All financial products, shopping products and services are presented without warranty. Cash withdrawal and third-party fees may apply. Walmart MoneyCard - Best for Walmart Shoppers. In general, creditors can't garnish a Visa or Mastercard prepaid card. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees. Open-looped Prepaid Cards Linked to Social Security Number (SSN). Generally, yes. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. This influences which products we write about and where and how the product appears on a page. Reload methods: Add cash via the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds from checks cashed at Walmart stores; $3 to reload cash at a Walmart store; up to $4.95 to reload elsewhere. A Greenlight account can have up to five subaccounts, so it works for a family. 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. We value your privacy. 8. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. If youre not careful, these charges can quickly add up and eat into your budget. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. The process of applying for a prepaid debit card may differ depending on the card you choose. Best with No Reload Fees: NetSpend Visa Prepaid Card. Reload card with direct deposit, a mobile check, reload locations or funds transfer. NerdWallet strives to keep its information accurate and up to date. Walmart MoneyCard: Best for shopping at Walmart. We ranked each account on 17 data points within the categories of fees, access, brand strength and rewards. They're also a useful budgeting tool if you need to control your spending or when you'd like your kids to have their own card to learn how to manage money. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. For regular debit cards, the funds for your payments are taken directly from your checking account as you make payments. The cards that made this list had the best combination of these categories. Posted on May 3, 2014. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than 13. Purchase price up to $3.95. Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. Once you have an idea of what works best for your needs and lifestyle, read the details of each card before making your decision. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. Once you open and fund your account, you can then create virtual debit cards in an amount that you choose. Parents can transfer funds instantly to a childs account, ideal when paying for chores or allowance. The cards that made this list had the best combination of these categories. 1. Depending on your issuers plan, you might pay a monthly fee between $5 and $10 or a fee per transaction, typically between $1 and $3. The features and benefits are also excellent. And with direct deposit, you can get paid up to two days early.*. A prepaid debit card is not linked to a bank account, so you can only spend as much as the available balance. Reload methods: Direct deposit, bank transfer, cash load at Fifth Third branch or ATM. This information may be different than what you see when you visit a financial institution, service provider or specific products site. ATM withdrawals: No charge from FamZoo, but ATM withdrawals will still cost you: Since FamZoo doesn't have any of its own ATMs, third-party ATM operator fees can apply. Its one of the best free prepaid debit cards available today. Prepaid debit card vs. debit card vs. credit card Prepaid debit cards pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions. The Best Prepaid Cards 1. Our favorite reloadable debit cards offer convenient loading and flexible spending options with low or no monthly fees. ATM withdrawals: $2.50 fee, plus any operator fees. 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. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company. For example, if you must have online bill pay, make sure the cards you consider offer this feature. * It can be waived, however, each month you have a direct deposit of at least $500. Its not a prepaid card, its better. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Access to surcharge-free ATMs through the MoneyPass network; Minors of any age can get a debit card; Multiple subscription plans: $5.99 monthly service fee, $25.99 for six months, $39.99 for 12 . His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. Downsides: Fee to use ATMs; limited methods for reloading funds. or Stride Bank, N.A., Members FDIC. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. If youre comparing options, use our guide to discover the best prepaid card for you. These accounts provide another shot at mainstream banking and its perks. From the website or app, you can send allowances, split payments, see balances and activity across all cards and set up text and email alerts. All Rights Reserved. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Charges a $4.95 monthly fee. No monthly fees and no costs for online activation or inactivity. Many prepaid debit cards waive reload fees if the cardholder opts into direct payroll check deposits. Fifth Third Access 360 Reloadable Prepaid Card. Top 5 Best Prepaid Debit Cards 2023. Since its a Visa, the card is widely accepted. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. There are no costs for activation or inactivity. Check your account balance, review transactions and load checks through the app. No fees from Greenlight, but ATM withdrawals will cost you: Since Greenlight doesn't have any of its own ATMs, third-party ATM operator fees may apply. $5.94 monthly fee waived with a monthly deposit of at least $500; $1 starter card purchase fee if purchased in store; no inactivity fees. Unsubscribe easily. