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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has written about finances for individuals since the year 2013, with a focus on certificate of deposit as well as other banking-related issues. His work has been covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.
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Edited by Amy Hubbard Amy is a former bank editor and copy editor for NerdWallet. She previously worked as a writer and editor for and editor for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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At ACE Cash Express
It’s possible that the ACE Elite prepaid debit card may cost more than it’s worth. The card, administered through NetSpend and issued through MetaBank it comes with extra services that aren’t on many other credit cards, like savings accounts with interest-bearing however, the fees can add up. If you’re able to deposit direct the card will cut down on some expenses. There are however .
Find out more regarding the fees charged by ACE Elite and other services.
Ideal for:
People who aren’t able to open a bank account, are looking to receive direct deposits and benefit from Savings feature.
Pros
It’s free to sign up for the card online. The sign-up procedure is simple. You need the Social Security number when you register, but there’s no credit checks.
Discount on the monthly fee. If you’ve at least $500 in direct deposits monthly (from government or payroll benefits) You can be part of the $5 FeeAdvantage Plan which costs you $60 per year.
It can take up to two days for direct deposit. The government and businesses can send your money before the scheduled payday, however banks generally wait for the funds. ACE Elite can process direct deposits quicker, however it is contingent on the time they receive your cash early.
Monthly plans don’t come with charges for purchases. A majority of debit cards for prepaid don’t charge fees for using the plastic at stores However, ACE Elite’s pay as you go plan includes a fee of $1 per transaction. The card’s two monthly plans however, allow purchases to be made for free.
Three free reload options. Online transfers, direct deposits from other ACE Elite card and mobile check deposits that process for 10 days are available with no fee. Transfers from bank accounts may be free, however it’s dependent on the bank.
Has savings account with an APY of 5% for the first $1,000. This percent yield per year is quite high, but after the first $1,000, the rate drops to 0.50 percent APY on the balance remaining. That means you’ll get $50 of interest for the first $1,000, then $5 on the next $1,000, and the same for the next. If you pay one year’s worth of monthly fees, though, that expense alone could be more than what you earn in interest.
Check out more choices Take a look at our list of
Cons
The monthly fees are high. Prepaid debit cards typically be charged monthly around $5, on average, but the ACE Elite fee is $9.95.
Other charges. If you don’t use your ACE Elite card for 90 days or want to request a cash payment for the balance remaining on your card and you’re charged a $5.95 charge. You can also pay a fee to purchase the card in stores, up to $9.95 and a fee of $1 for transactions that are declined; as well as fees for calls to customer support.
There is no free-drawal service for customers. To withdraw cash from any ATM, or at a bank costs $2.50 each time.
Has optional overdraft program. One of the main selling points of many credit cards for prepaid is the absence of paying overdraft charges if your account goes into negative. ACE Elite, like other NetSpend-managed cards, has an overdraft plan that charges the option of a $15 fee for overdrafts and a maximum limit of three per month. It is less expensive than many banks’ programs for overdrafts, but not ideal to use for budgeting assistance.
There’s no free method to add money manually that’s easy. Online transfers can take days to process, and the option for processing mobile check deposits within minutes is 2% or more per check amount.
There is no free-reload network. Reloads of cash at stores in NetSpend’s Reload Network like CVS Pharmacy and 7-Eleven, are instant but carry the cost of $3.95 and varying by store. Some locations don’t charge, but many charge.
Overview of prepaid debit cards
What is a debit card that is prepaid?
A Prepaid debit card can be described as a form of credit card that lets you spend the money that you put on the card. They don’t aid in building credit. Like a debit card, the prepaid card can be used at any store that accepts their payment network, like Visa, Mastercard or American Express. It’s more secure and convenient as opposed to cash. Most prepaid cards have an app that allows you to deposit checks and transfer funds. Learn more on our guide on prepaid debit cards.
As opposed to checking accounts, debit cards that are prepaid might not have certain services, such as free ATM or branch networks as well as checks, among other. If this doesn’t suit you, check out our top list of checking accounts. Or, if you’ve struggled with banks in the past you can look into second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards prior to you load funds onto the card via cash, checks direct deposit, or a bank account before paying for transactions.
Credit cards — Pay today: You use funds directly from a checking account when making purchases or withdrawing money at an ATM.
Credit cards -Pay later: You borrow cash from a financial institution when you use the card and pay the money back later.
What is the procedure for FDIC insurance for prepay cards work?
Prepaid debit cards nearly always have FDIC insurance, which helps keep your funds safe in the event the issuer goes bankrupt. Only financial institutions can have FDIC insurance, therefore the prepaid card must be managed by a bank or by a prepaid card company that has a partnership with a bank in order to provide this insurance. You must sign up your prepaid debit card with your name and any other details of identification to be eligible to receive FDIC insurance and other protections.
Author bio Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times.
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