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Netspend Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product that is available, we’re proud that the guidance we offer, the information we provide as well as the tools we design are objective, independent easy to use and cost-free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on our website), but it doesn’t affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners do not promise us favorable reviews of their products or services. . Netspend Payday Card Reviews by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering finances for individuals since the year 2013, with a focus on certificates of deposit and other topics related to banking. He has had his work featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California. Feb 10 2021 Edited By Alice Holbrook Assigning Editor | Banking, savings, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is an editor on the team for home/mortgages. Prior to that, she was an editor for the team that dealt with banking as well as covered banking and insurance as a journalist and also worked as a copy desk assistant. She has had her work covered by USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. A majority or all of the products featured here are from our partners, who pay us. This affects the products we write about as well as the place and way the product is featured on a page. However, this doesn’t influence our evaluations. Our views are our own. Here’s a list of and . Netspend’s prepaid debit cards can be more expensive than a traditional checking account. They’re simple to open, and there’s no banking history or credit check required to open, but Netspend allows you to choose between paying a monthly charge or paying a fee each time you make a purchase. In either case, you could incur more charges each year than you earn interest from your card’s savings account. There’s a reliable nationwide network of over 130,000 locations for cash reloads but it’s not completely cheap and there’s no ATMs accessible for free. Ideal for: People who want a payment card that doesn’t let you make a negative balance or charge you overdraft fees unless you opt into overdraft coverage. People who have had trouble with managing a bank account previously. >> See more options: Check our list of Netspend Card Pros 5.00 Savings account with APY of 5% for balances up to $1,000, and 0.50 percent APY for the excess amount. It is easy to add and withdrawing cash through the network of merchants. You can get your paycheck up to two days early with direct deposit. Overdraft grace time or courtesy cushion are available with an overdraft insurance option. If you are looking for a way to improve your credit score? Find out more about Netspend Card Cons A monthly fee for basic fee plan and there is no way to eliminate the cost entirely. The network is not free to withdraw cash or reload cash. Inactivity fee if you stop making use of the credit card in addition to other fees that many card brands don’t charge. Overdrafts are an option that costs you $20 per transaction, which can be used up to five 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 prepaid debit card? A prepaid debit card is a type of payment card that only lets you spend the money that you deposit into the card. They don’t help you build credit. Like a debit card, the prepaid card can be used with any retailer which accepts its payment network, like Visa, Mastercard or American Express. It’s more secure and easier than cash. Usually the prepaid card has a mobile app to deposit checks or transfer funds. Learn more on our . Contrary to checking accounts, debit cards that are prepaid could not offer certain services like free ATM branches, branch networks, as well as checks, among other things. If none of that appeals to you, take a look at our selection of . Or, if you’ve struggled with banks before try these . Prepaid debit card is different from. debit card vs. credit card Prepaid debit cards — make payments before the card is loaded with money the card through cash, checks or direct deposit into the bank account prior to paying for transactions. debit cards pay right now Pay now: You make use of cash directly from a checking account when making purchases or withdrawing funds from ATMs. Credit cards — pay later: You borrow money from a bank when you use your card. You repay the loan in the future. What exactly is FDIC insurance on credit cards that are prepaid? Prepaid debit cards almost always have FDIC insurance. This ensures that your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, therefore it is managed by a bank or by a prepaid card company that partners with a bank to offer this insurance. You have to sign up your debit card prepaid using your personal name as well as other information about your identity to be eligible for FDIC insurance as well as other protections. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been featured by USA Today and the Los Angeles Times. In a similar vein… Get a better checking account View NerdWallet’s top picks for the top checking accounts. Explore Banking even more deeply. Make smarter money decisions – straight to your inbox. Sign up and we’ll send you Nerdy posts on money-related topics which matter to you the most along with other ways to help you make the most from your money.

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