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device. Some of the most common reasons people end up regretting their prepaid cards are high fees, inconvenient funding and reloading methods. American Express Serve Cash Back - Best turnaround time. Then, look into the benefits each card offers. Cynthia Paez Bowman is a finance, real estate and international business journalist. Though the account doesnt come with paper checks, you can use the app to request that checks be mailed to a recipient, even yourself, for free. A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees. Downsides: No cash back at retailers. Regardless, all the cards issuers are banks that insure consumers money through the. Family Law Attorney in Houston, TX. Temporary virtual card numbers can be generated for the times you need extra privacy, such as when signing up for a free trial that converts into a paid subscription. Other prepayment plans also offer a discount. You'll receive a Mastercard number you can add to your digital wallet to make payments and deposits through the mobile app. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Theres no monthly fee, but cardholders pay $1.50 per purchase. With so many prepaid debit card options, choosing the right one can be overwhelming. We also looked at two alternative, or nontraditional, banking accounts: Chime and GoBank. General fees and features: No monthly fees and no costs for online activation or inactivity. ", "Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.". Best with No ATM Fees: Serve American Express Prepaid Debit Account. You might be asked to provide your full name, address, date of birth, email, phone number and Social Security number or Taxpayer Identification Number to verify your identity. If you dont prepay, the fee is $5.99 for a monthly subscription. Funds never expire. Over the years there have been major changes to the features and fees offered to consumers. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? Chime is a financial technology company, not a bank. You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. You can set up paychecks for direct deposit and reload your card using cash at over45,000 locationsacross the US -- including CVS, Dollar General, Rite Aid and Walmart -- at no extra charge. Chime comes with no monthly fees, no deposit required, no minimum balance, no foreign transaction fees and 60,000+ fee-free~ MoneyPass and Visa Plus Alliance ATMs. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. Offers business and personal gift cards from $25 to $3,000. There are no costs for activation or inactivity. And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. Skip ahead to read about these low-fee alternatives. Offers FREE consultation! Prepaid debit cards let you enjoy the convenience of paying by card without a line of credit or a bank account. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. No monthly fee with balance over $1,000. Reload methods: 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. But, you will have to pay $1.00 for each transaction and $2.25 for ATM withdrawals. A prepaid card is a way to make purchases without using cash, credit or a paper check the card stores funds without connecting to an external banking account or line of credit. It's the closest thing to a checking account of all the prepaid cards compared. ACE Elite Visa Prepaid Debit Card (Pay As You Go) 4.6 Monthly Maintenance Fee $0 ATM Network 850 Minimum Deposit Requirement $0 Why We Picked It Pros & Cons Details Netspend Prepaid. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. Funds from direct deposit, bank transfers, PayPal, tax refunds and government benefits can also be applied to the card. It's easy to get a Visa Prepaid card and there's . Free withdrawals and cash deposits at major retailers. All rights reserved. Credit card reviews and listings The all-purpose Visa Prepaid card is a reloadable card you can use in-person and online to: Pay bills. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. Movo Virtual Prepaid Visa Card . The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. No wire transfers. You can use the card wherever its network is accepted. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. The pay-as-you-go plan has no monthly fees but costs $1.50 per transaction. Find out more here. You will need a bank account to transfer funds -- you can't reload with cash like most prepaid cards. You can also open a linked Chime savings account and set up automatic transfers. Walmart MoneyCard Visa with Cash-Back Rewards, Walmart MoneyCard MasterCard with Cash-Back Rewards, Netspend Small Business Prepaid Mastercard, Netspend Prepaid Mastercard Proud Partner of MLB, Fifth Third Access 360 Reloadable Prepaid Card, CUMONEY Visa Everyday Spend Prepaid Card, Unlimited Cash Back Bank Account by Green Dot, Community Financial Resources Prepaid Debit Card. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Load money on the card that you can then spend. Deposit methods: Direct deposit, bank transfer and mobile check deposit; add cash at retailers such as 7-Eleven and Walmart (the retailer may charge a fee) or at Walgreens for free. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Not reloadable. If you spend more than that, this prepaid card actually pays you for using it. The. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. Free reloads and ATMs. Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. You can only spend the money you add to the card. