Free reloads and ATMs. This low-fee prepaid card is ideal for those who frequent Walmart. Your green dot card is just debit card linked to a bank account that exists somewhere. Movo also lets you convert and transfercryptocurrencyas cash anytime. Four cards are free on the monthly plan, but more can be added for a one-time $3 fee per card. annual percentage yield. To get the card you must link a bank account to the card. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Downsides: No cash back at retailers. Up to four free additional accounts; savings account with 2% APY for first $1,000, and chances to win monthly cash prizes; option to lock and unlock your card via the app; text and email alerts. So why does it make our list of prepaid card alternatives? Yuliya Goldshteyn is a banking editor at NerdWallet. One client recently explained that he . You can also easily transfer funds to friends and family members who have a Movo account. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. Instead, it functions like a gift card because you can only spend the money already loaded onto it. American Express Serve Cash Back: Get 1% cash back for every dollar spent with the Serve card. Use in stores and online. Best for no monthly fees: Bluebird American Express Prepaid Debit Account. The Bluebird by American Express is our favorite prepaid card. No ATM access for gift cards. Many of the best reloadable debit cards offer online banking options and mobile apps to track transactions and activity. 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. These consumers are often referred to as the underbanked'' because they lack access to traditional bank accounts. No purchase fee. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. Copyright 2022 Consumers Unified LLC. Card must be linked to PayPal account. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. It comes with the following: 2022 A.R. How To Find The Cheapest Travel Insurance. Cash withdrawal and third-party fees may apply. 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. Downsides: Fee to use ATMs; limited methods for reloading funds. The company has 135,000 locations around the country. How to pick the best prepaid debit card for you? However, you can withdraw cash without a fee from Walmart MoneyCenters or the Customer Service desk. Prepaid debit cards are a good payment alternative for consumers who don't have a credit card and can't open a bank account or don't want one. 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. All financial products, shopping products and services are presented without warranty. They can pay interest to their young ones to encourage savings. There is a $5.94 monthly fee. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Get more smart money moves straight to your inbox. Rates and information are accurate as of Feb. 3, 2023. Editorial Note: We earn a commission from partner links on Forbes Advisor. No, a prepaid card is not a credit card or charge card. 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. You can use these cards at any online or physical location that accepts debit cards. Other services: Separate set aside accounts for savings and up to four subaccounts for family members. 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. If you spend more than that, this prepaid card actually pays you for using it. Banking Content Disclosure: Content is not provided or commissioned by the bank advertiser(s). 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. Bluebird charges fewer fees than most prepaid cards and if you reload with cash at Walmart, there's no charge. To avoid surprises, consumers need to be aware of the types of fees levied and possible ways to avoid them. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. Some issuers provide access to instant debit cards online that use virtual card numbers. Best with No ATM Fees: Serve American Express Prepaid Debit Account. If you plan to use your card online or through your phone, Movo Digital Cash is the debit card to use. Prepaid debit cards come with a variety of fees that add to the cost. Reload card with direct deposit, a mobile check, reload locations or funds transfer. Purchase price up to $3.95. Prepaid reloadable debit cards, sometimes called prepaid credit cards, offer an alternative to both credit cards and bank accounts. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. The Best Prepaid Cards 1. This site may be compensated through the bank If you dont prepay, the fee is $5.99 for a monthly subscription. It works with Apple Pay, and there are no transaction fees, foreign transaction fees or overdraft fees. She has written and edited content on personal finance topics for more than five years. Thats not to say the card is perfect. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. You can prepay $59.99 for two years of FamZoo that works out to $2.50 per month. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Manage your money easier with Green Dot Prepaid Cards. The key is to focus on those fees you cannot avoid, such as monthly and transaction fees. How will we know if we're fulfilling our mission? . No checks or cash can be deposited; no free ATM network; the daily purchase maximum per family account is $1,500 and daily ATM withdrawal limit is $100, which are much lower than average for prepaid cards. Scroll Down . What Chime adds is an excellent app to help you manage your money. No cash back at retailers. 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. The NetSpend Prepaid Card has a $9.95 monthly fee thats reduced to $5.00 if you receive at least $500 in direct deposits on a regular basis. If youre comparing options, use our guide to discover the best prepaid card for you. You can reload the card at more than 130,000 Netspend reload network locations. To determine which cards made our list, we considered each cards fees and features. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. Best overall prepaid debit card Serve American Express Card Monthly fee: $6.95 ATM Fee: Free at MoneyPass ATMs or $2.50 elsewhere Reload fee: $0 Cash reload limits: $20 to $500 Other. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. Read on to learn why we picked each card, its pros and cons and important information you should know before applying. ATM withdrawals: $2.50 fee, plus any operator fees. Spencer Tierney is a consumer banking writer at NerdWallet. Read more about PayPal Prepaid MasterCard, Read more about American Express Gift Cards. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. Provides dozens of designs and customized messages. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Chime is an award winning financial app and Visa debit card. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. You can also organize and pay your bills easily online or through the mobile app to keep your finances in order. There are no costs for activation or inactivity. Then, look into the benefits each card offers. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. What are the best prepaid debit cards? We constantly monitor our competition, user activity, and journalistic awards. Therefore, youll need to spend $795 on the card per month just to break even. Chime has two automatic savings programs: one where a percentage of every paycheck automatically goes into the savings account and the other where your purchases are rounded up to the nearest dollar and the rounded-up change goes to savings (see below for more information from Chime). If youd prefer not to pay for purchases with cash, credit cards or funds in your checking account, give prepaid debit cards a try. Some require photo identification and charge an activation fee up to $10 for loading the initial funds onto the card. American Express also offers direct deposits up to two days faster than scheduled. Prepaid debit cards are issued by banks and usually have a Visa, Mastercard, Discover or American Express logo on them. The Annual Percentage Yield (APY) for the Chime Savings Account is variable and may change at any time. NerdWallet's ratings are determined by our editorial team. The disclosed APY is effective as of October 25, 2022. Earn up to 1% cash back. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. Make purchases anywhere Visa Debit cards are accepted. ", Chime says: "Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. 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. Parents can transfer funds instantly to a childs account, ideal when paying for chores or allowance. 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. Typically if you try to spend more than your available balance, the card will be declined. Other prepayment plans also offer a discount. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. Past performance is not indicative of future results. 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