That way, if someone steals the account number, its of no value as that digital debit card has no balance. The Bluebird by American Express prepaid debit card has the lowest fees of all the cards on this list. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. Yuliya Goldshteyn is a banking editor at NerdWallet. Looking for a traditional spending account? Content Management Specialist | Bank accounts, bank account bonuses. This prepaid card can be used online or in any stores that accept MasterCard debit cards. Best with No Reload Fees: NetSpend Visa Prepaid Card. Here is a list of our partners and here's how we make money. Walmart MoneyCard - Best for Walmart Shoppers. She has written and edited content on personal finance topics for more than five years. Scroll Down . Information provided on Forbes Advisor is for educational purposes only. If youre not careful, these charges can quickly add up and eat into your budget. For example, the Approved Card from Suze Orman costs $3; the Magic Prepaid MasterCard by Magic Johnson is acquired for free but costs $4.95 to set up; the AARP . 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. Monthly fee:$4.95ATM Fee:Balance inquiries are $0.50, withdrawals are $2.50 eachReload fee:Up to $3.95Cash reload limits: Up to $500Other fees:Card is free if you order online or up to $4.95 at participating retailersReload locations:Over 130,000Welcome bonus:Refer a friend and you'll each receive $20Welcome bonus value:$40. Earn up to 1% cash back. Here are our top prepaid debit cards based on fees and features. There is a monthly fee, but its as low as $2.50 a month, and its for the entire family. We constantly monitor our competition, user activity, and journalistic awards. A prepaid card is relatively easy to get there is no credit check or minimum balance requirement. 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. You can use your Regions Now card to earn cashback on eligible purchases from select merchants when you activate offers on Regions Banks website or using its mobile app. To determine which cards made our list, we considered each cards fees and features. Use in stores and online. , NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card. By Beverly Harzog Sept. 7, 2022 The Greenlight debit card is available for kids of all ages and provides tutorials about money management. ", 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. ; Members FDIC. Please try again later. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. Prepaid debit cards that we considered included: Not reloadable. Downsides: No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. Movo also lets you convert and transfercryptocurrencyas cash anytime. See our criteria for. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. We also like that theres no enrollment or activation fee. Movo Virtual Prepaid Visa Card . Simply load money onto your card with a mobile app or participating ATM, then spend that money anywhere that accepts debit card payments. You can also easily transfer funds to friends and family members who have a Movo account. The funds you add to the card are available right away for spending. Generally, yes. Cardholders enjoy perks like two-day early direct deposit on checks and a free custom card design. Well start sending you the news you need delivered straight to you. 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 Walmart MoneyCard offers a free Vault savings feature. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. You dont need a bank account to get a prepaid debit card, but its a requirement for a regular debit card, which is linked to your checking account. Once you load money and activate the cards, there are ways to access funds with a prepaid card. Walmart MoneyCard: Best for shopping at Walmart. The app, which gets decent ratings, is required to get fee-free cash reloads at Walmart stores. Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. *Please see site for full terms and conditions. CNETs compensation is never tied to whether you purchase an insurance product. These cards are accepted almost everywhere, and they let you avoid overdrafts and the hassle of carrying cash. See our list of the best savings accounts. Rates and information are accurate as of Feb. 3, 2023. We are compensated when users click links to or apply for sponsored financial 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 Other services: Card can have joint owners. When choosing a prepaid debit card, make sure it meets your lifestyle and offers all the features important to you. However, unlike a regular debit card that is linked to its holder's checking account, a prepaid credit card is linked to a special account to which the card's owner cannot deposit money, only withdraw it. Its free. View NerdWallet's picks for the best checking accounts. The more significant difference between a prepaid or reloadable debit card and a credit card is that prepaid cards only give the cardholder access to their balance of preloaded funds. approved or otherwise endorsed by the credit card advertisers. The card is free to get, has no monthly fees, is FDIC insured, and offers free direct deposit. There are two plans to choose from starting at $20 a month or $200 a year. If you dont prepay, the fee is $5.99 for a monthly subscription. best prepaid debit card to avoid garnishment. Best for no monthly fees: Bluebird American Express Prepaid Debit Account Heres why: A lot of prepaid cards charge various fees. Read more. To select our favorites, we gave preference to cards with low fees, multiple reload options, special perks and widespread availability. Get more smart money moves straight to your inbox. Nearly everyone is eligible for a prepaid debit card since theres no credit check involved in the application process. Family Law Attorney in Houston, TX. Some fees, like ATM withdrawal fees, can be avoided by getting cash back at retailers. The Best Prepaid Cards 1. Which product would I recommend to my mom or daughter? Chime says: "Chime is a financial technology company, not a bank. Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. Track transactions 24/7 with mobile app. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? Can you get money from an ATM with a prepaid card? Credit card reviews and listings You can also open a linked Chime savings account and set up automatic transfers. Plus, Regions Bank waives the $5 monthly fee if you use the card to make at least seven purchases during a statement period. As a result, there is credit or borrowing involved with prepaid cards. Top 5 Best Prepaid Debit Cards 2023. Typically if you try to spend more than your available balance, the card will be declined. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. As such, they do not help you improve your credit score. 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. Unlimited cash back account earns 3% cash back plus 3% APY for savings. Ive covered the prepaid card market since 2008. All Rights Reserved. However, this does not influence our evaluations. ", "Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Here's why: A lot of prepaid cards charge various fees. Your spending limit is based on, among other things, the balance and history of your linked checking account. * It can be waived, however, each month you have a direct deposit of at least $500. Best with No Monthly Fees: Brinks Prepaid Mastercard. For many of these products and services, we earn a commission. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. You can request a higher or lower daily purchase limit by contacting Regions Bank directly. Bluebird by American Express | Our Top Pick Best for No Monthly Fee. Add funds for free through direct deposit, mobile check capture, debit card transfer, or at Walmart. Best with No ATM Fees: Serve American Express Prepaid Debit Account. No credit check. You can order an account for free for up to four additional people who are at least 13 years old. His work has been featured by USA Today and the Los Angeles Times. Monthly fee:$7.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$3.95Cash reload limits:$20 - $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReward rates:1% back on all online and store purchasesReload locations: Over 45,000 across the US. And once you've verified your email address, you can pay bills and set up recurring payments. To create this list, Forbes Advisor analyzed 34 prepaid cards from 28 providers, including a mix of traditional brick-and-mortar banks, online banks, credit unions and fintech companies. 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