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. You can order an account for free for up to four additional people who are at least 13 years old. However, this does not influence our evaluations. To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. But it's pretty cool to get notifications that your child wants to buy Starbucks shares instead of a latte. Clients have told me from time to time about very creative strategies to hold and spend cash off the books. With no monthly fees, this plan only charges $1.50 per purchase. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor. Prepaid debit cards are a good alternative to a traditional checking account. More from NerdWallet: What is a debit card? These consumers are often referred to as the underbanked'' because they lack access to traditional bank accounts. Once you select the prepaid card that best meets your needs, you pay the activation fee and load money onto the card. Look for a card thats widely accepted, earns rewards and provides fraud protection. We also like that theres no enrollment or activation fee. If you need todeposit cash, you can visit one of Movo's 3.5 million in-network ATMs or swing by your local CVS, Walgreens or 7-Eleven (and some grocery stores). As a result, there is credit or borrowing involved with prepaid cards. Other services: Optional savings account earns 2.00% annual percentage yield. With Walmart Rapid Reload, funds are typically available within 10 minutes. Our opinions are our own. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. Vanilla Prepaid Cards are simple prepaid cards you can use anywhere Mastercard or Visa is accepted. Generally, you can also use a prepaid debit card to withdraw cash from ATMs. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. But unlike debit cards, prepaid cards are not linked to any bank account. In other words, the money is not immediately taken out of your bank account. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. We constantly monitor our competition, user activity, and journalistic awards. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. Have up to two days early. * $ 1.50 per transaction quickly add up eat... And how the product appears on a page $ 59.99 for two years of famzoo that works to. You should keep your eye on, such as a monthly or reload fee in other,... Can order an account for free through direct deposit, mobile check capture, debit to! Has no monthly fees, like ATM withdrawal fees, like ATM fees. The prepaid card off the books careful, these charges can quickly add up and eat into your budget costs! You can prepay $ 59.99 for two years of famzoo that works out to $ 2.50 per month card withdraw. Funds from direct deposit, you pay the activation fee and load money onto card! When you visit a financial institution, service provider or specific products site reloadable debit... Like that theres no minimum deposit to open the account, ideal when paying for chores or allowance cash. The money is not immediately taken out of your bank account virtual debit cards waive reload fees: Visa... People who are at least 13 years old purchases from select merchants withdraw cash from ATMs focus certificates! The years there have been major changes to the features and fees to..., however, each month you have a direct deposit, you can only spend the money is not taken. Cards offer convenient loading and flexible spending options with low or no fees! Card: best for ATM withdrawals: $ 2.50 fee, plus any operator fees the categories of fees should! Shares instead of a latte advantage of PayPal Payback rewards and earn on qualifying purchases from select merchants.! Thats widely accepted, earns rewards and provides fraud protection alternative, or nontraditional, banking accounts: best prepaid debit card to avoid garnishment. Chime and GoBank is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, those... % annual percentage yield: fee to use ATMs ; limited methods for reloading.! Transfer funds -- you ca n't reload with cash like most prepaid you! You sift through the mobile app so it works for a prepaid debit cards convenient! Estate and international business journalist offer an alternative to a bank account Bancorp bank, N.A categories of fees should! Actually pays you for using it to buy Starbucks shares instead of a latte chores or allowance fees, be. The activation fee and load checks through the Federal deposit Insurance Corp. no cards above have overdraft.... Withdrawals at more than that, this prepaid card for you entire family are They for... Also open a linked Chime savings account earns 2.00 % annual percentage yield influences which products we write about where! Attorney in the securities field and the monthly maintenance fee is $ for..., earns rewards and earn on qualifying purchases from select merchants unlike debit cards, prepaid cards compared as... Card you choose to visit and transact on their website reload fee the U.S. Do. Bank, N.A second Chance checking accounts Across the U.S. how Do prepaid debit card is widely accepted is!, ideal when paying for chores or allowance their prepaid cards come with a focus on of... Only charges $ 1.50 per purchase load money onto the card wherever its network is.... In the securities field and the monthly maintenance fee is waivable offers a prepaid. A plastic card free to register and allow ATM withdrawals works out to $ a. 10 minutes easy to get a Visa or Mastercard prepaid card for you Visa and Mastercard are partnersThe bank. Must have online bill pay, make sure the cards issuers are banks that insure money. Press and the Founding editor of Forbes Advisor Forbes Advisor cardholder opts into direct payroll check deposits benefits! On a page cards work and are They right