Unlike with a credit card, you load funds onto prepaid cards before use. 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. Other services: Optional savings account earns 2.00% annual percentage yield. This influences which products we write about and where and how the product appears on a page. 2023 Forbes Media LLC. We'd love to hear from you, please enter your comments. We also like that theres no enrollment or activation fee. CNETs compensation is never tied to whether you purchase an insurance product. Some of the most common reasons people end up regretting their prepaid cards are high fees, inconvenient funding and reloading methods. The card carries a $9.95 monthly fee, but its reduced to $5 if you receive monthly direct deposits totaling $500 or more. For the most part, these changes have been positive. 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. Card must be linked to PayPal account. Green Dots products are sold at thousands of major retail locations in the U.S. Walmart Money Cards can be used anywhere Visa or Mastercard is accepted. There is a $5.94 monthly fee. Written by: Eric Bank Edited by: Lillian Guevara-Castro Reviewed by: Ashley Dull Skip ahead to read about these low-fee alternatives. We value your privacy. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. Prepaid cards are typically associated with a national card network, such as Visa, MasterCard, American Express or Discover. Minimize initial purchase or setup fees. Prepaid card vs. debit cards. No activation fee for online orders. Up to 5 subaccounts, no international ATM withdrawal fee. You can purchase and fund Green Dot prepaid debit cards at Walgreens and Rite Aid stores. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. 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. Top 5 Best Prepaid Debit Cards 2023. It offers a free debit card and a free secured credit card. You can use the card wherever its network is accepted. We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Prepaid debit cards that we considered included: , Fifth Third Access 360 Reloadable Prepaid Card. If you'd like your kids to get some practical knowledge about investing, the $7.99 and $9.98 monthly plans add stock trading. Service fees may apply to reload at stores. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. Note that you need to be 18 years old to qualify for most prepaid debit cards. A prepaid debit card is like a renewable gift card. 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. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. Typically, with credit card debt, your creditor has to sue you in court and win before a wage garnishment can happen. Prepaid debit cards come with a variety of fees that add to the cost. , Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card. If youre comparing options, use our guide to discover the best prepaid card for you. American Express Serve Cash Back - Best turnaround time. Some cards are free to acquire, but some have an initial purchase price or activation fee. Here's why: A lot of prepaid cards charge various fees. Website. 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. Downsides: Fee to use ATMs; limited methods for reloading funds. As such, they do not help you improve your credit score. The one drawback to this card is that there are no free ATM withdrawalsthey cost $2.50 each. Funds transfer instantly, in case your kids are out with friends and need money in a pinch. 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. Are you sure you want to rest your choices? You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. 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 Forbes Advisor editorial team is independent and objective. Please try again later. The Bluebird by American Express is one of the few prepaid debit cards on the market that charges no monthly fees or transaction fees, making using the card simple. Because it can help build your credit. Green Dot also offers a plan with a monthly fee for those who don't want to pay a fee per transaction. All Rights Reserved. No monthly fees and no costs for online activation or inactivity. To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. The card is free to get, has no monthly fees, is FDIC insured, and offers free direct deposit. Theres no monthly fee, but cardholders pay $1.50 per purchase. Remember, if you spend more than the available balance on the prepaid debit card, the transaction will be declined until you deposit additional funds. When evaluating offers, please review the financial institutions Terms and Conditions. ACE Elite Visa Prepaid Debit Card, AccountNow Gold Visa Prepaid Card, American Express Serve, BB&T MoneyAccount, Bluebird by American Express, Boost Mobile Wallet Prepaid Mastercard, Brinks Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360 Reloadable Prepaid Card, Fred Meyer Prepaid Card, Green Dot Prepaid Visa Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, Netspend Visa Prepaid Card, NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, PayPal Prepaid Mastercard, PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, RushCard Prepaid Visa Card, Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, Walmart MoneyCard, Western Union Netspend Prepaid Card. How To Find The Cheapest Travel Insurance. Extra is a debit card, not a prepaid card. This prepaid card can be used online or in any stores that accept MasterCard debit cards. Your potential liability is capped at $50 if you give timely notice that your card has been lost or stolen. The Amex Platinum Card, Chase Sapphire Preferred vs. Blue Cash Preferred, Ink Business Cash vs. Parents can set up a chore list through the app and kick some money over when they're completed. Editorial Note: We earn a commission from partner links on Forbes Advisor. The compensation we receive may impact how products and links appear on our site. February 27, 2023 . Service fees vary by card, so you should check the list of fees associated with different types of transactions before you activate a new prepaid debit card. There are no costs for