Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make financial decisions without hesitation. And while our site does not feature every business or financial product available on the market We’re pleased that the guidance we offer as well as the advice we provide and the tools we create are independent, objective, straightforward — and free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and where those products appear on our website), but it does not affect our advice or suggestions that are based on hundreds of hours of research. Our partners cannot be paid to ensure positive review of their services or products. . Green Dot Prepaid Card Review by Jeanne Lee Jeanne is a former NerdWallet writer who has a focus on debt, credit and loans. She has covered financial issues for more than 20 years, and has also worked at Fortune as well as Money magazines. Feb 9 2021 Edited By Alice Holbrook Assigning Editor | Savings, banking, and homebuying items Alice Holbrook joined NerdWallet in 2013 and is now an editor on the team for home/mortgages. Prior to that, she was an editor on the banking team, covered insurance and banking as a journalist as well as working on the copy desk. She has had her work covered in 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 feature and where and how the product appears on a page. However, it does not influence our evaluations. Our views are our own. Here’s a list of and . It is a Green Dot card is an FDIC-insured, reoladable , reloadable card that can be used to pay for purchases or payments and withdraw cash. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid, it’s the Green Dot Prepaid MasterCard or Visa, has lower monthly fees than different Green Dot cards. This Green Dot card has no free ATM access. If this is a problem for you, take a look at our list of alternatives. Best for: People who are able to reload their accounts at least $1,000 per month. People who do not use cash checks. Anyone who wants access to banking options without the need for an account with a credit check. If you’re interested in knowing how to use this card? Discover Green Dot Card Pros: Mobile and online bill pay. Direct deposit and mobile banking are both free. Visa along with MasterCard are popular among merchants. Are you looking to increase your credit? Find out more about the Green Dot Card. Cons: It has a high $7.95 monthly charge (waived with deposits of minimum $1,000 per month). There is no fee for the ATM network. There’s a $3 ATM fee, in addition to any other fees the ATM owner charges. The ability to load cash onto your credit card at retail stores costs up to $5.95. Cash withdrawals through the bank teller is $3. Paper checks cost $5.95 per dozen. >> Are you ready to open a savings account instead? Check out the overview of the prepaid debit cards. What is a credit card that is prepaid? A Prepaid debit card form of payment card that only allows you to spend the funds that you put on the card. They do not help you build credit. As with debit cards, a prepaid card works with any store that accepts its payment network, which includes Visa, Mastercard or American Express. It’s more secure and convenient as opposed to cash. The prepaid cards usually have a mobile app for depositing checks and transfer money. Find out more about our . Unlike checking accounts, prepaid debit cards might not have certain services, like free ATM or branch networks, checks, among other options. If that doesn’t work for you, see our selection of . If you’ve had trouble with banks previously, check out . Prepaid debit card is different from. debit card in comparison to. credit card Prepaid debit cards — make payments before you load funds onto the card via cash or checks direct deposit or a bank account before making payments for transactions. Credit cards pay now you use the cash directly from a checking account when making purchases or withdrawing money at an ATM. Credit cards that pay later: You borrow cash from a bank each time you use the card and repay the loan later. How does FDIC insurance for prepaid cards work? Prepaid debit cards almost always include FDIC insurance, which keeps your money safe in the event that the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, so the prepaid card is operated by a bank, or a prepaid card company that has a partnership with a bank in order to provide this insurance. You have to sign up your prepaid debit card with your name and any other details of identification in order to qualify for FDIC insurance as well as other protections. About the author: Jeanne Lee is former personal finance writer for NerdWallet. She has previously written for Fortune as well as Money magazines. On a similar note… Get an account that is more suitable for you. View NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Make smarter money decisions right to your inbox. Sign-up and we’ll send you Nerdy posts about the money topics which matter to you the most and other strategies to help you get more out of your money.
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