anyone who has had difficulty managing their bank accounts in the past. >> See more options: Look through the list below for Netspend Card Pros 5.00% APY savings account for balances up to $1,000, and 0.50 percent APY on any excess amount. It is easy to add and withdrawing cash through a network of retailers. You can receive your pay up to two days early by transferring your money directly. Overdraft grace period or courtesy cushion is available with an overdraft insurance option. >> Looking for a method to improve your credit score? Learn about Netspend Card Cons Monthly fee of $45 for the fee plan with the lowest fee and no way to waive the cost completely. The network is not free for cash reloads or withdrawals. Inactivity fee when you stop using the card, among other fees that most cards that are prepaid don’t come with. The option of an overdraft is $20 per overdraft, up to 5 times per month. Are you ready to start a savings account that is traditional instead? Check out the general information on prepaid debit cards What is a credit card that is prepaid? A prepaid debit card is an alternative to a credit card that lets you spend the money that you deposit on the card. They don’t assist in building credit. As with debit cards, it can be used at any store which accepts its payment network, like Visa, Mastercard or American Express. It’s safer and more convenient than cash. The prepaid cards usually have an app for mobile devices to deposit checks or transfer money. Find out more about our . Contrary to checking accounts, prepaid debit cards might not have certain services, such as free ATM or branch networks, as well as checks, among other things. If none of that appeals to you, take a look at our selection of . If you’ve had trouble with banks before, check out . Prepaid debit card in comparison to. debit card vs. credit card prepaid debit cards — make payments before you load funds onto the card via cash check or direct deposit to a bank account before paying for transactions. Debit cards — pay now Pay now: You make use of money directly from a checking account when making purchases or withdrawing money at an ATM. Credit cards — pay later: You borrow cash from a bank each time you make use of the card. You repay the loan at a later date. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards nearly always have FDIC insurance, which ensures that your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, so a prepaid card is either controlled by a bank or a prepaid credit card company that has a partnership with a bank in order to provide that insurance. It is necessary to register your debit card prepaid by providing your full name, address and other identification information in order to be eligible to receive FDIC insurance, as well as other security. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. Its work was highlighted by USA Today and the Los Angeles Times. In a similar vein… Find an account that is more suitable for checking View NerdWallet’s top picks for the top checking accounts. Go deeper into Banking Make smarter money decisions — straight to your inbox Sign up and we’ll send you Nerdy posts on money-related topics that are important to you along with other ways to get more out of your money.

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