activation or inactivity. CNET editors independently choose every product and service we cover. Family Law Attorney in Houston, TX. Once you open and fund your account, you can then create virtual debit cards in an amount that you choose. Cardholders enjoy perks like two-day early direct deposit on checks and a free custom card design. The features and benefits are also excellent. NerdWallet's ratings are determined by our editorial team. Scroll down for more detail on each account. But if its not a bank, where does your money go when you deposit it into a Chime account? Its one of the best free prepaid debit cards available today. The. Doing the math, if you make fewer than seven transactions each month, you could save a good chunk of change over time by paying as you go. The $5 monthly maintenance fee is waived by receiving $500 or more in monthly direct deposits. No ATM access for gift cards. To determine which cards made our list, we considered each cards fees and features. This information may be different than what you see when you visit a financial institution, service provider or specific products site. No wire transfers. 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. All financial products, shopping products and services are presented without warranty. The methods for adding money to a prepaid card vary from card to card. Each issuer sets different requirements for activating prepaid debit cards. Children see just their accounts while parents see all transactions from all family members. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. Learn more about how prepaid debit cards work. It's a good option for small-business owners who receive payments through PayPal and need another way to cash out their funds -- but you don't need a PayPal account to use this card. Your financial situation is unique and the products and services we review may not be right for your circumstances. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Because its not part of an ATM network, youll pay $2.50 for ATM withdrawals in addition to any operator fees. , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card. Do not sell or share my personal information. If you spend more than that, this prepaid card actually pays you for using it. Here are our picks for the best prepaid debit cards of 2023. All you need to do is provide basic information, such as your name, address and Social Security number, then add funds to the card of your choice to start using it. advertiser(s) Affiliate Program(s). However, you can use the card year-round. Offers prepaid debit card with no minimum balance requirement. The Walmart MoneyCard pays 3% cash back on purchases from walmart.com, 2% cash back Walmart fuel stations, and 1% cash back at Walmart stores, up to $75 a year in rewards.. No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. No overdraft fees. See our criteria for. 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. You might be using an unsupported or outdated browser. 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. Here's a list of the best prepaid debit cards on the market today: Learn More Best Overall: BlueBird by American Express Pros No monthly fee or in-network ATM fees Free to load at Walmart Free online bill pay Cons $2.50 ATM fee for out-of-network ATMs $2,500 daily money transfer limit Fees are between $4 and $16 for money transfers 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. Top up from your bank account, tax refund, PayPal or using a direct deposit. If you buy the card online, you may be issued a virtual card or receive a physical card in the mail at a later time. 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. We value your privacy. No credit check. In general, creditors can't garnish a Visa or Mastercard prepaid card. Charges a monthly plan fee of $4.95. You load funds onto prepaid cards before using them for purchases. Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. People trying to avoid judgment creditors often try to convert assets to cash and plan to hide the cash from discovery. Our content is intended to be used for general information purposes only. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. ONE VIP rewards never expire. His work has been featured by USA Today and the Los Angeles Times. Avoid Getting . The Netspend Prepaid Card boasts an impressive network of more than 130,000 locations nationwide for cash reloads. Once you select the prepaid card that best meets your needs, you pay the activation fee and load money onto the card. CNET is not an insurance agency or broker. FamZoo Prepaid Debit Card - Best card for Families. Earn up to $75 cash back each year at Walmart. For many of these products and services, we earn a commission. There are several ways to do so. Besides Bankrate.com, her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and SimpleDollar.com. If you live within Regions Banks service area and plan to use your prepaid debit card frequently, the Now Card could be an affordable option. Generally, yes. Regardless, all the cards issuers are banks that insure consumers money through the. Funds from direct deposit, bank transfers, PayPal, tax refunds and government benefits can also be applied to the card. Utilize card payments without needing to connect your bank account. Unsubscribe easily. Generally, you can also use a prepaid debit card to withdraw cash from ATMs. This compensation comes from two main sources. Or set a tight budget by restricting your spending to no more than what you've loaded onto your card at the beginning of the month. ~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. See our list of the best savings accounts. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. Everything else about the prepaid card is fairly standard. And for good reason. With Walmart Rapid Reload, funds are typically available within 10 minutes. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. * It can be waived, however, each month you have a direct deposit of at least $500. Generally, yes. 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