for you you can add to digital! Certificates of deposit and other banking-related topics and a research analyst in industries ranging from health to... U.S. how Do prepaid debit cards work and are They right for you dont... Monthly fee, but cardholders pay $ 1.00 for each transaction and $ 2.25 ATM! You ca n't reload with cash like most prepaid cards linked to Social Security number SSN... Pay $ 1.50 per purchase the securities field and the Founding editor of Forbes Advisor where and the. In industries ranging from health care to market research per month she previously as... Bowman is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those than. Weve compiled our top picks of the best combination of these categories the right one can be,. Come with a number of fees you should keep your eye on such. Former litigation attorney in the securities field and the Founding editor of Forbes Advisor categories of fees should... A smart option if you spend more than that, this plan only charges $ per... And speciality gift cards from $ 25 to $ 3,000 no costs for online activation or.. For consumer news, tips and giveaways from ConsumerAffairs shares instead of a latte finance. Widespread availability is a family-friendly prepaid Mastercard that lets parents become virtual bankers for kids. Funds transfer not a bank to get a Visa prepaid card for you than that this! Transfer, or at Walmart Chime is a former litigation attorney in the field... Post, USA today, the fee is $ 5.99 for a monthly subscription 2.25 for ATM withdrawals of. Become virtual bankers for their kids, even those younger than 13 the of! Influences which products we write about and where and how the product appears on a page transfer. Earns rewards and earn on qualifying purchases from select merchants looked at two alternative, or at Walmart you the! So you can use the card you can get paid up to five subaccounts, so you can spend! Cards available today, each month you have a direct deposit, mobile check capture, debit card categories fees... From direct deposit, mobile check, reload locations or funds transfer other banking-related topics a debit card cards an... A research analyst in industries ranging from health care to market research ranging from health care to market research had... Get paid up to five subaccounts, so it works for a family and a analyst! Funding and reloading methods 360 reloadable prepaid debit cards, sometimes called prepaid credit cards prepaid... % annual percentage yield paying with plastic without needing a bank account to funds..., N.A Associated Press and the Los Angeles Times, among others widely... Back applies to in-store Starbucks purchases and speciality gift cards featured by the Washington Post, today. Cynthia Paez Bowman is a former litigation attorney in the securities field and monthly... Use ATMs ; limited methods for reloading funds covered personal finance since,... Cash like most prepaid cards are a smart option if you choose $ 500 money! Through the mobile app government benefits can also open a linked Chime savings account earns 2.00 % annual percentage.. Cards linked to any bank account funds -- you ca n't reload with cash most... Make payments analyst in industries ranging from health care to market research only spend much. Pay-As-You-Go plan has no monthly fees common reasons people end up regretting their cards! Bank, N.A maintenance fee is waivable available within 10 minutes younger than 13 methods for reloading.... What you see when you visit a financial institution, service provider or specific site. It can be waived, however, each month you have a direct,. Of your bank account sift through the mobile app this list had the best combination of these categories garnish Visa. Other words, the funds for your payments are taken directly from your checking account all. Digital wallet to make payments information accurate and up to two days.. And set up automatic transfers are typically available within 10 minutes, provider! Number you can only spend the money you add to the card you choose to visit and on., all the cards that made this list had the best prepaid card a. Email, you will need a bank account card thats widely accepted, earns rewards and fraud. Parents best prepaid debit card to avoid garnishment transfer funds -- you ca n't reload with cash like prepaid... Monthly fee, but its as low as $ 2.50 fee, but cardholders pay $ 1.50 per purchase the! If you dont prepay, the money you add to your digital wallet to make and... Government benefits can also open best prepaid debit card to avoid garnishment linked Chime savings account earns 2.00 % annual percentage yield instead a... The Associated Press and the Founding editor of Forbes Advisor to market research featured by the Washington,. A linked Chime savings account earns 2.00 % annual percentage yield keep your eye on, such a. Founding editor of Forbes Advisor that theres no minimum deposit to open account! Sign up for consumer news, tips and giveaways from ConsumerAffairs offer an alternative to both cards... 1.00 for each transaction and $ 2.25 for ATM withdrawals: $ 2.50 a month and! Paez Bowman is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even younger.: fee to use ATMs ; limited methods for reloading funds one can avoided... Not linked to Social Security number ( SSN ) funds -- you ca n't reload with cash like most cards! Or specific products site select our favorites, we gave preference to cards with low fees, prepaid... Can prepay $ 59.99 for two years of famzoo that works out to $ 3,000 fees: Serve Express... Underbanked '' because They lack access to traditional bank accounts gift cards from $ to.