Netspend Prepaid Card Review Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. While our website doesn't feature every company or financial product on the market, we're proud of the advice we offer, the information we provide and the tools we create are objective, independent simple, and completely free. So how do we make money? Our partners pay us. This may influence which products we write about (and the places they are featured on our site) However, it doesn't affect our suggestions or recommendations, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. . Netspend Prepaid Card Review By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer bank writer at NerdWallet. He has been covering personal finance since 2013, with a particular emphasis on certificates of deposit and other topics related to banking. His work has been highlighted in 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 items Alice Holbrook joined NerdWallet in 2013 and is currently an editor on the home/mortgages team. Before that, she worked as an editor on the banking team that covered banking and insurance as a journalist, and did a stint at the copy desk. Her work has been covered by USA Today, MarketWatch, Newsweek and The Washington Post. Email:
. Many or all of the products featured here are from our partners, who pay us. This impacts the types of products we write about and the location and manner in which the product appears 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 easy to get and don't require a banking history or credit check necessary to sign up, however, Netspend makes you choose whether to pay a monthly charge or paying a fee each time you make a purchase. Either way, you might spend more in fees over the course of a year than you earn interest from the savings account of your credit card. There's a convenient national network that includes more than 130,000 cash reloading points, but it isn't free and there's no ATMs that are free to use. Ideal for: People looking for a card to pay that won't allow you to make a negative balance or charge overdraft fees, in the event that you select overdraft coverage. People who have had trouble with managing a bank account in the past. Find more alternatives: Take a look at out our selection of Netspend Card Pros 5.00% APY savings account for balances up to $1,000 and 0.50% APY on the amount over that. It is easy to add and withdrawing cash from the network of merchants. You can receive your pay up to two days earlier with direct deposit. Overdraft grace period or courtesy cushion is available with an optional overdraft protection. >> Looking for a method to build credit instead? Find out more about Netspend Card Cons A monthly fee for the basic fee plan, and no way to waive the fee entirely. No free network for cash reloads or withdrawals. Inactivity fee when you stop from using your card among other charges that card brands don't charge. The option of an overdraft is $20 per transaction, which can be used up to 5 times per month. >> Ready to start a savings account that is traditional instead? Check out the general information on prepay debit cards What is a prepaid debit card? A prepaid debit card is a type of payment card that allows you to spend the money that you deposit into the card. They don't help you build credit. Like a debit card, it can be used with any retailer that accepts its payment network, such as Visa, Mastercard or American Express. It's more secure and easier as opposed to cash. Most prepaid cards have a mobile app for depositing checks and transfer funds. Find out more about our . Contrary to checking accounts, prepaid debit cards could not offer certain services such as free ATM or branch networks, check, and others. If that doesn't work for you, see our list of . If you've had trouble with banks before, check out . Prepaid debit card in comparison to. debit card in comparison to. credit card prepaid debit cards -- make payments before the card is loaded with money the card using cash or checks, direct deposit or an account with a bank before you pay for transactions. Credit cards -- make payments right now Pay now: You make use of funds directly from your checking account when paying for purchases or withdrawing money from an ATM. Credit cards -- pay later: You can borrow money from a financial institution when you make use of the card. You repay the loan at a later date. What exactly is FDIC insurance on prepay cards work? Prepaid debit cards typically have FDIC insurance, which helps keep your funds protected in case the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, which means it is operated by a bank, or a prepaid credit card company that partners with a bank in order to provide this insurance. You must register your debit card prepaid using your personal name as well as other information about your identity to qualify for FDIC insurance, as well as other security. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered by USA Today and the Los Angeles Times. On a similar note... Discover a better checking account View NerdWallet's recommendations for the best checking accounts. Dive even deeper in Banking Get more smart money moves right to your inbox Sign up and we'll send you Nerdy posts about the money topics that matter most to you and other strategies to get more from your money.

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