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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about the personal financial sector since with a particular focus on certificates of deposit as well as other banking-related issues. The work he has written for him was featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.
Oct 1 October 1, 2018
Editor: Amy Hubbard Amy is a former banking editor and copy editor for NerdWallet. She was previously an editor and writer at and editor for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
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for ACE Cash Express
It’s possible that the ACE Elite prepaid debit card may cost more than it’s worth. The card, which is managed by NetSpend as well as issued by MetaBank it comes with additional features that aren’t found on many other credit cards, like an interest-bearing savings account however, the fees are significant. If you’re able to deposit direct the card will lower some expenses. There are however .
Check out the following article for more information about the ACE Elite’s charges and other services.
Ideal for:
Those who can’t establish a bank account are looking to receive direct deposits and benefit from the savings feature.
Pros
The card is free to use online. And the sign-up process is simple. You’ll need to provide your Social Security number when you sign up, however there’s no credit checks.
Discount on monthly fee. If you’ve got at 500 in direct deposit each month (from government or payroll benefits) You can be included in the FeeAdvantage Plan which costs you $60 per year.
Two days or more when you deposit direct. The government and businesses can transfer your funds earlier than the payday date, however banks generally wait for money. ACE Elite can process direct deposits faster, but it’s dependent on the time they receive your cash in a timely manner.
Monthly plans don’t have the expense of purchasing. A majority of debit cards for prepaid don’t charge you a fee for using the plastic at stores, but ACE Elite’s pay-as-you-go plan does — one dollar per transaction. The cards two monthly plans, however, let purchases remain free.
Three free reload options. Direct deposits, online transfers made from another ACE Elite card and mobile check deposits that have a 10-day processing are free. Transfers from bank accounts could be free, however it’s dependent on the bank.
Has savings account with 5% APY on the first $1,000. This percent yield per year is high however, after the initial $1,000, the interest rate is reduced to 0.50 percent APY for the balance. This means you can earn $50 in interest for your first $1,000, then $5 for your next $1,000 and the same rate for the next. If you are paying an entire year’s worth in monthly fees, though, that price alone may outweigh any you make in interest.
Click here to see more options: Check our list of
Cons
High monthly fee. Prepaid debit cards usually be charged monthly around $5 on average however, ACE Elite’s fees are $9.95.
Other charges. If you stop using your ACE Elite card for 90 days or want to request a cash payment for a remaining card balance, there’s a $5.95 fee. You can also pay a fee to buy the card in stores that are up to $9.95; a $1 fee for declined transactions, and charges for certain calls to customer service.
No free-withdrawal network for any customers. To withdraw cash at any ATM or over the counter at a bank will cost $2.50 each time.
There is an overdraft option available. One of the major selling points for most debit cards that are prepaid is not charging overdraft fees in the event that your account is in the negative. ACE Elite, like other NetSpend-managed credit cards, offers an overdraft plan that charges 15 overdraft charges and a maximum limit of three per month. It is less expensive than many banks’ overdraft programs but not ideal to use to help you budget.
There’s no way for you to add money manually that’s fast. Online transfers can take days to process, and the option for processing mobile check deposits within minutes is at least 2% of the amount of check.
There is no free-reloading network. Cash reloads at retailers in NetSpend’s reload network including CVS Pharmacy and 7-Eleven, are instant but carry the cost of $3.95, that varies by store. Some stores don’t charge but there are many that 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 card that allows you to spend the funds that you put on the card. They don’t assist in building credit. Like a debit card, a prepaid card works with any retailer that accepts their payment network, like Visa, Mastercard or American Express. It’s more secure and convenient than cash. Usually the prepaid card has a mobile app to deposit checks or transfer money. Find out more about our guide on debit cards that are prepaid.
As opposed to checking accounts, debit cards that are prepaid might not have certain services, like free ATM or branch networks and checks, to name a few. If this doesn’t suit you, see our top list of checking accounts. If you’ve been struggling with banks in the past, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Credit cards with prepaid cards pay before you load funds onto the card using cash check, direct deposit or a bank account before paying for any transactions.
Debit cards — pay today Pay now: You can use the money directly from your checking account to pay for purchases or withdrawing funds through an ATM.
Credit cards — pay later: You borrow money from a bank when you use the card and pay it back later.
What is the procedure for FDIC insurance for prepay cards work?
Prepaid debit cards typically include FDIC insurance. This keeps your funds protected in case the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, which means a prepaid card is either managed by a bank or a prepaid card company that has a partnership with a bank to offer the insurance. It is necessary to register your debit card prepaid using your personal name as well as other identification information in order to qualify to receive FDIC insurance, as well as other security.
Author bio Spencer Tierney is an expert in the field of certificates of deposit at NerdWallet. He has had his work featured by USA Today and the Los Angeles Times.
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