Free reloads and ATMs. But, you will have to pay $1.00 for each transaction and $2.25 for ATM withdrawals. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor. Green Dot Prepaid MasterCard This is a card with a simple fee plan. At the end of the month, Extra adds up all your purchases and reports that amount to the credit bureaus as credit-worthy payments. How To Find The Cheapest Travel Insurance. Learn more about how prepaid debit cards work. You can also take advantage of PayPal Payback Rewards and earn on qualifying purchases from select merchants. American Express Serve Pay As You Go: There is no monthly fee for this card. Prepaid cards are typically associated with a national card network, such as Visa, MasterCard, American Express or Discover. But if its not a bank, where does your money go when you deposit it into a Chime account? Scroll down for more detail on each account. The card offers online bill pay, mobile check deposit, free direct deposit, and a mobile app. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. Cash deposit fees may apply if using a retailer other than Walgreens. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. Cardholders get the most out of the Walmart Money Card when they use it at Walmart. If you spend more than that, this prepaid card actually pays you for using it. A prepaid debit card can serve as a budgeting tool or be a replacement for a bank account. You can use it once online, for example, and then dispose of it. Here are our picks for the best prepaid debit cards of 2023. However, you can use the card year-round. The methods for adding money to a prepaid card vary from card to card. Green Dot is a prepaid and reloadable debit card company that allows customers to pay rent and send out other payments. The best will depend on the features you need and how youll use the card. Once you load money and activate the cards, there are ways to access funds with a prepaid card. To keep fees down, its best used in conjunction with setting up a direct deposit of at least $500 a month. Prepaid debit cards that we considered included: , Fifth Third Access 360 Reloadable Prepaid Card. Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools. And with direct deposit, you can get paid up to two days early.*. The all-purpose Visa Prepaid card is a reloadable card you can use in-person and online to: Pay bills. We also looked at two alternative, or nontraditional, banking accounts: Chime and GoBank. The account also enables you to track your spending by category for better money management. No. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Some cards are free to acquire, but some have an initial purchase price or activation fee. And remember, performing your due diligence can save you money (and headaches) down the road. The card can also be used with Apple Pay, Google Pay, or Samsung Pay. And for good reason. 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. The Forbes Advisor editorial team is independent and objective. There are two plans to choose from starting at $20 a month or $200 a year. , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card. Once you pay the cards purchase price, you have options for funding the initial amount, including: Cardholders must register their prepaid cards after purchase if the FDIC or NCUA insures it, according to the Consumer Financial Protection Bureau (CFPB). They are available at many retail stores. , Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card. We are compensated when users click links to or apply for sponsored financial Chime isnt a prepaid debit card or a traditional bank account but a free checking account in the Visa payment network. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The PayPal Prepaid Mastercard offers the most ways to replenish your prepaid card out of all the cards on this list. The Amex Platinum Card, Chase Sapphire Preferred vs. Blue Cash Preferred, Ink Business Cash vs. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Likewise, if you plan to make numerous ATM withdrawals each month, find a prepaid card that offers free withdrawals. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. Scroll down for more detail on each account. Free at over 60,000 ATMs in the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs, plus any ATM operator fee. The Bluebird by American Express is our favorite prepaid card. You can also deposit funds through the Netspend app, which has check capture capabilities. Currently, they report to Experian and Equifax. annual percentage yield. Monthly fee:$6.95ATM Fee:Free at MoneyPass ATMs or $2.50 elsewhereReload fee:$0Cash reload limits:$20 to $500Other fees:Card purchase is $1.50 at retail stores or free if ordered onlineReload locations:Over 45,000 across the US. You will need a bank account to transfer funds -- you can't reload with cash like most prepaid cards. No overdraft fees. Thats not to say the card is perfect. This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. . 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. You can use these cards at any online or physical location that accepts debit cards. Ink Business Premier, Capital One Venture vs. Capital One Quicksilver, Chase Freedom Unlimited vs. Chase Sapphire Preferred, Western Union Netspend Mastercard Prepaid Card. Our content may include summaries of insurance providers, or their products or services. ConsumerAffairs is not a government agency. In other words, the money is not immediately taken out of your bank account. We also like that theres no enrollment or activation fee. Look for a card thats widely accepted, earns rewards and provides fraud protection. General fees and features: $5.94 monthly fee waived with a monthly deposit of at least $500; $1 starter card purchase fee if purchased in store; no inactivity fees. 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 Movo offers a virtual prepaid Visa that eliminates the need for a plastic card. Can you get money from an ATM with a prepaid card? American Express Serve FREE Reloads - Best for Cash Users. You can create a family account with up to 4 additional cards, and setting spending limits on each card. NOTE: Before we get to prepaid cards, you should consider Chime. However, this does not influence our evaluations. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. Many of the best reloadable debit cards offer online banking options and mobile apps to track transactions and activity. Chime is a financial technology company, not a bank. Prepaid debit cards that we considered included: In a digital world, information only matters if it's timely, relevant, and credible. Netspend has more than 70,000 distribution locations and 130,000 places to reload cards. 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. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Separate set aside accounts for savings and up to four subaccounts for family members. Pay rent or expedite bill payments online. It also comes with an optional savings account. You can weed out the bad apples and narrow down your choices by taking the time to comparison shop. Theres no monthly fee, but cardholders pay $1.50 per purchase. 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 . 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. No usage fees. Fifth Third Access 360 Reloadable Prepaid Card: Best for ATM withdrawals. 2023 CNET, a Red Ventures company. But generally, the options include adding cash at a retail register (often for a fee), adding funds by using an app to make a mobile check deposit, and by direct deposit, card-to-card transfer and bank transfer. Where multiple card plans existed, only the basic monthly fee plan was considered. And you get an additional 30 days for returns and exchanges. There is a $5.94 monthly fee. Best Prepaid Debit Cards. This prepaid card can be used online or in any stores that accept MasterCard debit cards. 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. What Chime adds is an excellent app to help you manage your money. Parents and turn a card off or on from the app. It includes purchase protection, which is a rare feature on prepaid cards. . The Walmart MoneyCard offers a free Vault savings feature. offer convenience and dont charge many fees. Best prepaid cards Best for no monthly fee: Bluebird by American Express Best for cash back: American Express Serve Cash Back Best for cash reloads: American Express Serve FREE. She previously edited content on personal finance topics at GOBankingRates. 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. There are several ways to do so. Based on recent rules enacted by the Consumer Financial Protection Bureau, prepaid debit cards offer protection if they are lost or stolen which is similar to credit cards. (Retailers other than Walmart may charge up to $3.95.). 2022 A.R. His work has been featured by USA Today and the Los Angeles Times. Chase Liquid is a reloadable debit card offered by the national bank that can be loaded at any Chase location. No credit check. 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. No monthly fees; no fee for cash reloads at Walmart. 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.