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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every day. We believe that everyone should be able to make financial decisions with confidence. Although our website does not feature every company or financial product on the market, we’re proud that the advice we provide, the information we provide and the tools we create are objective, independent simple, and cost-free. So how do we make money? Our partners pay us. This may influence which products we review and write about (and where those products appear on the site) However, it in no way affects our recommendations or advice, which are grounded in many hours of research. Our partners do not be paid to ensure positive ratings of their goods or services. . Netspend review of the Prepaid card by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been covering finances for individuals since the year 2013, with a focus on certificates of deposit and other banking-related topics. 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 services Alice Holbrook joined NerdWallet in 2013 and is currently an editor on the home/mortgages team. Previously, she was an editor on the banking team that covered banking and insurance as a writer as well as working on the copy desk. She has had her work covered on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. The majority of products we feature are made by our partners who compensate us. This influences which products we write about and the location and manner in which the product is displayed on the page. However, this doesn’t affect our opinions. Our opinions are entirely our own. Here’s a list and . Netspend’s prepaid debit cards are more expensive than a traditional checking account. They’re very easy to obtain, and there’s no credit or banking history required for opening, however Netspend makes you choose between paying a monthly charge or paying a fee each time you make a purchase. In either case, you could pay more fees over the course of a year than you accrue interest on your card’s savings account. There’s a reliable nationwide network of more than 130,000 cash reloading points, but it isn’t cost-free and you don’t get ATMs accessible for free. The best choice for those who need a credit card that won’t let you be in negative territory or charge fees for overdrafts, except if you choose to add the coverage for overdrafts. Anyone who has had difficulty managing a bank account before. Find more alternatives: Take a look at out our selection of Netspend Card Pros 5.00 Savings account with APY of 5% with balances up to $1,000, and 0.50 percent APY on any amount over that. It is easy to add and withdrawing cash through a range of merchants. You can get your paycheck up to two days earlier with direct deposit. Overdraft grace period or courtesy cushion available with an overdraft insurance option. If you are looking for a way to increase your credit score? Discover Netspend Card Cons Monthly fee of $45 for the fee plan with the lowest fee and there is no way to eliminate the cost entirely. The network is not free for cash reloads or withdrawals. Inactivity fees if you cease from using your card and other fees that most card brands don’t charge. Optional overdraft service costs $20 per overdraft, up to 5 times per month. Are you ready to start a savings account that is traditional instead? Check out the general information on prepaid debit cards What is a pre-paid debit card? A prepaid debit card a type of payment card that lets you spend the money you load onto the card. They aren’t able to aid in building credit. As with debit cards, a prepaid card works at any store that accepts its payment network, which includes Visa, Mastercard or American Express. It’s safer and more convenient as opposed to cash. Usually the prepaid card has an app for mobile devices to deposit checks or transfer funds. Learn more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services such as free ATM or branch networks, checks, among others. If none of that appeals to you, see our selection of . If you’ve had trouble with banks before you, take a look at . Prepaid debit card in comparison to. debit card in comparison to. credit card prepaid debit cards — pay before you load funds onto the card using cash, checks or direct deposit to a bank account before paying for transactions. debit cards pay today Pay now: You make use of funds directly from your checking account when making purchases or withdrawing money at an ATM. Credit cards that pay later: You take cash from a bank each time you use your card. You pay the money back later. What exactly is FDIC insurance for prepaid cards work? Prepaid debit cards almost always include FDIC insurance, which keeps your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, which means 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. It is necessary to register your prepaid debit card with your name and other information about your identity to qualify for FDIC insurance and other protections. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been highlighted on USA Today and the Los Angeles Times. Similar to… Discover an account that is more suitable for checking View NerdWallet’s top picks for the top checking accounts. Go deeper into Banking Find more money-saving strategies delivered straight to your inbox. Sign up and we’ll email you Nerdy content on the topics in finance which matter to you the most and other strategies to help you get more from your money.

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