There are several ways to do so. The Walmart MoneyCard offers its shoppers up to $75 per year in cash-back rewards: 3% for purchases made at Walmart.com and in the Walmart app, 2% at Walmart fuel stations and 1% at Walmart stores. Service fees may apply to reload at stores. As long as you have a card, you can reload it online or at a retailer. Currently, they report to Experian and Equifax. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Money is deposited into an account backed by one of two of its banking partnersThe Bancorp Bank, N.A. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. ", "The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. Monthly fee:$4.99 to $9.98 (up to five kids)ATM Fee:FreeReload fee:N/ACash reload limits:N/AOther fees:Custom-design card fee for $9.99, card replacement $3.50Reload locations:N/A. Load money on the card that you can then spend. One of the biggest free ATM networks among prepaid cards. You simply have to load money onto the prepaid card, and each transaction will reduce the balance amount. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. Yes, you can pay your credit card bill with a prepaid card. Can you get money from an ATM with a prepaid card? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. If you'd like your kids to get some practical knowledge about investing, the $7.99 and $9.98 monthly plans add stock trading. This compensation may impact how or where links appear on this site. All Rights Reserved. Therefore, youll need to spend $795 on the card per month just to break even. Yes, they can freeze you green dot card if they can find it. Parents have total control over the childs account if they want it. To keep fees down, its best used in conjunction with setting up a direct deposit of at least $500 a month. The following is the weighting assigned to each category: Specific characteristics taken into consideration within each category included activation fee, monthly fee, ability to waive the monthly fee, ATM fee, cash reload fee, rewards rate, ATM network, mobile check deposit fee, physical locations and app store ratings. Prepaid card vs. debit cards. To determine which cards made our list, we considered each cards fees and features. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. Rates and information are accurate as of Feb. 3, 2023. A traditional debit card is linked to a bank account, so any purchases you make using your debit card will be withdrawn from your bank account. If you dont prepay, the fee is $5.99 for a monthly subscription. Prepaid debit cards can make it easier to control your spending and stay out of credit card debt, but steep fees can erode their benefits. Some cards in this roundup have nonbank program managers that partner with banks. ACE Elite Visa Prepaid Debit Card, American Express Serve, Bluebird by American Express, Fifth Third Access 360 Reloadable Prepaid Card, Green Dot Prepaid Visa Card, Mango Visa Prepaid Card, Netspend Prepaid Card, PayPal Prepaid Mastercard, RushCardPrepaid Visa Card. Best for cash rewards: Netspend Visa Prepaid card. A prepaid debit card for international travel also lets consumers make more secure purchases when spending abroad. And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. 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'd love to hear from you, please enter your comments. Performance information may have changed since the time of publication. General fees and features: $4.99 to $9.98 per month, depending on selected plan (more expensive plans include features like investing education and identity theft protection); no costs for activation, inactivity or account closure. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. The funds you add to the card are available right away for spending. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Cash withdrawal and third-party fees may apply. So how do we make money? If they can find the bank account, they can garnish it. They are available at many retail stores. All financial products, shopping products and services are presented without warranty. The fees for adding and withdrawing cash are the same or slightly higher than those for the Netspend twins. The cards that made this list had the best combination of these categories. Since its a Visa, the card is widely accepted. Credit card reviews and listings By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe easily. If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option: , and if you can't get a regular checking account, try. Learn more about how prepaid debit cards work. You can reload the card at more than 130,000 Netspend reload network locations. 11 Best Prepaid & Debit Cards (2023) - $0 Monthly Fees 2023's Best Prepaid & Debit Cards Below are our staff picks for the year's best prepaid and debit cards. Your potential liability is capped at $50 if you give timely notice that your card has been lost or stolen. Skip ahead to read about these low-fee alternatives. 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 . Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. Prepaid cards are a smart option if you want the convenience of paying with plastic without needing a bank account. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. Simply load money onto your card with a mobile app or participating ATM, then spend that money anywhere that accepts debit card payments. You use a prepaid card to make purchases in stores, shop online and pay bills. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. The money on a prepaid debit card is not held in a bank account with your name. 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. However, you typically cant pay for a reloadable debit card with a credit card. Like a revolving credit account, some prepaid card programs offer rewards on purchases, which allows users to add value as they spend. Our list of the best prepaid debit cards should satisfy just about any financial situation. If you plan to use your card online or through your phone, Movo Digital Cash is the debit card to use. Earn cash back through the PayPal rewards program. 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. Pay rent or expedite bill payments online. The 5% cash back applies to in-store Starbucks purchases and speciality gift cards. For no monthly fee, you get both a spending and savings account. 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. In a digital world, information only matters if it's timely, relevant, and credible. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. Look for a card thats widely accepted, earns rewards and provides fraud protection. Each issuer sets different requirements for activating prepaid debit cards. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. Bluebird by American Express | Our Top Pick Best for No Monthly Fee. Instead, Extra pulls the money you spent from your bank account the next business day. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards. Family Law Attorney in Houston, TX. Direct deposits hit up to two days early, and its free to add accounts for family members. We constantly monitor our competition, user activity, and journalistic awards. 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. Offers a convenient way to receive federal benefit funds. Some cards are free to acquire, but some have an initial purchase price or activation fee. Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. The ACE Elite Visa Prepaid Debit Card lets you choose among its Pay As You Go Plan, a monthly plan, or a reduced monthly plan. Best Savings Accounts For Digital Banking, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide, ACE Elite Visa Prepaid Debit Card (Pay As You Go), No fee for cash reloads at Regions Bank branches and ATMs, $5 monthly fee if you make fewer than seven purchases per statement cycle, Mobile load fee of 1% to 4% of the check amount (minimum $5), Donates to charities supporting communities of color, Must accumulate $25 in rewards points to redeem them, 4% foreign transaction fees (higher than the typical 3%), Domestic cash withdrawals are only free if you receive direct deposits, The pay-as-you-go plan charges more than competitors, No maintenance fee if you receive $500 or more in monthly direct deposits, Cashback rewards at participating merchants, Requires income information and two years of address history, Transferring money from your checking account or another prepaid card, Directly depositing your paycheck onto the card, Loading physical cash onto the card at approved retailers or the financial institution that provided the card, Purchasing a reload pack to add a specific amount to the card. Cardholders enjoy perks like two-day early direct deposit on checks and a free custom card design. After that, the fee is just $4.99 per month for a family with up to five children. Find out more here. Savings will earn 2% APY on up to $1,000 on the card enrollment anniversary. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. 26 Feb Feb When evaluating offers, please review the financial institutions Terms and Conditions. Extra is a debit card, not a prepaid card. * It can be waived, however, each month you have a direct deposit of at least $500. Free withdrawals at Chase ATMs and free cash reload. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Many or all of the products featured here are from our partners who compensate us. Banking services provided by The Bancorp Bank, N.A. Here are seven steps toward getting the best deal. You can order an account for free for up to four additional people who are at least 13 years old. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. Editorial Note: We earn a commission from partner links on Forbes Advisor. What are the best prepaid debit cards? Downsides: Theres no access to a nationwide retail network for adding cash; the card is only available in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesnt have a separate savings feature. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Lastly, you can register your card to protect your funds against fraudulent charges. 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