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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every every time. We believe that everyone should be able to make financial decisions without hesitation. And while our site doesn’t contain every financial institution or product on the market, we’re proud that the advice we provide, the information we provide as well as the tools we design are impartial, independent simple, and free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and where those products appear on our site) However, it doesn’t affect our recommendations or advice that are based on thousands of hours of research. Our partners do not promise us favorable reviews of their products or services. . Netspend review of the Prepaid card by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering finances for individuals since the year 2013 with a particular focus on deposits and certificates as well as other banking-related subjects. The work he has written for him was highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his office is Berkeley, California. Feb 10 2021 Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook joined NerdWallet in 2013 and is currently an editor on the home/mortgages team. Prior to that, she was an editor on the banking team as well as covered banking and insurance as a writer and also worked on the copy desk. Her work has been featured on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. The majority of products featured here are from our partners who compensate us. This affects the products we review and where and how the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here’s a list and . Netspend’s prepaid debit cards can be more expensive than a traditional checking account. They’re very easy to obtain and don’t require a background check or credit history required to open, but Netspend allows you to choose between paying a monthly charge or paying a fee every time you make a purchase. In either case, you could spend more in fees in a year than you could earn interest from the savings account of your credit card. There’s a convenient national network that includes more than 130,000 cash reloading points but it’s not completely cost-free and you don’t get ATMs that are free to use. Best for: People looking for a card to pay that won’t let you make a negative balance or charge overdraft fees, except if you choose to add overdraft coverage. Anyone who has had difficulty managing a bank account before. Find more options: Check 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. Easy access to adding and withdrawing cash within a range of merchants. Paychecks can be received up to two days earlier through direct deposit. Overdraft grace period or courtesy cushion available with optional overdraft coverage. If you are looking for a method to build credit instead? Discover Netspend Card Cons Steep monthly fee for basic fee plan and no way to waive the charge completely. There is no free network for cash reloads or withdrawals. Inactivity fee when you stop making use of the credit card and other fees that many prepaid cards don’t have. The option of an overdraft is $20 per overdraftand can be used up to the maximum of five per month. >> Ready to create a traditional savings option instead? See the General information about prepaid debit cards What is a pre-paid debit card? A prepaid debit card is one type of credit card that lets you spend the money that you deposit on the card. They don’t aid in building credit. Similar to a debit card it can be used at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. The prepaid cards usually have a mobile app to deposit checks and transfer funds. Find out more on our . Contrary to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, branch networks, check, and other things. If none of that appeals to you, take a look at the list below of . If you’ve had trouble with banks previously try these . Prepaid debit card is different from. debit card in comparison to. credit card Prepaid debit card — use prior to: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions. debit cards pay right now Pay now: You make use of funds directly from your checking account when paying for purchases or withdrawing money from an ATM. Credit cards that pay later: You borrow money from a financial institution when you use your card. You pay it back in the future. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards nearly always have FDIC insurance, which keeps your money safe in the event that the issuer goes under. Only financial institutions can have FDIC insurance, therefore it is controlled by a bank or by a prepaid card provider that is partnered with a bank to provide that insurance. You have to sign up your debit card in prepaid form with your name and any other details of identification to qualify for FDIC insurance as well as other protections. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered by USA Today and the Los Angeles Times. In a similar vein… Discover the best checking account NerdWallet’s recommendations for the best checking accounts. Go deeper into Banking Find more money-saving strategies right to your inbox Sign up and we’ll send you Nerdy articles about the money topics which matter to you the most along with other ways to help you make the most from your money.

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