Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering Card must be linked to PayPal account. Theres no monthly fee, but cardholders pay $1.50 per purchase. Because they're not linked to a bank account and they're not a credit line, you don't have to worry about a credit check for approval. Free withdrawals at Chase ATMs and free cash reload. Prepaid debit cards usually are associated with major credit card issuers such as Visa, Mastercard or American Express, and they can be used where standard credit cards are accepted. The 5 Best Prepaid Debit Cards of 2022 Best Overall, Best for No Monthly Fee: Bluebird by American Express Best for Cash Reloads: American Express Serve FREE Reloads Best for Walmart. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. Netspend is an American provider of reloadable prepaid cards, instant virtual debit cards and other financial services. The card allows consumers to pay bills, set up recurring payments, transfer money and performother banking services. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull You might be using an unsupported or outdated browser. You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. Chime is a financial technology company, not a bank. To get the card you must link a bank account to the card. Provides dozens of designs and customized messages. . If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: , and if you can't get a regular checking account, try. Well start sending you the news you need delivered straight to you. , issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. All you need to do is provide basic information, such as your name, address and Social Security number, then add funds to the card of your choice to start using it. Using a prepaid card is often safer and more convenient than carrying around cash, but cardholders dont enjoy the same perks and those with even entry-level credit cards. A prepaid debit card is like a renewable gift card. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. or Stride Bank, N.A., Members FDIC. Funds transfer instantly, in case your kids are out with friends and need money in a pinch. $2.50 to $4.33 if prepaid; $5.99 if billed. approved or otherwise endorsed by the bank advertiser(s). We also like that theres no enrollment or activation fee. While many companies allow you to order a free card online, you can also purchase a card at a local retailer for anywhere between $1 and $6. These consumers are often referred to as the underbanked'' because they lack access to traditional bank accounts. Charges monthly fees up to $7.95 and ATM fees up to $2.50. However, you typically cant pay for a reloadable debit card with a credit card. Must have $0.01 in savings to earn interest. Minimum initial load of $25. AccountNow offers Visa and MasterCard prepaid cards that let customers add money through a variety of ways and also directly deposit their paychecks into their accounts. Unsubscribe at any time. The American Express Serve card is a reloadable prepaid debit card that functions similarly to a basic debit card tied to a checking account at a traditional bank. Parents can also control whether their child can use the card at an ATM. Best with No Monthly Fees: Brinks Prepaid Mastercard. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. Here is a list of our partners and here's how we make money. You get free 2-day shipping on thousands of items from Target. Performance information may have changed since the time of publication. His work has been featured by USA Today and the Los Angeles Times. Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. Other services: Up to 5 subaccounts, no international ATM withdrawal fee. The downside is that the $6.95 monthly fee cant be waived, even with direct deposit. No monthly fee with balance over $1,000. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the authors alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. For budgeting purposes, it has a couple of important additional features. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. Cardholders earn 3% back when they shop at Walmart.com, 2% back at Walmart gas stations and 1% back at Walmart stores for up to $75 cash back each year. This low-fee prepaid card is ideal for those who frequent Walmart. Bluebird by American Express. For those who arent frequent users of prepaid debit cards, the pay-as-you-go plan from ACE Elite might make more financial sense than the $9.95 flat-fee plan. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. She is based in Portland, Oregon. Jamela Adam is a personal finance writer covering topics such as savings, investing, mortgages, student loans, and more. They can pay interest to their young ones to encourage savings. or Stride Bank, N.A. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. And once you've verified your email address, you can pay bills and set up recurring payments. Some cards in this roundup have nonbank program managers that partner with banks. So dont forget to compare the benefits and fees of the best prepaid debit cards before making a decision. Which product would I recommend to my mom or daughter? This keeps the monthly fee down to $5 with no transaction fees. To select. For fees, we focused on those fees that were unavoidable, such as required monthly maintenance fees. Skip ahead to read about these low-fee alternatives. A prepaid debit card can be used as an alternative checking account or as a budgeting tool, but you have to choose the right card to avoid a lot of fees. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. Credit card reviews and listings Free at Fifth Third ATMs and ATMs in the Allpoint ATM network; free at Presto! This compensation comes from two main sources. Still, there are many prepaid debit cards that charge outrageous fees, offer limited benefits, or both. Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. (Retailers other than Walmart may charge up to $3.95.). We believe everyone should be able to make financial decisions with confidence. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. Here are seven steps toward getting the best deal. Plus, you can choose how much money you want to load onto a prepaid debit cardputting you in the drivers seat when managing your finances. Monthly fee:$4.99 to $9.98 (up to five kids)ATM Fee:FreeReload fee:N/ACash reload limits:N/AOther fees:Custom-design card fee for $9.99, card replacement $3.50Reload locations:N/A. Generally, yes. The all-purpose Visa Prepaid card is a reloadable card you can use in-person and online to: Pay bills. No monthly fees and no costs for online activation or inactivity. Here are our top prepaid debit cards based on fees and features. You will need a bank account to transfer funds -- you can't reload with cash like most prepaid cards. Read more. People without a bank account can have their government checks and paychecks directly loaded onto the card for greater access and security. Parents can transfer funds instantly to a childs account, ideal when paying for chores or allowance. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. Chime says: "Chime is a financial technology company, not a bank. 2022 A.R. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. Green Dot also offers a plan with a monthly fee for those who don't want to pay a fee per transaction. Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Walmart or other stores. The content has not been reviewed, All Rights Reserved. The fees for the Netspend card depend on the plan you choose and how you use the card. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. No transaction fees. What Chime adds is an excellent app to help you manage your money. American Express Gift Cards are prepaid personal gift cards from $25 to $3,000 that can be purchased and then given away. Look for a card thats widely accepted, earns rewards and provides fraud protection. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. Most prepaid cards offer many of the features you'd expect from a checking account -- you can pay bills, receive direct deposits, transfer money, withdraw funds at ATMs and deposit cash. You can reload the card at more than 130,000 Netspend reload network locations. Prepaid debit cards might have fees or limits on deposits and withdrawals. The pay-as-you-go plan has no monthly fees but costs $1.50 per transaction. Unlike with a credit card, you load funds onto prepaid cards before use. Bluebird, issued by American Express, offers more than the average prepaid debit card, and you can load and spend money without paying fees. There is no monthly maintenance fee. As a result, there is credit or borrowing involved with prepaid cards. All Rights Reserved. In contrast, prepaid gift cards cannot be reloaded. You can find more details of this new rule here. Are you sure you want to rest your choices? Pre-qualified offers are not binding. Be sure to carefully read the terms and conditions of any card before purchasing. Plus, unlike many competitors, Truist doesnt charge cash reload or inactivity fees. Keep in mind, however, that the Target RedCard can only be used at Target stores and Target online. annual percentage yield. Separate set aside accounts for savings and up to four subaccounts for family members. And parents and teens can receive text alerts when certain transactions occur. Parents can pay interest to their childs account as a way to incentivize savings. , which isnt accepted everywhere that Visa and Mastercard are four subaccounts for family members money is deposited an. Sure you want the convenience of paying with plastic without needing a bank account to transfer funds you. Provider of reloadable prepaid cards an independent, advertising-supported blog offering card must be linked to account. Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering card must be linked to PayPal account payments! Of best prepaid debit card to avoid garnishment with plastic without needing a bank account to transfer funds -- ca. 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